CHNR China Natural Resources Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

 

For the month of December 2023.

 

Commission File Number 0-26046

 

China Natural Resources, Inc.

(Translation of registrant's name into English)

 

Room 2205, 22/F, West Tower, Shun Tak Centre,

168-200 Connaught Road Central, Sheung Wan, Hong Kong

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files of will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

 

 

 

 

 

 

This report on Form 6-K is hereby incorporated by reference into (i) the Registration Statement on Form F-3 (File No. 333-233852) of China Natural Resources, Inc. (the “Company”), (ii) the Registration Statement on Form F-3 (File No. 333-252895) of the Company, and (iii) the Registration Statement on Form S-8 (File No. 333-266219) of the Company, and in each instance the related prospectus, as such registration statements and prospectuses may be amended or supplemented from time to time, and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

 

 

Unaudited Results of Operations

 

Furnished herewith on behalf of the Company are the following:

 

(a)       Unaudited Financial Statements:

  

-

Condensed Consolidated Statements of Profit or Loss (Unaudited) for the Six Months Ended June 30, 2023 and 2022

 

-

Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the Six Months Ended June 30, 2023 and 2022

  

-

Condensed Consolidated Statements of Financial Position as of June 30, 2023 (Unaudited) and December 31, 2022

 

-

Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Six Months Ended June 30, 2023 and 2022

 

-

Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2023 and 2022

 

-

Notes to Condensed Consolidated Financial Statements (Unaudited)

  

(b)       Management's Discussion and Analysis of Financial Condition and Results of Operations

 

Amendment Agreement to Sale and Purchase Agreement for William Minerals

 

On December 22, 2023, the Company entered into an amendment agreement (the “Amendment Agreement”) to the sale and purchase agreement Dated as of February 27, 2023 by and among Feishang Group and Top Pacific (China) Limited (together, the “Sellers”), and the respective beneficial owner of the Sellers, Mr. Li Feilie and Mr. Yao Yuguang (the “SPA”) with the parties thereto. The SPA was originally entered into for the purposes of acquiring 100% equity interests of Greatfame Investments Limited, which owns 100% equity interest in Williams Minerals (Pvt) Ltd (“Williams Minerals”) (the “Acquisition”). As the Sellers are still in the process of satisfying conditions precedent to the closing of the Acquisition in accordance with the SPA, including but not limited to obtaining requisite governmental approvals, the parties entered into the Amendment Agreement to extend the long stop date for closing the Acquisition from December 31, 2023 to December 31, 2024.

 

The description of the Amendment Agreement herein is qualified in its entirety by reference to the Amendment Agreement to Sale and Purchase Agreement dated as of December 22, 2023 by and among the Company, the Sellers and the respective beneficial owner of the Sellers, which is filed as Exhibit 99.1 to this Form 6-K.

 

Press Release

 

On December 22, 2023, the Company issued a press release including a portion of the information contained in this current report. The press release furnished herewith as Exhibit 15.1 shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

Exhibit Index

 

15.1		Press Release dated December 22, 2023.
99.1		Amendment Agreement dated as of December 22, 2023 to Sale and Purchase Agreement dated as of February 27, 2023 by and among the Company, Feishang Group and Top Pacific (China) Limited, Li Feilie and Yao Yuguang.
101.INS		Inline XBRL Instance Document - this instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	CHINA NATURAL RESOURCES, INC.
Date: December 22, 2023	By:	/s/ Wong Wah On Edward
		Wong Wah On Edward
		Chairman and Chief Executive Officer

 

 

 

 2

 

 

CHINA NATURAL RESOURCES, INC.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 

 

 

UNAUDITED INTERIM FINANCIAL STATEMENTS	Pages
Condensed Consolidated Statements of Profit or Loss (Unaudited) for the Six Months Ended June 30, 2023 and 2022	F-1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the Six Months Ended June 30, 2023 and 2022	F-2
Condensed Consolidated Statements of Financial Position as of June 30, 2023 (Unaudited) and December 31, 2022	F-3 – F-4
Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Six Months Ended June 30, 2023 and 2022	F-5
Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2023 and 2022	F-6
Notes to Condensed Consolidated Financial Statements (Unaudited)	F-7 – F-41

 

 

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(Amounts in thousands, except share and per share data)

 

						Six Months Ended June 30,
						2022				2023				2023
						CNY				CNY				US$
		Notes				(Unaudited)				(Unaudited)				(Unaudited)
Revenue			4				16,072				12,216				1,684
Cost of sales							(8,771	)			(5,376	)			(741	)
GROSS PROFIT							7,301				6,840				943
Selling and distribution expenses							(410	)			(420	)			(58	)
Administrative expenses							(8,733	)			(10,018	)			(1,381	)
Other income							731				642				89
Fair value gain/(loss) on financial instruments			6				559				(86	)			(12	)
Impairment losses on financial assets			6				(2,972	)			(10,763	)			(1,484	)
Finance costs			5				(1,822	)			(1,930	)			(266	)
Finance income			5				9,376				8,101				1,117
PROFIT/(LOSS) BEFORE INCOME TAX			6				4,030				(7,634	)			(1,052	)
Income tax expense			7				(357	)			(1,827	)			(252	)
PROFIT /(LOSS) FOR THE PERIOD							3,673				(9,461	)			(1,304	)
ATTRIBUTABLE TO:
Owners of the Company							1,949				(10,742	)			(1,481	)
Non-controlling interests							1,724				1,281				177
PROFIT /(LOSS) FOR THE PERIOD							3,673				(9,461	)			(1,304	)
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY:
Basic and diluted
- Earnings/(loss) per share			8				0.24				(1.31	)			(0.18	)

 

 

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(Amounts in thousands)

 

 

 

		Six Months Ended June 30
		2022				2023				2023
		CNY				CNY				US$
		(Unaudited)				(Unaudited)				(Unaudited)
PROFIT/(LOSS) FOR THE PERIOD			3,673				(9,461	)			(1,304	)
Other comprehensive losses that will be reclassified to profit or loss in subsequent periods:
Foreign currency translation adjustments of the subsidiaries			(4,616	)			(5,129	)			(706	)
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods:
Foreign currency translation adjustments of the Company			5,361				4,747				654
Total other comprehensive income/(loss) for the period, net of tax			745				(382	)			(52	)
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD			4,418				(9,843	)			(1,356	)
Attributable to:
Owners of the Company			2,694				(11,124	)			(1,533	)
Non-controlling interests			1,724				1,281				177
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR			4,418				(9,843	)			(1,356	)

 

 

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2023 (UNAUDITED) AND DECEMBER 31, 2022

(Amounts in thousands)

 

 

						December 31,				June 30,
						2022				2023				2023
						CNY				CNY				US$
		Notes				(Audited)				(Unaudited)				(Unaudited)
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment			9				424				324				45
Intangible assets							19,381				18,987				2,618
Right-of-use assets							2,993				2,329				321
Trade receivables			10				10,520				4,714				650
Contract assets			11				89,713				89,085				12,282
Other non-current assets			12				4				252,738				34,844
TOTAL NON-CURRENT ASSETS							123,035				368,177				50,760
CURRENT ASSETS
Inventories							729				912				126
Trade receivables			10				46,760				56,274				7,758
Bills receivable			10				8,500				9,200				1,268
Contract assets			11				21,647				17,842				2,460
Prepayments							1,732				1,795				247
Other receivables			13				82,733				79,279				10,930
Other current assets							3,160				3,165				436
Cash and cash equivalents			14				31,695				32,209				4,440
TOTAL CURRENT ASSETS							196,956				200,676				27,665
TOTAL ASSETS							319,991				568,853				78,425

 

 

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)

AS OF JUNE 30, 2023 (UNAUDITED) AND DECEMBER 31, 2022

(Amounts in thousands)

 

						December 31,				June 30,
						2022				2023				2023
						CNY				CNY				US$
		Notes				(Audited)				(Unaudited)				(Unaudited)
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade payables							20,326				21,529				2,968
Contract liabilities							690				690				95
Other payables and accruals			15				16,724				96,022				13,239
Income tax payable							10,732				11,729				1,617
Provision							494				—				—
Derivative financial liabilities			16				824				958				132
Interest-bearing loans and borrowings			18				3,000				3,500				483
Lease liabilities							1,317				1,309				182
Due to related companies			20				3,408				6,117				843
Due to the Shareholder			20				7,153				184,054				25,375
TOTAL CURRENT LIABILITIES							64,668				325,908				44,934
NON-CURRENT LIABILITIES
Deferred tax liabilities							5,276				5,266				726
Lease liabilities							1,598				1,073				148
Interest-bearing loans and borrowings			18				71,000				69,000				9,513
TOTAL NON-CURRENT LIABILITIES							77,874				75,339				10,387
TOTAL LIABILITIES							142,542				401,247				55,321
EQUITY
Issued capital			19				450,782				450,782				62,146
Other capital reserves			19				735,319				735,319				101,374
Accumulated losses							(1,109,010	)			(1,119,752	)			(154,374	)
Other comprehensive losses							(9,322	)			(9,704	)			(1,340	)
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY							67,769				56,645				7,806
NON-CONTROLLING INTERESTS							109,680				110,961				15,298
TOTAL EQUITY							177,449				167,606				23,104
TOTAL LIABILITIES AND EQUITY							319,991				568,853				78,425

 

 

 

CHINA NATURAL RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(Amounts in thousands)

 

 

Attributable to Owners of the Company

 

		Issued capital				Other capital reserves				Accumulated losses				Other comprehensive (loss)/income				Total				Non-controlling interests				Total Equity
			CNY				CNY				CNY				CNY				CNY				CNY				CNY
As of January 1, 2022			450,782				719,110				(1,084,387	)			(10,821	)			74,684				107,353				182,037
Profit for the period			—				—				1,949				—				1,949				1,724				3,673
Foreign currency translation adjustments			—				—				—				745				745				—				745
Total comprehensive income			—				—				1,949				745				2,694				1,724				4,418
As of June 30, 2022			450,782				719,110				(1,082,438	)			(10,076	)			77,378				109,077				186,455
As of January 1, 2023			450,782				735,319				(1,109,010	)			(9,322	)			67,769				109,680				177,449
(Loss)/Profit for the period			—				—				(10,742	)			—				(10,742	)			1,281				(9,461	)
Foreign currency translation adjustments			—				—				—				(382	)			(382	)			—				(382	)
Total comprehensive (loss)/income			—				—				(10,742	)			(382	)			(11,124	)			1,281				(9,843	)
As of June 30, 2023			450,782				735,319				(1,119,752	)			(9,704	)			56,645				110,961				167,606
As of June 30, 2023 (US$)			62,146				101,374				(154,374	)			(1,340	)			7,806				15,298				23,104

 

 

 

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(Amounts in thousands)

 

 

						Six Months Ended June 30
						2022				2023				2023
						CNY				CNY				US$
		Notes				(Unaudited)				(Unaudited)				(Unaudited)
OPERATING ACTIVITIES							(4,482	)			3,047				420
INVESTING ACTIVITIES
Purchase of property, plant and equipment							(6	)			(6	)			(1	)
Disposal of property, plant and equipment							3				—				—
Expenditures on mine development							—				(1,042	)			(144	)
Net cash flows used in investing activities							(3	)			(1,048	)			(145	)
FINANCING ACTIVITIES
Repayments of bank loans							(1,500	)			(1,500	)			(207	)
Advances from related companies							149				2,440				336
Payment of principal portion of lease liabilities							(543	)			(583	)			(80	)
Payment of interest expenses of lease liabilities							(53	)			(81	)			(11	)
Interest paid							(1,954	)			(1,878	)			(259	)
Net cash flows used in financing activities							(3,901	)			(1,602	)			(221	)
NET (DECREASE)/ INCREASE IN CASH AND CASH EQUIVALENTS							(8,386	)			397				54
NET FOREIGN EXCHANGE DIFFERENCE							942				117				16
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD							58,359				31,695				4,370
CASH AND CASH EQUIVALENTS AT END OF PERIOD			13				50,915				32,209				4,440

 

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Amounts in thousands, except share and per share data)

 

 

 

1.

ORGANIZATION AND PRINCIPAL ACTIVITIES

 

China Natural Resources, Inc. (“CHNR” or the “Company”) is a British Virgin Islands (“BVI”) holding company incorporated in 1993. The address of the principal executive office is Room 2205, 22/F, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong. The Company’s principal activity is investment holding. The Company’s subsidiaries (collectively with CHNR, the “Group”) are primarily involved in the exploration and mining and wastewater treatment businesses in the People’s Republic of China (“PRC”).

 

CHNR’s principal shareholder is Feishang Group Limited (“Feishang Group” or the “Shareholder”), a BVI corporation. Mr. Li Feilie is the controlling shareholder of Feishang Group. In the opinion of the directors of the Company (the “Directors”), the ultimate parent of CHNR is Laitan Investment Limited, a BVI corporation.

 

2.1

BASIS OF PRESENTATION

 

The interim condensed consolidated financial statements for the six months ended June 30, 2023 have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting.

 

The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. As of June 30, 2023, the Group had net current liabilities of CNY125,232 (US$17,269). In view of the circumstance, the directors have given consideration to the future liquidity and performance of the Group and its available sources of financing in assessing whether the Group will have sufficient financial resources to continue as a going concern. The Group has obtained letters from each of Feishang Group Limited (“Feishang Group” or the “Shareholder”) and Feishang Enterprise Group Company Limited (“Feishang Enterprise”), entities controlled by Mr. Li Feilie, the principal beneficial shareholder of the Company, which state that Feishang Group and Feishang Enterprise will provide continuous financial support to the Group in relation to the going concern of its operations, and will not recall any amounts due to them until the Group has sufficient liquidity to finance its operations. Feishang Enterprise’s letter also states that it will pay debts on behalf of the Group when needed. Accordingly, in the opinion of the directors, it is appropriate for the financial statements to be prepared on a going concern basis, and not less than 12 months from the end of the reporting period.

 

The interim condensed consolidated financial statements do not include all the information and footnotes required by International Financial Reporting Standards (“IFRS”) for complete financial statements, and should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Group’s annual report on Form 20-F for the year ended December 31, 2022 (the “2022 Annual Report”).

 

The condensed consolidated financial statements include the accounts of CHNR and those subsidiaries in which CHNR has direct or indirect controlling interests. The Company’s subsidiaries as of June 30, 2023 are as described in the 2022 Annual Report.

 

For the convenience of readers, amounts in Renminbi, the Chinese currency (“CNY”), have been translated into United States dollars (“US$”) at the applicable rate of US$1.00 = CNY7.2535 as quoted by www.ofx.com as of June 30, 2023, except as otherwise disclosed. No representation is made that the CNY amounts could have been, or could be, converted into US$ at that rate, or at all.

 

 

F-8

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

2.2

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

 

The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those applied in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2022, except for the adoption of the following new and revised IFRS for the first time for the current period’s financial information.

 

	Amendments to IAS 1 and IFRS Practice Statement 2	Disclosure of Accounting Policies
	Amendments to IAS 8	Definition of Accounting Estimates
	Amendments to IAS 12	Deferred Tax related to Assets and Liabilities arising from a Single Transaction
	Amendments to IAS 12	International Tax Reform – Pillar Two Model Rules

 

The nature and impact of the revised IFRSs that are applicable to the Group are described below:

 

(a)

Amendments to IAS 1 require entities to disclose their material accounting policy information rather than their significant accounting policies. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. Amendments to IFRS Practice Statement 2 provide non-mandatory guidance on how to apply the concept of materiality to accounting policy disclosures. The Group has applied the amendments since 1 January 2023. The amendments did not have any impact on the Group’s interim condensed consolidated financial information but are expected to affect the accounting policy disclosures in the Group’s annual consolidated financial statements.

 

(b)

Amendments to IAS 8 clarify the distinction between changes in accounting estimates and changes in accounting policies. Accounting estimates are defined as monetary amounts in financial statements that are subject to measurement uncertainty. The amendments also clarify how entities use measurement techniques and inputs to develop accounting estimates. The Group has applied the amendments to changes in accounting policies and changes in accounting estimates that occur on or after 1 January 2023. Since the Group’s policy of determining accounting estimates aligns with the amendments, the amendments did not have any impact on the financial position or performance of the Group.

 

(c)

Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction narrow the scope of the initial recognition exception in IAS 12 so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences, such as leases and decommissioning obligations. Therefore, entities are required to recognize a deferred tax asset (provided that sufficient taxable profit is available) and a deferred tax liability for temporary differences arising from these transactions. The Group did not apply the initial recognition exception and recognized a deferred tax asset and a deferred tax liability for temporary differences for transactions related to leases before the initial application of these amendments. The amendments don’t have any significant impact on the Group’s financial statements.

 

 

F-9

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

 

2.2

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (CONTINUED)

 

(d)

Amendments to IAS 12 International Tax Reform – Pillar Two Model Rules introduce a mandatory temporary exception from the recognition and disclosure of deferred taxes arising from the implementation of the Pillar Two model rules published by the Organisation for Economic Co-operation and Development. The amendments also introduce disclosure requirements for the affected entities to help users of the financial statements better understand the entities’ exposure to Pillar Two income taxes, including the disclosure of current tax related to Pillar Two income taxes separately in the periods when Pillar Two legislation is effective and the disclosure of known or reasonably estimable information of their exposure to Pillar Two income taxes in periods in which the legislation is enacted or substantively enacted but not yet in effect. Entities are required to disclose the information relating to their exposure to Pillar Two income taxes in annual periods beginning on or after 1 January 2023, but are not required to disclose such information for any interim periods ending on or before 31 December 2023. Since the Group did not fall within the scope of the Pillar Two model rules, the amendments did not have any impact to the Group.

 

 

F-10

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

3.

SEGMENT INFORMATION

 

Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Group’s management and the Company’s Board of Directors for the purpose of resource allocation and performance assessment.

 

Management assesses the performance of operating segments based on profit or loss before income tax in related periods. The manner of assessment is consistent with that applied in these financial statements.

 

As of June 30, 2023, the Group’s two reportable operating segments are summarized below:

 

- Wastewater treatment segment, which consists of sales of assembled equipment, provision of construction services and participating in PPP projects as operator;

- Exploration and mining segment, which consists of the exploration for lead, silver, lithium and other metals;

 

Deferred tax assets, income tax payable and deferred tax liabilities are excluded from segment assets and segment liabilities. The Group had neither sale of products nor provisions of services between the operating segments.

 

For the six months ended June 30, 2022, the segment results were as follows:

 

Schedule of segment results
		Wastewater treatment				Exploration and mining				Corporate activities				Total
			CNY				CNY				CNY				CNY
Six months ended June 30, 2022 (Unaudited)
Revenues from external customers			16,072				—				—				16,072
Segment profit before income tax			3,784				245				1				4,030
Income tax expenses															(357	)
Profit for the period															3,673
Other items
Depreciation of property, plant and equipment			(114	)			(26	)			(1	)			(141	)
Depreciation of right of use assets			(347	)			—				(360	)			(707	)
Amortization of intangible assets			(404	)			—				—				(404	)
Impairment (losses)/reversal on financial assets
- Trade receivables			(1,936	)			—				—				(1,936	)
- Contract assets			41				—				—				41
- Other receivables			—				—				(1,077	)			(1,077	)
Other income			30				700				1				731
Fair value gain on financial instruments			—				—				559				559
Finance costs			(1,799	)			(1	)			(22	)			(1,822	)
Finance income			7,857				—				1,519				9,376

 

 

 

F-11

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

3.

SEGMENT INFORMATION (CONTINUED)

 

For the six months ended June 30, 2023, the segment results were as follows:

 

		Wastewater treatment				Exploration and mining				Corporate activities				Total
			CNY				CNY				CNY				CNY
Six months ended June 30, 2023 (Unaudited)
Revenues from external customers			12,216				—				—				12,216
Segment profit (loss) before income tax			353				(73	)			(7,914	)			(7,634	)
Income tax expenses															(1,827	)
Loss for the period															(9,461	)
Other items
Depreciation of property, plant and equipment			(103	)			(2	)			(1	)			(106	)
Depreciation of right of use assets			(359	)			—				(354	)			(713	)
Amortization of intangible assets			(395	)			—				—				(395	)
Impairment (losses)/reversal on financial assets
- Trade receivables			(388	)			—				—				(388	)
- Contract assets			(3,546	)			—				—				(3,546	)
- Other receivables			—				—				(6,829	)			(6,829	)
Other income			142				500				—				642
Fair value loss on financial instruments			—				—				(86	)			(86	)
Finance costs			(1,884	)			(1	)			(45	)			(1,930	)
Finance income			4,702				—				3,399				8,101

 

 

 

F-12

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

3.

SEGMENT INFORMATION (CONTINUED)

 

For the six months ended June 30, 2023, the segment results were as follows (continued):

 

		Wastewater treatment				Exploration and mining				Corporate activities				Total
			US$				US$				US$				US$
Six months ended June 30, 2023 (Unaudited)
Revenues from external customers			1,684				—				—				1,684
Segment profit(loss) before income tax			49				(10	)			(1,091	)			(1,052	)
Income tax expenses															(252	)
Loss for the period															(1,304	)
Other items
Depreciation of property, plant and equipment			(14	)			—				—				(14	)
Depreciation of right of use assets			(49	)			—				(49	)			(98	)
Amortization of intangible assets			(54	)			—				—				(54	)
Impairment (losses)/reversal on financial assets
- Trade receivables			(53	)			—				—				(53	)
- Contract assets			(489	)			—				—				(489	)
- Other receivables			—				—				(942	)			(942	)
Other income			20				69				—				89
Fair value loss on financial instruments			—				—				(12	)			(12	)
Finance costs			(260	)			—				(6	)			(266	)
Finance income			648				—				469				1,117

 

 

 

F-13

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

3.

SEGMENT INFORMATION (CONTINUED)

 

The following table presents the asset and liability information of the Group’s operating segments as of December 31, 2022, and June 30, 2023:

 

Schedule of operating segment
		Wastewater treatment				Exploration and mining				Corporate activities				Total
			CNY				CNY				CNY				CNY
As of December 31, 2022 (Audited)
Segment assets			312,229				286				87,476				399,991
Reconciliation:
Elimination of inter-segment receivables															(80,000	)
Total assets															319,991
Segment liabilities			107,096				3,298				96,140				206,534
Reconciliation:
Elimination of inter-segment payables															(80,000	)
Unallocated liabilities:
Deferred tax liabilities															5,276
Income tax payable															10,732
Total liabilities															142,542

 

		Wastewater treatment				Exploration and mining				Corporate activities				Total
			CNY				CNY				CNY				CNY
As of June 30, 2023 (Unaudited)
Segment assets			313,098				255,233				80,522				648,853
Reconciliation:
Elimination of inter-segment receivables															(80,000	)
Total assets															568,853
Segment liabilities			113,448				258,436				92,368				464,252
Reconciliation:
Elimination of inter-segment payables															(80,000	)
Unallocated liabilities:
Deferred tax liabilities															5,266
Income tax payable															11,729
Total liabilities															401,247

 

 

 

F-14

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

3.

SEGMENT INFORMATION (CONTINUED)

 

The following table presents the asset and liability information of the Group’s operating segments as of December 31, 2022, and June 30, 2023(continued):

 

		Wastewater treatment				Exploration and mining				Corporate activities				Total
			US$				US$				US$				US$
As of June 30, 2023 (Unaudited)
Segment assets			43,165				35,188				11,101				89,454
Reconciliation:
Elimination of inter-segment receivables															(11,029	)
Total assets															78,425
Segment liabilities			15,640				35,633				12,734				64,007
Reconciliation:
Elimination of inter-segment payables															(11,029	)
Unallocated liabilities:
Deferred tax liabilities															726
Income tax payable															1,617
Total liabilities															55,321

 

 

4.

REVENUE FROM CONTRACT WITH CUSTOMERS

 

Set out below is the disaggregation of the Group’s revenue from contracts with customers:

 

Schedule of disaggregated revenue information
		Six months ended June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Unaudited)				(Unaudited)				(Unaudited)
Type of goods or services
Construction contract revenue			12,639				8,690				1,198
Operation and maintenance services			—				405				56
Operation services of service concession arrangement			3,433				3,121				430
Total revenue from contracts with customers			16,072				12,216				1,684
Geographic market
Mainland China			16,072				12,216				1,684
Timing of revenue recognition
Over time			16,072				12,216				1,684
Total revenue from contracts with customers			16,072				12,216				1,684

 

 

 

 

F-15

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

4. REVENUE FROM CONTRACT WITH CUSTOMERS (CONTINUED)

 

(i)

The Group had neither revenue from the exploration and mining segment, nor inter-segment revenue for six months ended June 30, 2022 and 2023. No revenue was recognized in the current reporting period that was included in the contract liabilities at the beginning of the reporting period and recognized from performance obligations satisfied in previous periods.

 

(ii) Performance obligation

 

Construction services

The Group’s performance in respect of construction services creates or enhances an asset or work in progress that the customer controls as the asset is created or enhanced. The Group satisfies the performance obligation and recognizes revenue over time, by reference to completion of the specific transaction assessed on the basis of the surveyors’ assessment of work performed for each contract.

 

Operation and maintenance services

Revenue from maintenance services is recognized over the period of time that the services are rendered, and the benefits are received and consumed simultaneously by the customers.

 

Operation services of service concession arrangements

The operation revenue from service concession arrangements is recognized over the period of time that the services are rendered, and the benefits are received and consumed simultaneously by the customers.

 

(iii) Significant financing components

 

The majority of the Group’s customers are town/village government entities or main contractors of governmental infrastructure projects whose time of payment for the service or goods received from the Group depends on the appropriation and approval of funds. Certain customers for construction services, sales of wastewater treatment equipment, and maintenance services will generally settle the amounts owed to the Group in a number of specified instalments covering periods ranging from one year to five years. Therefore, the Group’s management considers the contracts with customers which are town/village government entities or main contractors of the governmental infrastructure projects as containing a significant financing component. For each of the six months ended June 30, 2022 and 2023, the respective revenue considerations were adjusted for this financing component based on an imputed interest rate of 4.75% per annum and the Group’s revenue was adjusted to CNY771 and CNY597 (US$82), respectively. The interest income related to the significant financing components is disclosed in Note 5 to the financial statements.

 

 

F-16

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

5.

FINANCE INCOME AND COSTS

 

Schedule of finance income and cost
		Six months ended June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Unaudited)				(Unaudited)				(Unaudited)
Finance income
Interest income on loans to a third party			3,396				3,396				469
Interest income on revenue contracts with significant financing component			2,547				1,331				183
Interest income from service concession arrangement			3,389				3,343				461
Interest income on bank deposit			44				31				4
			9,376				8,101				1,117
Finance costs
Interest expenses on loans			1,954				1,878				259
Interest expense on lease liabilities			53				81				11
Other finance costs			(185	)			(29	)			(4	)
			1,822				1,930				266

 

 

 

 

F-17

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

6.

PROFIT/(LOSS) BEFORE INCOME TAX

 

The Group’s profit/(loss) before tax is arrived at after (crediting)/charging:

 

Schedule of group’s profit/(loss) before tax
		Six months ended June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Unaudited)				(Unaudited)				(Unaudited)
Crediting:
Finance income (Note 5)			(9,376	)			(8,101	)			(1,117	)
Charging:
Cost of sales
- Construction service			5,107				2,423				334
- Operation and maintenance services			—				256				35
- Operation services related to service concession arrangement			3,664				2,697				372
Total			8,771				5,376				741
Depreciation
- Property, plant and equipment			141				106				14
- Right-of-use assets			707				713				98
Amortization of intangible assets			404				395				54
Expense relating to short-term leases			174				209				29
Impairment losses/(reversal) on financial assets:
- Trade receivables			1,936				388				53
- Contract assets			(41	)			3,546				489
- Other receivables			1,077				6,829				942
Fair value (gain)/loss on financial instruments:
- Derivative financial liabilities (Note 16(b))			(559	)			86				12
Other income			(731	)			(642	)			(89	)
Finance costs (Note 5)			1,822				1,930				266

 

 

 

F-18

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

7.

INCOME TAX EXPENSE

The Company is incorporated in the BVI and conducts its primary business operations through its subsidiaries in mainland China. It also has intermediate holding companies in the BVI and Hong Kong. Under the current laws of the BVI, the Company and its subsidiaries incorporated in the BVI are not subject to tax on income or capital gains. The Hong Kong Profits Tax rate is 16.50%. The Company’s Hong Kong subsidiaries have both Hong Kong–sourced and non-Hong Kong–sourced income. The latter is not subject to Hong Kong Profits Tax and the related expenses are non-tax-deductible. For the Hong Kong–sourced income, no provision for Hong Kong Profits Tax was made as such operations sustained tax losses during the six months ended June 30, 2022 and 2023. Furthermore, there are no withholding taxes in Hong Kong on the remittance of dividends.

China

Under the Law of the PRC on corporate income tax and the Implementation Regulation of the Corporate Income Tax Law (collectively, the “CIT Law”), the Company’s PRC subsidiaries are generally subject to PRC corporate income tax at the statutory rate of 25% on their respective estimated assessable profits for the six months ended June 30, 2022 and 2023. Certain PRC subsidiaries of the Company engaged in environmental protection projects were subject to tax at a preferential tax rate of 12.5% or fully exempted from income tax according to the preferential policy of CIT law for the six months ended June 30, 2022 and 2023.

Under the prevailing CIT Law and its relevant regulations, any dividends paid by the Company’s mainland China subsidiaries from their earnings derived after January 1, 2008 to the Company’s Hong Kong subsidiaries are subject to PRC dividend withholding tax of 5% or 10%, depending on the applicability of the Sino-Hong Kong tax treaty.

 

The current and deferred components of income tax expense are as follows:

 

Schedule of deferred components of income tax expense
		Six months ended June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Unaudited)				(Unaudited)				(Unaudited)
Current income tax expense			1,548				1,837				254
Deferred income tax benefit			(1,191	)			(10	)			(2	)
Total			357				1,827				252

 

 

F-19

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

8.

EARNINGS/(LOSS) PER SHARE

 

Basic earnings/(loss) per share is calculated by dividing the earnings/(loss) for the period attributable to ordinary equity holders of the Company by the weighted average number of common shares outstanding during the period.

 

Diluted earnings/(loss) per share is calculated by dividing the earnings/(loss) attributable to ordinary equity holders of the Company by the weighted average number of common shares outstanding during the period plus the weighted average number of common shares that would be issued on conversion of all outstanding dilutive securities into common shares.

 

Basic and diluted net earnings/(loss) per share for the six months ended June 30, 2022 and 2023 are as follows:

 

Schedule of basic and diluted net earnings loss per share
		Six months ended June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Unaudited)				(Unaudited)				(Unaudited)
Profit/(loss):
Profit/(loss) attributable to ordinary equity holders of the Company			1,949				(10,742	)			(1,481	)
Weighted average number of ordinary shares in issue during the period			40,948,082				40,948,082				40,948,082
Weighted average number of ordinary shares for basic and diluted earnings/(loss) per share*			8,197,897				8,197,897				8,197,897
Earnings/(loss) per share:
Basic and diluted*			0.24				(1.31	)			(0.18	)

*	The basic and diluted earnings/(loss) per ordinary share has been adjusted retrospectively for the share combination which became effective on April 3, 2023.

 

The Company did not have any potential diluted shares for the six months ended June 30, 2022 and 2023. For the period ended June 30, 2022 and 2023, the effects of the outstanding warrants and share options were anti-dilutive and excluded from the computation of diluted earnings/(loss) per share. Accordingly, the diluted earnings/(loss) per share amounts are the same as the basic earnings/(loss) per share amounts for all periods presented.

 

9.

PROPERTY, PLANT AND EQUIPMENT

 

During the six months ended 30 June 2023, the Group acquired assets at a cost of CNY6 (US$1) (six months ended 30 June 2022: CNY6).

 

None of assets were disposed by the Group during the six months ended 30 June 2023 (six months ended 30 June 2022: CNY3).

 

No impairment loss was recognized for the six months ended 30 June 2023 and 2022.

 

 

F-20

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

 

10.

TRADE RECEIVABLE

 

Schedule of trade receivables
		December 31,				June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Non-current
Trade receivables from third parties			13,128				8,460				1,166
Less: Impairment allowance			(2,608	)			(3,746	)			(516	)
Total of Non-current trade receivables			10,520				4,714				650
Current
Trade receivables from service concession agreement			22,927				29,276				4,036
Trade receivables from construction contracts			34,850				37,265				5,137
Less: Impairment allowance			(11,017	)			(10,267	)			(1,415	)
Total of current trade receivables			46,760				56,274				7,758
Total			57,280				60,988				8,408

 

An aging analysis of the trade receivables as of the end of the reporting period, based on the invoice date and net of loss allowance, is as follows:

 

Schedule of aging analysis of the trade receivables
		December 31,				June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Within 1 year			18,401				14,577				2,010
Between 1-2 years			13,896				13,058				1,800
Between 2-3 years			4,518				11,860				1,635
Over 3 years			20,465				21,493				2,963
Total			57,280				60,988				8,408

 

 

F-21

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

10.

TRADE RECEIVABLE (CONTINUED)

 

Movements of loss allowance during the year/period are analyzed as follows:

 

Schedule of loss allowance for trade receivables
		Year Ended December 31,				Six Months Ended June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Beginning of the year/period			17,614				13,625				1,878
Provision for expected credit losses (“ECLs”)			(3,989	)			388				53
End of the year/period			13,625				14,013				1,931

 

The Group elected to apply the simplified approach for providing impairment for ECLs prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure ECLs, trade receivables were classified according to the characteristics of shared credit risk and days past due. The ECLs below also incorporate forward looking information. The impairment as of December 31, 2022 and June 30, 2023 was determined as follows:

 

Schedule of impairment
						Past Due
		Current				within 1 years				1-2 years				2-3 years				over 3 years				Total
As of December 31, 2022:
Expected credit loss rate							0	%			9	%			29	%			34	%			19	%
Gross carrying amount (CNY)			—				18,406				15,195				6,399				30,905				70,905
Impairment allowances (CNY)			—				5				1,299				1,881				10,440	(i)			13,625
As of June 30, 2023:
Expected credit loss rate							0	%			0	%			12	%			36	%			19	%
Gross carrying amount (CNY)			335				14,291				13,062				13,474				33,839				75,001
Impairment allowances (CNY)			—				49				4				1,614				12,346	(i)			14,013
Impairment allowances (US$)			—				7				1				222				1,701				1,931

  

(i)

The impairment allowances included an amount of CNY4,600 and CNY4,619 (US$637) as of December 31, 2022 and June 30, 2023, respectively, for specific trade receivables which were considered to be in default due to conditions which indicated that the Group was unlikely to receive the outstanding contractual amounts in full.

 

 

F-22

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

11.

CONTRACT ASSETS

 

Schedule of contract assets
						December 31,				June 30,
						2022				2023				2023
						CNY				CNY				US$
						(Audited)				(Unaudited)				(Unaudited)
Non-current
Service concession assets			(a)				89,740				89,112				12,286
Less: impairment allowance							(27	)			(27	)			(4	)
							89,713				89,085				12,282
Current
Service concession assets			(a)				7,423				7,423				1,023
Other contract assets			(b)				14,930				14,671				2,023
Less: impairment allowance							(706	)			(4,252	)			(586	)
							21,647				17,842				2,460
Total							111,360				106,927				14,742

 

(a)

Service concession assets bearing an imputed interest of 7% arose from the Group’s revenue from construction service under a build-own-transfer ("BOT") arrangement rendered by the Group's subsidiary, Shaoguan Angrui Environmental Technology Development Co., Limited ("Shaoguan Angrui"). The facilities that the service concession arrangement relate to were under construction phases from June 2018 to December 2020 and commenced operation in January 2021.

 

The amounts for the service concession arrangement are not yet due for payment and will be settled by revenue to be generated during the operating periods of the service concession arrangement. Amounts billed will be transferred to trade receivables.

 

As of December 31, 2022, and June 30, 2023, the Group’s concession rights associated with the environmental water projects (comprising intangible assets, contract assets and trade receivables) with aggregate gross carrying amounts of CNY139,060 and CNY144,415, respectively, were pledged to secure bank loans from the Bank of Communications with outstanding balances of CNY74,000 and CNY72,500, respectively. Please refer to Note 18 for further details.

 

(b)	The balances as of December 31, 2022 and June 30, 2023 comprised contract assets arising from performance under certain water treatment plant construction service contracts. Such contracts include payment schedules that require progress payments over the service periods when milestones are reached.

 

 

F-23

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

11.  CONTRACT ASSETS (CONTINUED)

 

The movements in the provision for impairment of contract assets are as follows:

 

Schedule of provision for impairment of contract assets
		Year Ended December 31,				Six Months Ended June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Beginning of the year/period			562				733				101
Provision for expected credit loss, net			171				3,546				489
End of the year/period			733				4,279				590

 

An impairment analysis is performed at each reporting date using the probability-of-default approach to measure expected credit losses. The probability of default rates is estimated based on comparable entities with published credit ratings. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions, and forward-looking credit risk information. As of December 31, 2022 and June 30, 2023, assumed the default rate ranged from 0.03% to 43.51% and from 0.03% to 76.00%, respectively.

 

 

12.

OTHER NON-CURRENT ASSETS

 

Schedule of other non-current assets
		December 31,				June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Zimbabwe lithium deposits (i)			—				252,716				34,841
Others			4				22				3
Total			4				252,738				34,844

 

(i)	Please refer to Note 20 (b) for more details.

 

 

F-24

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

13.

OTHER RECEIVABLES

 

Schedule of other receivables
		December 31,				June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Financial assets
Loans to an unrelated company (i)			83,600				87,200				12,022
Deposits			790				556				76
Others			1,000				1,000				138
Financial assets			85,390				88,756				12,236
Staff advance			237				249				35
Others			90				87				12
Total amount			327				336				47
Impairment allowance			(2,984	)			(9,813	)			(1,353	)
Total			82,733				79,279				10,930

 

(i)

The balance as of June 30, 2023 consisted of a loan in the amount of CNY80,000 (US$11,029) and the corresponding interest receivable amounted to CNY7,200 (US$993) from an unrelated company, Shenzhen Chaopeng Investment Co., Ltd. The loan was extended for another year to June 30, 2024 when it was due to mature on June 30, 2023. The loan is interest-bearing at a rate of 9% per annum and guaranteed by Shenzhen Feishang Investment Co., Limited, a company unrelated to the Group.

 

 

F-25

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

14.

CASH AND CASH EQUIVALENTS

 

Cash and cash equivalents are set out below as of December 31, 2022 and June 30, 2023:

 

Schedule of cash and cash equivalents
		December 31,				June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Cash and cash equivalents
- Cash on hand			71				5				1
- Cash at bank			31,154				32,204				4,439
- Short-term deposits			470				—				—
Cash and cash equivalents			31,695				32,209				4,440

 

The carrying amounts of the Group’s cash and cash equivalents are denominated in the following currencies:

 

Schedule of group’s cash and cash equivalents
			December 31,				June 30,
			2022				2023				2023
			CNY				CNY				US$
			(Audited)				(Unaudited)				(Unaudited)
CNY				24,709				27,398				3,777
US$				6,255				4,426				610
HK$				731				385				53
				31,695				32,209				4,440

 

Cash at banks earns interest at floating rates based on daily bank deposit rates. The bank balances and time deposits are deposited with creditworthy banks with no recent history of default.

 

 

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CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

15.

OTHER PAYABLES AND ACCRUALS

 

Schedule of other payables and accruals
		December 31,				June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Financial liabilities
Transaction deposit of mining right acquisition (Note 20 (b))			—				75,815				10,452
Accrued expenses			6,444				7,689				1,061
Deposits from customers			305				305				42
Financial liabilities			6,749				83,809				11,555
Penalties related to income tax			4,611				5,450				751
Taxes other than income tax payable (a)			1,885				3,268				451
Accrued payroll			3,108				2,697				372
Others			371				798				110
Total others payables			9,975				12,213				1,684
Total			16,724				96,022				13,239

 

(a)	Taxes other than income taxes payable mainly comprise accruals for output value-added tax, city construction tax and education surcharge.

 

 

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CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

16.

FINANCIAL INSTRUMENTS

 

(a) Financial assets

 

Set out below is an overview of financial assets, other than cash and short-term deposits, held by the Group as of December 31, 2022 and June 30, 2023:

 

Schedule of financial assets
		December 31,				June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Debt instruments at amortized cost:
Trade receivables: current			46,760				56,274				7,758
Trade receivables: non-current			10,520				4,714				650
Financial assets included in other receivables			82,406				78,943				10,883
Financial assets at fair value through other comprehensive income:
Bills receivable			8,500				9,200				1,268
Total			148,186				149,131				20,559
Total Current			137,666				144,417				19,909
Total Non-current			10,520				4,714				650

 

(b) Financial liabilities

 

Set out below, is an overview of financial liabilities of the Group as of December 31, 2022 and June 30, 2023:

 

Schedule of financial liabilities
		December 31,				June 30,				June 30
		2022				2023				2023
			CNY				CNY				US$
			(Audited)				(Unaudited)				(Unaudited)
Derivatives not designated as hedging instruments：
Derivative financial liabilities (i)			824				958				132
Financial liabilities at amortized cost:
Trade payables			20,326				21,529				2,968
Financial liabilities in other payables and accruals			6,749				83,809				11,555
Lease liabilities			2,915				2,382				330
Due to related companies			3,408				6,117				843
Due to the Shareholder			7,153				184,054				25,375
Interest-bearing loans and borrowings			74,000				72,500				9,996
Total			115,375				371,349				51,199
Total current			42,777				301,276				41,538
Total non-current			72,598				70,073				9,661

 

 

 

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CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

16. FINANCIAL INSTRUMENTS (CONTINUED)

 

(b) Financial liabilities (continued)

 

(i)

On January 20, 2021, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued and sold on January 22, 2021, (i) in a registered direct offering, an aggregate of 3,960,000 of its common shares at a price of US$1.85 per share, and (ii) in a concurrent private placement, warrants initially exercisable for an aggregate of 1,584,000* of the Company's common shares with an initial exercise price of US$2.35* per share.

 

The Company recognized the warrants issued to the investors as derivative financial liabilities (not designated as hedging instruments) with a fair value of CNY9,246 (US$1,427)** on the issue date as the investors have the right to exercise their warrants on a cashless basis. Per IAS 32, a contract settled by a single net payment (generally referred to as net cash-settled or net equity-settled as the case may be) is a financial liability and not an equity instrument. The fair value gain of CNY559 and fair value loss of CNY86 (US$12) (Note 6) were recognized according to fair value changes for the six months ended June 30, 2022 and 2023, respectively.

 

* On July 14, 2022, the exercise price for the Company’s outstanding warrants was reduced to the amount, 0.623$* per share, equal to the new issuance price of options granted under the China Natural Resources, Inc. 2014 Equity Compensation Plan pursuant to the terms of the warrants. On April 3, 2023, the number of shares under these warrants were adjusted to 316,800 and the exercise prices of these warrants were adjusted to US$3.115 per share due to the Company effected a share combination in which all of the Company's issued and outstanding ordinary shares were combined on a 5-to-1 basis.

 

** As the changes in equity from this private placement transaction are denominated in US$, the amount in US$ is the actual transaction amount and the corresponding amount in CNY was translated from US$ at the applicable exchange rate of the transaction date, January 22, 2021.

 

(c) Fair value

 

Set out below is a comparison, by class, of the carrying amounts and fair values of the Group’s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values:

 

Schedule of group’s financial instruments carrying amount
		December 31,								June 30,
		2022								2023								2023
		CNY								CNY								US$
		(Audited)								(Unaudited)								(Unaudited)
		Carrying amount				Fair value				Carrying amount				Fair value				Carrying amount				Fair value
Financial liabilities
Interest-bearing loans and borrowings			74,000				77,636				72,500				76,396				9,996				10,532
Total			74,000				77,636				72,500				76,396				9,996				10,532

 

 

 

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CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

16. FINANCIAL INSTRUMENTS (CONTINUED)

 

(c) Fair value (continued)

 

The following table provides the fair value measurement hierarchy of the Group’s financial assets and financial liabilities as of December 31, 2022 and June 30, 2023:

 

Schedule of fair value measurement

As of December 31, 2022

Fair value measurement using

Quoted prices in active markets (Level 1)

Significant observable inputs (Level 2)

Significant unobservable inputs (Level 3)

Total

CNY

CNY

CNY

CNY

Recurring fair value measurement:

Financial assets

Bills receivable

—

8,500

—

8,500

Financial liabilities

Derivative financial liabilities

—

824

—

824

 

As of June 30, 2023 (Unaudited)

Fair value measurement using

Quoted prices in active markets (Level 1)

Significant observable inputs (Level 2)

Significant unobservable inputs (Level 3)

Total

CNY

CNY

CNY

CNY

Recurring fair value measurement:

Financial assets

Bills receivables

—

9,200

—

9,200

Financial liabilities

Derivative financial liabilities

—

958

—

958

 

As of June 30, 2023 (Unaudited)

Fair value measurement using

Quoted prices in active markets (Level 1)

Significant observable inputs (Level 2)

Significant unobservable inputs (Level 3)

Total

US$

US$

US$

US$

Recurring fair value measurement:

Financial assets

Bills receivables

—

1,268

—

1,268

Financial liabilities

Derivative financial liabilities

—

132

—

132

 

 

 

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CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

16. FINANCIAL INSTRUMENTS (CONTINUED)

 

(c) Fair value (continued)

 

Level 2:

 

Bills receivable

 

The fair value valuation of bills receivable is based on directly or indirectly observable inputs (such as recent bill discount rates) through valuation techniques. The fair value of the bills receivable approximate their book value due to the short-term maturity.

 

Derivative financial liabilities

 

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

 

There is no established public trading market for the warrants issued to investors on January 22, 2021. As of June 30, 2023, the Group measured the fair value of those warrants on a recurring basis using a binomial lattice pricing model with significant inputs including the underlying spot price of the Company’s ordinary shares, exercise price, time to expiration, risk-free rate, and equity volatility, etc., which are all relevant observable inputs.

 

 

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CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

 

17.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

 

The financial instruments of the Group primarily include cash and cash equivalents, trade and bills receivable, other receivables, contract assets, derivative financial liabilities, trade payables, other payables, dividends payable, amounts due to related companies, amounts due to the Shareholder, lease liabilities and interest-bearing loans and borrowings.

 

The Group is exposed to credit risk, foreign currency risk, business and economic risk and liquidity risk. The Group has not used any derivatives or other instruments for hedging purposes. The Group does not hold or issue derivative financial liabilities for trading purposes. The Group reviews and agrees policies for managing each of these risks and they are summarized below.

 

(a)       Credit risk

 

Management has a credit policy in place and the exposures to credit risk are monitored on an ongoing basis. Debts are usually due within 30 to 90 days from the date of billing.

 

Trade receivables of the Group mainly represent receivables in respect of revenue from construction services for wastewater treatment plant construction and sales of wastewater treatment equipment which are settled through progress billing and the operation services of the service concession arrangement which are settled on a quarterly basis. In addition, the Group has contract assets relating to the service concession arrangement and construction services.

 

As of December 31, 2022, and June 30 2023, “Trade and bills receivables” and “Contract assets” in the aggregate amounted to CNY182,998 and CNY186,207 (US$25,671), respectively, of which CNY120,090 and CNY125,811 (US$17,345) were due from the largest customer and CNY134,930 and CNY142,687 (US$19,671) were due from the five largest customers in the aggregate of the Group, respectively. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the consolidated statements of financial position. Since the largest customer, the grantor of the PPP project under the BOT arrangement is a local government authority in the PRC which has high credit rating, the Group considers credit risk to be low as of December 31, 2022 and June 30, 2023. The Group does not hold any collateral over these balances.

 

Management groups financial instruments based on shared credit risk characteristics, such as instrument type and credit risk ratings for the purpose of determining significant increase in credit risk and calculation of impairment. The carrying amount of each financial asset in the condensed interim consolidated statement of financial position represents the Group’s maximum exposure to credit risk in relation to its financial assets.

 

 

 

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CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

17.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

 

(a)       Credit risk (continued)

 

A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:

 

- significant financial difficulty of the debtor;

- a breach of contract such as a default or past due event; or

- it is probable that the debtor will enter bankruptcy or other financial reorganization.

 

To manage credit risk arising from trade receivables and contract assets, the credit quality of the debtors is assessed, taking into account their historical settlement records, past experience and other factors. The Group applies the simplified approach to provide for ECLs prescribed by IFRS 9, which permits the use of lifetime expected loss provision for all trade receivables. The ECLs also incorporated forward-looking information.

 

For financial assets assessed for impairment under the general approach, the Group established a policy to perform an assessment at the end of each reporting period of whether a financial instrument’s credit risk has increased significantly since initial recognition, by considering the change in the risk of default occurring over the remaining life of the financial instrument. The Group groups its other receivables into Stage 1, Stage 2 and Stage 3, as described below:

 

Stage 1 – When other receivables are first recognized, the Group recognized an allowance based on 12 months’ ECLs.

 

Stage 2 – When other receivables have shown a significant increase in credit risk since origination, the Group records an allowance for the lifetime ECLs.

 

Stage 3 – Other receivables are considered credit-impaired. The Group records an allowance for the lifetime ECLs.

 

Management also makes periodic collective assessments for other receivables and amounts due from related companies as well as individual assessments of the recoverability of other receivables based on historical settlement records, past experience and other factors. The Group classified other receivables and amounts due from related companies in Stage 1 and continuously monitored their credit risk. Management believes that there is no material credit risk inherent in the Group’s outstanding balance of other receivables as of December 31, 2022 and June 30, 2023.

 

The Group does not provide any guarantees that would expose the Group to credit risk. Further quantitative disclosures in respect of the Group’s exposure to credit risk arising from financial assets are set out in Notes 10, 11, 13 to the financial statements.

 

Cash and cash equivalents

 

The Group maintains its cash and cash equivalents primarily with various PRC state-owned banks and Hong Kong based financial institutions, which management believes are of high credit quality. The Group performs periodic evaluations of the relative credit standing of those financial institutions.

 

 

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CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

17.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

 

(b)       Foreign currency risk

 

Foreign currency risk primarily arises from certain significant foreign currency deposits denominated in US$ and HK$ and related exposures are disclosed in Note 14. The Group Treasury closely monitors the international foreign currency market on the change of exchange rates and takes these into consideration when investing in foreign currency deposits and borrowing loans.

 

CNY is not freely convertible into foreign currencies. The State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of CNY into foreign currencies. The value of CNY is subject to changes in PRC government policies and to international economic and political developments affecting the supply and demand in the China Foreign Exchange Trading System market. All foreign exchange transactions continue to take place either through the People's Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People's Bank of China.

 

As of June 30, 2023 the Group only had significant exposure to US$. If CNY had strengthened/weakened by 5% against US$ with all other variables held constant, the Loss (profit) for the period ended June 30, 2023 would have been approximately CNY12,472 higher/lower (the income for the period ended June 30, 2022 would have been approximately CNY951 lower/higher), mainly as a result of foreign exchange losses and gains arising from translation of US$-denominated liabilities and deposits. Loss (profit) was more sensitive to the fluctuation in CNY/US$ exchange rates in the period ended June 30, 2023 than in the period ended June 30, 2022, mainly due to the increase in the US$ denominated liabilities.

 

(c) Interest rate risk

 

The fair value interest rate risk of the Group mainly arises from long-term loans at fixed rates (see Note 18). As the fluctuation of comparable interest rate (Loan Prime Rate of PRC market) with similar term was relatively low, the Directors are of the opinion that the Group is not exposed to any significant fair value interest rate risk for its fixed interest rate borrowings held as of December 31, 2022 and June 30, 2023.

 

(d) Business and economic risk

 

The Group's operations may be adversely affected by significant political, economic and social uncertainties in the PRC. Although the PRC government has been pursuing economic reform policies for more than 40 years, no assurance can be given that the PRC government will continue to pursue such policies or that such policies may not be significantly altered, especially in the event of a change in leadership, social or political disruption or unforeseen circumstances affecting the political, economic and social conditions in the PRC. There is also no guarantee that the PRC government's pursuit of economic reforms will be consistent or effective.

 

 

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CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

17.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

 

(e) Liquidity risk

 

The Group manages its liquidity risk by regularly monitoring its liquidity requirements and its compliance with debt covenants to ensure that it maintains sufficient cash and cash equivalents, as well as adequate time deposits to meet its liquidity requirements in the short and long term.

 

The table below summarizes the maturity profile of the Group’s financial liabilities and lease liabilities based on contractual undiscounted payments:

 

Summary of maturity

December 31, 2022 (Audited)		On demand				Less than 1 year				1 to 5 years				More than 5 years				Total
			CNY				CNY				CNY				CNY				CNY
Derivative financial liabilities			824				—				—				—				824
Trade payables			—				20,326				—				—				20,326
Financial liabilities in other payables and accruals			—				6,749				—				—				6,749
Due to related companies			—				3,408				—				—				3,408
Due to the Shareholder			—				7,153				—				—				7,153
Lease liabilities			—				1,387				1,691				243				3,321
Interest-bearing loans and borrowings			—				6,729				29,005				71,197				106,931
Total			824				45,752				30,696				71,440				148,712

 

 

 

 

F-35

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

17.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

 

(e) Liquidity risk (continued)

 

June 30, 2023 (Unaudited)		On demand				Less than 1 year				1 to 5 years				More than 5 years				Total
			CNY				CNY				CNY				CNY				CNY
Derivative financial liabilities			958				—				—				—				958
Trade payables			—				21,529				—				—				21,529
Financial liabilities in other payables and accruals			—				83,809				—				—				83,809
Due to related companies			—				6,117				—				—				6,117
Due to the Shareholder			—				184,054				—				—				184,054
Lease liabilities			—				1,482				1,051				194				2,727
Interest-bearing loans and borrowings			—				7,159				28,597				67,807				103,563
Total			958				304,150				29,648				68,001				402,757

 

June 30, 2023 (Unaudited)		On demand				Less than 1 year				1 to 5 years				More than 5 years				Total
			USD				USD				USD				USD				USD
Derivative financial liabilities			132				—				—				—				132
Trade payables			—				2,968				—				—				2,968
Financial liabilities in other payables and accruals			—				11,555				—				—				11,555
Due to related companies			—				843				—				—				843
Due to the Shareholder			—				25,375				—				—				25,375
Lease liabilities			—				204				145				27				376
Interest-bearing loans and borrowings			—				987				3,943				9,348				14,278
Total			132				41,932				4,088				9,375				55,527

 

(f) Capital management

 

The Group monitors capital on the basis of the debt to capital ratio, which is calculated as interest-bearing debt divided by total capitalization. Interest-bearing debt mainly includes lease liabilities and interest-bearing loans and borrowings. Total capitalization includes total equity and interest-bearing debt. The debt to capital ratio was 30.24% and 30.88% as of December 31, 2022 and June 30, 2023, respectively.

 

 

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CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

18.

INTEREST-BEARING LOANS AND BORROWINGS

 

Schedule of interest bearing loan and borrowings
										December 31,				June 30,
										2022				2023				2023
										CNY				CNY				US$
		Interest rate				Maturity				(Audited)				(Unaudited)				(Unaudited)
Non-current interest-bearing loans
Bank loan-secured and guaranteed			5.05	%			2024 to 2038				71,000				69,000				9,513
Current interest-bearing loans
Bank loan-secured and guaranteed			5.05	%			2023 to 2024				3,000				3,500				483
Total											74,000				72,500				9,996

 

The bank loan is due to the Bank of Communications and denominated in CNY.

 

The loan is secured by collection rights, contract assets, intangible assets and trade receivables in connection with the Group's service concession arrangement and 80% equity interest of the Company's subsidiary, Shaoguan Angrui. The loan is also guaranteed by Shanghai Onway Environmental Development Co., Limited (“Shanghai Onway”), the Company’s subsidiary, and Feishang Enterprise, a related company of the Group.

 

The outstanding balance as of June 30, 2023 is due in annual instalments of CNY1,500 due as of December 31, 2023; CNY4,000 due annually from 2024 to 2028; CNY5,000 due annually from 2029 to 2034; CNY6,000 due in 2035; and CNY5,000 due annually from 2036 to 2038.

 

 

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CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

19.

EQUITY

 

(a)

Issued capital

 

Schedule of issued capital
		December 31,				June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Authorized:
10,000,000 preferred shares, no par value			—				—				—
200,000,000 common shares, no par value			—				—				—
Common shares issued and fully paid:
June 30, 2023: 8,197,897*, (December 31, 2022: 40,948,082) common shares, no par value			450,782				450,782				62,146

 

 

Schedule of share capital
		Number of shares				Share capital
						CNY				US$
As of January 1, 2022			40,948,082				450,782				62,146
Common shares issued through private placement			—				—				—
As of December 31, 2022 and January 1, 2023			40,948,082				450,782				62,146
Effect of Five-to-One Share Combination*			(32,750,185	)			—				—
As of June 30, 2023			8,197,897				450,782				62,146

 

*

On April 3, 2023, the Company effected a share combination in which all of the Company's issued and outstanding ordinary shares were combined on a 5-to-1 basis. The basic and diluted earnings/(loss) per ordinary share has been retrospectively adjusted to reflect the impact of the share combination. All outstanding options, warrants and other rights to purchase the Company's common shares were adjusted proportionately as a result of the share combination.

 

(b)

Other capital reserves

 

Other capital reserves of the Company are mainly for equity-settled share-based compensation, the exercise of stock options, the exercise of warrants, the business combination and the deemed contribution from the Shareholder of the Company and related companies.

 

 

F-38

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

20.  RELATED PARTY BALANCES AND TRANSACTIONS

 

In addition to the transactions detailed elsewhere in the consolidated financial statements, the Group had the following transactions with related parties during the period:

 

(a)

Rental of offices as lessee

 

Schedule of rental of offices as lessee
						Six months ended June 30,
						2022				2023				2023
						CNY				CNY				US$
		Notes				(Unaudited)				(Unaudited)				(Unaudited)
CHNR's share of office rental, rates and others to Anka Consultants Limited (“Anka”) (a)			i				217				218				30
Feishang Management's share of office rental to Feishang Enterprise(b)			ii				84				84				12
Shenzhen New Precise Space-Time Technology Co., Limited (“Shenzhen New PST”)’s share of office rental to Feishang Enterprise(b)			iii				15				45				6

 

(i)

The Company signed a contract with Anka to lease 184 square meters of office premises for two years, from July 1, 2022 to June 30, 2024. The agreement also provides that the Company shares certain costs and expenses in connection with its use of the office, in addition to some of the accounting and secretarial services and day-to-day office administration services provided by Anka.

 

(ii)

On October 1, 2021, Feishang Management signed an office-sharing agreement with Feishang Enterprise, which will expire on September 30, 2023. Pursuant to the agreement, Feishang Management shares 40 square meters of office premises for 2 years.

 

(iii)

Shenzhen New PST signed a contract with Feishang Enterprise to lease 96 square meters of office premises annually. The latest contract is from March 14, 2023 to March 13, 2024.

 

(b)

Other transactions with related parties

 

On February 27, 2023, the Company entered into a sale and purchase agreement (the “SPA”) with Feishang Group and Top Pacific (China) Limited (together, the “Sellers”), and the respective beneficial owner of the sellers, Mr. Li Feilie and Mr. Yao Yuguang, to acquire 100% equity interests of Greatfame Investments Limited, which owns 100% equity interest in Williams Minerals (Pvt) Ltd (“Williams Minerals”) (the “Acquisition”). Williams Minerals owns the mining permit for the Zimbabwean lithium mine. The consideration to be paid by the Company for the Acquisition will be calculated by multiplying the qualified measured, indicated and inferred resources quantity of lithium oxide proven to be in the mine by independent technical reports by a unit price of US$500 per ton, less certain due diligence costs and expenses incurred by the Company for the issuance of the independent technical reports.

 

According to the SPA, the Company issued a US$24,500 promissory note and a US$10,500 promissory note to Feishang Group and Top Pacific (China) Limited respectively on April 14, 2023 to proceed with the acquisition. The Company recognized a liability due to shareholders amounted to US$24,500 (CNY176,901, Note20(c))* and other payable amounted to US$10,500 (CNY75,815, Note 15)* respectively for the present obligations of these two promissory notes with corresponding non-current assets amounted to US$35,000 (CNY252,716, Note 12)*.

 

* As the transaction is denominated in US$ per SPA, the corresponding transaction amount was translated into Hong Kong dollars, the functional currency of the Company and reported as CNY at June 30, 2023.  

 

(a)

Anka is jointly owned by Mr. Wong Wah On Edward and Mr. Tam Cheuk Ho, who are officers of the Company.

 

(b)

Feishang Enterprise is controlled by Mr. Li Feilie, who is the controlling shareholder of the Company.

 

F-39

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

20.  RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)

 

(b) Other transactions with related parties (Continued)

Completion of the transaction as contemplated by the SPA is contingent upon the satisfaction of a number of conditions, including, among other things, the issuance of independent technical reports, the actual quantity of qualified lithium oxide metal resources proven or estimated to exist in each mining area covered by the relevant report, and the Company’s full settlement of the purchase consideration.

 

(c) Balances with related companies

The Company’s balances with related companies are unsecured and non-interest bearing. Feishang Enterprise and the Shareholder have provided letters stating their continuous financial support to the Group and that they will not recall any amounts due to them until the Group has sufficient liquidity to finance its operations. The balances are summarized as follows:

 

Schedule of group payables with related parties
						December 31,				June 30,
						2022				2023				2023
						CNY				CNY				US$
		Notes				(Audited)				(Unaudited)				(Unaudited)
Current:
Payable to related companies:
Feishang Enterprise(a)			i				495				2,262				312
Guizhou Feishang Energy Co., Ltd (“Guizhou Feishang”) (a)			ii				—				800				110
Anka Capital(b)							2,913				3,055				421
							3,408				6,117				843
Payable to the Shareholder:
Feishang Group(a)			iii				7,153				7,153				987
Feishang Group(a)			iv				—				176,901				24,388
							7,153				184,054				25,375
Lease liabilities to related parties
Anka(b)							1,022				725				100
							1,022				725				100

 

(i)

The payable to Feishang Enterprise by Feishang Management represents the net amount of advances from Feishang Enterprise. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group.

 

(ii)

The payable to Guizhou Feishang represents the net amount of advances from Guizhou Feishang. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group.

 

(iii)

The payable to Feishang Group represents the net amount of advances from Feishang Group. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group.

 

(iv)

The payable to Feishang Group represents the net amount of acquisition of mining rights in Zimbabwe. For more details, please refer to Note 20 (b).

 

 

 

(a)

Feishang Enterprise, Feishang Group and Guizhou Feishang are controlled by Mr. Li Feilie, who is the controlling shareholder of the Company.

 

(b)

Anka Capital and Anka are each jointly owned by Wong Wah On Edward and Tam Cheuk Ho, who are officers of the Company.

 

 

F-40

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

20.

RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)

 

(d) Compensation of key management personnel of the Group

 

Schedule of compensation of key management personnel of group
		Six months ended June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Unaudited)				(Unaudited)				(Unaudited)
Wages, salaries and allowances			618				575				79
Housing subsidies			11				7				1
Contribution to pension plans			43				28				4
			672				610				84

 

The amounts disclosed in the table are the amounts recognized as expenses during the respective period related to key management personnel.

 

21.  COMMITMENTS

 

At June 30 2023, the Company had capital commitments of CNY2,432 (December 31 2022: 0 Nil) associated with mineral exploration for the Zimbabwean lithium mine. The corresponding capital expenditures will be paid along with the progress of the exploration works once the mine formally enters into the exploration phase.

 

22.  SUBSEQUENT EVENTS

 

On July 28, 2023, the Company entered into a Sale and Purchase Agreement (“SPA”) with Feishang Group. Pursuant to the SPA, the Company agreed to sell 100% equity interest of Precise Space-Time Technology Limited (“PSTT”) to Feishang Group, together with PSTT’s outstanding payable owed to the Company, for consideration of approximately CNY95,761 comprising: (i) CNY-34,197, the fair value of 100% equity interest of PSTT as determined by the independent valuation report dated July 28, 2023. (ii) CNY129,958, the book value of PSTT’s outstanding payable owed to the Company.

 

PSTT, through its wholly owned subsidiaries, owns a 51% equity interest in Shanghai Onway and Shanghai Onway’s subsidiaries which are principally engaged in the development of rural wastewater treatment technologies, the provision of equipment and materials for rural wastewater treatment, undertaking EPC and PPP projects in relation to rural wastewater treatment, and the provision of consulting and professional technical services. After PSTT’s disposition, the Company will discontinue the operation in wastewater treatment segment and continue engaging in the exploration and mining business.

 

23.  APPROVAL OF THE INTERIM FINANCIAL STATEMENTS

 

These interim condensed consolidated financial statements were approved by the Board of Directors on December 22, 2023.

 

 

F-41

 

 

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

FORWARD-LOOKING STATEMENTS

 

The following discussion contains statements that constitute forward-looking statements within the meaning of the U.S. federal securities laws. These statements appear in a number of places throughout this report and include, without limitation, statements regarding the intent, belief and current expectations of China Natural Resources, Inc. (the “Company,” and together with its subsidiaries, the “Group”), its directors or its officers with respect to the applicability of US taxes to the Company, the availability of internally generated funds and funds for the payment of operating expenses, the sufficiency of working capital for present operations and over the next twelve months and access to capital, and its intent to locate and execute on strategic opportunities. Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statement as a result of various factors. Among the risks and uncertainties that could cause our actual results to differ from our forward-looking statements are: uncertainties regarding the governmental, economic and political circumstances in the PRC; the impact on the Company’s financial position, growth potential and business of an investment in the wastewater treatment sector of the PRC generally and in PST Technology and Shanghai specifically; the experience, supply chain and customer relationships and market insights of the PST Technology team, the growth potential of the wastewater treatment and environmental protection industries in the PRC; uncertainties related to the Company’s ability to identify potential partners or acquisition targets as it considers strategic alternatives, including in the healthcare and other non-natural resources sectors; uncertainties associated with metal price volatility; uncertainties concerning the viability of mining and estimates of reserves at the Company’s Wulatehouqi Moruogu Tong Mine in Inner Mongolia; uncertainties related to geopolitical events and conflicts, such as the conflict between Russia and Ukraine; uncertainties regarding the impact of the COVID-19 pandemic on domestic PRC and global economic conditions, demand for the mineral reserves that we may locate or extract, our workforce, whether due to illness or restrictions on movement, and on the price of our common shares; uncertainties related to possible future increases in operating expenses; the fluctuations of interest rates and foreign exchange rates; the results of the next assessment by the Staff of the Nasdaq Listing Qualifications department of the Company’s compliance with the Nasdaq Listing Rules; uncertainties related to the political situation between the PRC and the United States, the ability of the Public Company Accounting Oversight Board to inspect auditors located in the PRC and Hong Kong, the implementation by the U.S. Securities and Exchange Commission of more stringent disclosure and/or other requirements for companies located in the PRC, potential negative impacts on companies with operations in the PRC that are listed on exchanges in the United States, and increasing regulation by PRC government agencies of companies located in the PRC but listed elsewhere; and other risks detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission, including without limitation the information set forth in our Annual Reports on Form 20-F under the heading “Risk Factors.” When, in any forward-looking statement, the Company, or its management, expresses an expectation or belief as to future results, that expectation or belief is expressed in good faith and is believed to have a reasonable basis, but there can be no assurance that the stated expectation or belief will result or be achieved or accomplished. Except as required by law, the Company undertakes no obligation to update any forward-looking statements.

 

REVENUE

 

Revenue for the six months ended June 30, 2023 was CNY12.22 million (US$1.68 million), as compared to CNY16.07 million for the same period in 2022. The decrease was mainly caused by the drop of revenue from construction contracts as the number of the projects and construction progress in the first half of 2023 were both lower than those in the first half of 2022.

 

COST OF SALES

        

Cost of sales for the six months ended June 30, 2023 was CNY5.38 million (US$0.74 million), as compared to CNY8.77 million for the same period in 2022. This decrease was in accordance with the progress recognition of revenue in the first half of 2023.

 

SELLING AND DISTRIBUTION EXPENSES

 

Selling and distribution expenses for the six months ended June 30, 2023 was CNY0.42 million (US$0.06 million), as compared to CNY0.41 million for the same period in 2022. No material fluctuation was noted for the comparative periods.

 

 

ADMINISTRATIVE EXPENSES

 

Administrative expenses for the six months ended June 30, 2023 were CNY10.02 million (US$1.38 million), as compared to CNY8.73 million for the same period in 2022. The increase was mainly due to the professional service fees incurred in 2023 in relation to the Company’s potential acquisition of Zimbabwe lithium mines.

 

OTHER INCOME

 

Other income for the six months ended June 30, 2023 were CNY0.64 million (US$0.09 million), as compared to CNY0.73 million for the same period in 2022. No material fluctuation was noted for the comparative periods.

 

FAIR VALUE GAIN/ (LOSS) ON FINANCIAL INSTRUMENTS

 

Fair value loss on financial instruments for the six months ended June 30, 2023 was CNY0.09 million (US$0.01 million), as compared to a gain of CNY0.56 million for the same period in 2022. The amount represented the fluctuation of fair values of the Company’s outstanding warrants.

 

IMPAIRMENT LOSSES ON FINANCIAL ASSETS

 

Impairment losses on financial assets for the six months ended June 30, 2023 was CNY10.76 million (US$1.48 million), as compared to CNY2.97 million for the same period in 2022. The increase was mainly due to the increased expected credit loss on the loan and interest receivable from an unrelated company, Shenzhen Chaopeng Investment Co., Ltd and contract assets related to construction contracts.

 

FINANCE COSTS

 

Finance costs for the six months ended June 30, 2023 were CNY1.93 million (US$0.27 million), as compared to CNY1.82 million for the same period in 2022. No material fluctuation was noted for the comparative periods.

 

FINANCE INCOME

 

Finance income for the six months ended June 30, 2023 were CNY8.10 million (US$1.12 million), as compared to CNY9.38 million for the same period in 2022. The decrease was mainly caused by the decrease of interest income on revenue contracts with significant financing component.

 

INCOME TAX EXPENSE/(BENEFIT)

 

Management believes that the Company is not subject to US taxes.

 

Under the current laws of the British Virgin Islands (“BVI”), dividends and capital gains arising from the Company’s investments in the BVI are not subject to income tax and no withholding tax is imposed on payments of dividends to the Company.

 

The Company's subsidiaries in the PRC are generally subject to a PRC enterprise income tax rate of 25% applicable to both foreign-invested enterprises and domestic companies, with the exception of the subsidiary which engages in the environmental protection service concession arrangement and is subject to tax at a preferential tax rate of 12.5% for the three-year period since 2022.

 

The income tax expense was CNY1.83 million (US$0.25 million) for the six months ended June 30, 2023, as compared to CNY0.36 million for the same period in 2022. The increase was mainly attributable to the decrease of deferred tax income as it is not probable that future taxable profits will be available, so the Company did not recognize deferred tax assets for the changes of deductible temporary difference for the six months ended June 30, 2023.

 

PROFIT/(LOSS) FOR THE PERIOD

 

Loss for the six months ended June 30, 2023 was CNY9.46 million (US$1.30 million) as compared to a profit of CNY3.67 million for the six months ended June 30, 2022. The loss in the first half of 2023 was mainly due to the increase in both impairment loss on financial assets and administrative expenses and decrease in finance income.

 

 

 

 

LIQUIDITY AND CAPITAL RESOURCES

 

The Company’s primary liquidity needs are to fund operating expenses, capital expenditures and acquisitions. To date, the Company financed its working capital requirements and capital expenditures through internally generated cash from prior years, bank loan, non-interest-bearing loans from the related parties, funds provided pursuant to the mutual cooperation agreement with Bayannaoer Jijincheng Mining Co., Ltd., and the issuance of shares and warrants in 2021. As we are actively exploring new business opportunities in lithium resources in Zimbabwe, we may face growing shortage of working capital in the near future. Feishang Group Limited and Feishang Enterprise Group Company Limited, related parties which have provided non-interest-bearing loans, have confirmed they will not recall any amounts due to them until the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group.

 

Net cash from operating activities for the six months ended June 30, 2023 was CNY3.05 million (US$0.42 million), as compared to net cash outflows of CNY4.48 million for the corresponding period in 2022. The increase of cash inflows from operating activities was mainly caused by the net effect of increases in both trade receivable and payables in 2023.

 

Net cash used in investing activities for the six months ended June 30, 2023 was CNY1.05 million (US$0.15 million), as compared to CNY3.00 thousand for the corresponding period in 2022. The cash outflows in 2023 mainly represent expenditures on mine development.

 

Net cash used in financing activities for the six months ended June 30, 2023 was CNY1.60 million (US$0.22 million), as compared to CNY3.90 million for the corresponding period in 2022. The decrease in cash used in financing activities was a result of decrease in net repayments to related parties in 2023.

 

The following summarizes the Company's financial condition and liquidity at the dates indicated:

 

		December 31,				June 30,
		2022				2023
			(Audited)				(Unaudited)
Current ratio			3.05	x			0.62	x
Working capital (CNY'000)			132,288				(125,232	)

 

OFF BALANCE SHEET ARRANGEMENTS

 

The Company has no off-balance sheet arrangements that have had or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that would be material to investors.

 

OTHER INFORMATION

 

On July 28, 2023, the Company entered into a Sale and Purchase Agreement (“SPA”) with Feishang Group. Pursuant to the SPA, the Company agreed to sell 100% equity interest of Precise Space-Time Technology Limited (“PSTT”) to Feishang Group, together with PSTT’s outstanding payable owed to the Company, for consideration of approximately CNY95,761,119 comprising: (i) CNY-34,197,300, the fair value of 100% equity interest of PSTT as determined by the independent valuation report dated July 28, 2023. (ii) CNY129,958,419, the book value of PSTT’s outstanding payable owed to the Company.

 

PSTT, through its wholly owned subsidiaries, owns a 51% equity interest Shanghai Onway Environmental Development Co., Limited (“Shanghai Onway”) and Shanghai Onway’s subsidiaries which are principally engaged in the development of rural wastewater treatment technologies, the provision of equipment and materials for rural wastewater treatment, undertaking EPC and PPP projects in relation to rural wastewater treatment, and the provision of consulting and professional technical services. After PSTT’s disposition, the Company will discontinue the operation in wastewater treatment segment and continue engaging in the exploration and mining business.

 

 

 44

 

 

 

 

 

Exhibit 15.1

 

 

CHINA NATURAL RESOURCES REPORTS FIRST HALF 2023 RESULTS

 

 

HONG KONG, December 22, 2023 – China Natural Resources, Inc. (NASDAQ: CHNR) (the “Company”) today announced its results of operations for the six months ended June 30, 2023. For the convenience of the reader, amounts in Chinese Yuan (“CNY”) have been translated into United States dollars (“US$”) at the rate of US$1.00 = CNY7.2535 as quoted by www.ofx.com on June 30, 2023, except as otherwise disclosed.

 

Mr. Wong Wah On Edward, Chairman of the Company, commented, “We are prudently investing in our exploration activities as we work to extract further value from the Wulatehouqi Moruogu Tong Mine. The disposition of Shanghai Onway Environmental Development Co., Limited (“Shanghai Onway”) in July 2023 can help the Company streamline its resources and invest in opportunities that will help the Company grow. We are pleased with the positive outcome of our due diligence investigation of the proposed acquisition of Williams Minerals. The Company has paid a deposit of US$35 million by way of promissory notes in April 2023. We will move forward and leverage our mining expertise as we continue to execute on our long-term business strategy.”

 

Financial Results for the Six Months Ended June 30, 2023

 

Revenue for the six months ended June 30, 2023 was CNY12.22 million (US$1.68 million), as compared to CNY16.07 million for the same period in 2022. The decrease was mainly caused by the drop of revenue from construction contracts as the number of the projects and construction progress in the first half of 2023 were both lower than those in the first half of 2022.

 

Cost of sales for the six months ended June 30, 2023 was CNY5.38 million (US$0.74 million), as compared to CNY8.77 million for the same period in 2022. This decrease was in accordance with the progress recognition of revenue in the first half of 2023.

 

Gross profit margin was 55.99% for the six months ended June 30, 2023, as compared to 45.43% for the same period in 2022. The surge of gross profit margin was mainly due to the recognition of construction contract revenue of certain projects in 2023, while the comparable costs of these projects were recognized in previous years when incurred. The recognition of revenue for advance or additional construction services provided in previous years outside the scope of the signed contracts for which the Company incurred and recognized the related costs without the corresponding revenue was because not all attributes of a contract were met under International Financial Reporting Standards 15 Revenue from Contracts with Customers in previous years.

 

Selling and distribution expenses for the six months ended June 30, 2023 was CNY0.42 million (US$0.06 million), as compared to CNY0.41 million for the same period in 2022. No material fluctuation was noted for the comparative periods.

 

Administrative expenses for the six months ended June 30, 2023 were CNY10.02 million (US$1.38 million), as compared to CNY8.73 million for the same period in 2022. The increase was mainly due to the professional service fees incurred in 2023 in relation to the Company’s potential acquisition of Zimbabwe lithium mines.

 

Other income for the six months ended June 30, 2023 were CNY0.64 million (US$0.09 million), as compared to CNY0.73 million for the same period in 2022. No material fluctuation was noted for the comparative periods.

 

Fair value loss on financial instruments for the six months ended June 30, 2023 was CNY0.09 million (US$0.01 million), as compared to a gain of CNY0.56 million for the same period in 2022.  The amount represented the fluctuation of fair values of the Company’s outstanding warrants.

 

Impairment losses on financial assets for the six months ended June 30, 2023 was CNY10.76 million (US$1.48 million), as compared to CNY2.97 million for the same period in 2022.  The increase was mainly due to the increased expected credit loss on the loan and interest receivable from an unrelated company, Shenzhen Chaopeng Investment Co., Ltd.  and contract assets related to construction contracts.

 

 

Finance costs for the six months ended June 30, 2023 were CNY1.93 million (US$0.27 million), as compared to CNY1.82 million for the same period in 2022. No material fluctuation was noted for the comparative periods.

  

Finance income for the six months ended June 30, 2023 were CNY8.10 million (US$1.12 million), as compared to CNY9.38 million for the same period in 2022. The decrease was mainly caused by the decrease of interest income on revenue contracts with significant financing component. 

 

The income tax expense was CNY1.83 million (US$0.25 million) for the six months ended June 30, 2023, as compared to CNY0.36 million for the same period in 2022. The increase was mainly attributable to the decrease of deferred tax income as it is not probable that future taxable profits will be available, so the Company did not recognize deferred tax assets for the changes of deductible temporary difference for the six months ended June 30, 2023.

 

Loss for the six months ended June 30, 2023 was CNY9.46 million (US$1.30 million) as compared to a profit of CNY3.67 million for the six months ended June 30, 2022. The loss in the first half of 2023 was mainly due to the increase in both impairment loss on financial assets and administrative expenses and decrease in finance income.

 

The Company had a CNY32.21 million (US$4.44 million) balance of cash and cash equivalents at June 30, 2023.

 

About China Natural Resources:

China Natural Resources, Inc. (NASDAQ: CHNR) is currently a holding company that operates in two reportable operating segments: wastewater treatment and exploration and mining. Upon the completion of Precise Space-Time Technology disposition on July 28, 2023, the Company is engaged in the acquisition and exploitation of mining rights in Inner Mongolia, including exploring for lead, silver and other nonferrous metal, and is actively exploring business opportunities in the healthcare and other non-natural resource sectors. China Natural Resources recently agreed to acquire Williams Minerals, which operates a lithium mine in Zimbabwe, for a maximum consideration of US$1.75 billion. While there is no guarantee, the acquisition of Williams Minerals is expected to close in 2024. Williams Minerals is owned by China Natural Resources’ controlling shareholder, Feishang Group Limited, and a non-affiliate, Top Pacific (China) Limited.

 

Forward-Looking Statements:

This press release includes forward-looking statements within the meaning of the U.S. federal securities laws. These statements include, without limitation, statements regarding the intent, belief and current expectations of the Company, its directors or its officers with respect to: the potential presented by the healthcare and wastewater treatment sectors in the People’s Republic of China (the “PRC”) and other industry sectors in the PRC generally; the impact on the Company’s financial position, growth potential and business of an investment in the wastewater treatment sector of the PRC generally and in Precise Space-Time Technology and Shanghai Onway specifically; the experience, supply chain and customer relationships and market insights of the Precise Space-Time Technology team; the growth potential of the wastewater treatment and environmental protection industries in the PRC; the impact on the Company’s financial position of an investment in the healthcare sector of the PRC; and the Company’s ability to locate and execute on strategic opportunities. Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statement as a result of various factors. Among the risks and uncertainties that could cause the Company’s actual results to differ from its forward-looking statements are: possible downturns in the healthcare or wastewater treatment sectors in the PRC or other sectors that the Company may invest in; the results of the next assessment by the Staff of the Nasdaq Listing Qualifications department of the Company’s compliance with the Nasdaq Listing Rules; uncertainties related to governmental, economic and political circumstances in the PRC; uncertainties related to metal price volatility; uncertainties related to the Company’s ability to fund operations; uncertainties related to possible future increases in operating expenses, including costs of labor and materials; uncertainties related to the impact of the COVID-19 pandemic; uncertainties related to the political situation between the PRC and the United States, and potential negative impacts on companies with operations in the PRC that are listed on exchanges in the United States; and other risks detailed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. When, in any forward-looking statement, the Company, or its management, expresses an expectation or belief as to future results, that expectation or belief is expressed in good faith and is believed to have a reasonable basis, but there can be no assurance that the stated expectation or belief will result or be achieved or accomplished. Except as required by law, the Company undertakes no obligation to update any forward-looking statements.

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(Amounts in thousands, except share and per share data)

 

		Six Months Ended June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Unaudited)				(Unaudited)				(Unaudited)
Revenue			16,072				12,216				1,684
Cost of sales			(8,771	)			(5,376	)			(741	)
GROSS PROFIT			7,301				6,840				943
Selling and distribution expenses			(410	)			(420	)			(58	)
Administrative expenses			(8,733	)			(10,018	)			(1,381	)
Other income			731				642				89
Fair value gain/(loss) on financial instruments, net			559				(86	)			(12	)
Impairment losses on financial assets			(2,972	)			(10,763	)			(1,484	)
Finance costs			(1,822	)			(1,930	)			(266	)
Finance income			9,376				8,101				1,117
PROFIT/(LOSS) BEFORE INCOME TAX			4,030				(7,634	)			(1,052	)
Income tax expense			(357	)			(1,827	)			(252	)
PROFIT/(LOSS)  FOR THE PERIOD			3,673				(9,461	)			(1,304	)
ATTRIBUTABLE TO:
Owners of the Company			1,949				(10,742	)			(1,481	)
Non-controlling interests			1,724				1,281				177
			3,673				(9,461	)			(1,304	)
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY:
Basic and diluted
- Earnings/(loss) per share			0.24				(1.31	)			(0.18	)

 

 

  

 

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2023 (UNAUDITED) AND DECEMBER 31, 2022

(Amounts in thousands)

 

 

		December 31,				June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment			424				324				45
Intangible assets			19,381				18,987				2,618
Right-of-use assets			2,993				2,329				321
Trade receivable			10,520				4,714				650
Contract assets			89,713				89,085				12,282
Other non-current assets			4				252,738				34,844
TOTAL NON-CURRENT ASSETS			123,035				368,177				50,760
CURRENT ASSETS
Inventories			729				912				126
Trade receivables			46,760				56,274				7,758
Bills receivables			8,500				9,200				1,268
Contract assets			21,647				17,842				2,460
Prepayments			1,732				1,795				247
Other receivables			82,733				79,279				10,930
Other current assets			3,160				3,165				436
Cash and cash equivalents			31,695				32,209				4,440
TOTAL CURRENT ASSETS			196,956				200,676				27,665
TOTAL ASSETS			319,991				568,853				78,425

 

 

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)

AS OF JUNE 30, 2023 (UNAUDITED) AND DECEMBER 31, 2022

(Amounts in thousands)

 

 

		December 31,				June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade payables			20,326				21,529				2,968
Contract liabilities			690				690				95
Other payables and accruals			16,724				96,022				13,239
Income tax payable			10,732				11,729				1,617
Provision			494				—				—
Derivative financial liabilities			824				958				132
Interest-bearing loans and borrowings			3,000				3,500				483
Lease liabilities			1,317				1,309				182
Due to related companies			3,408				6,117				843
Due to the Shareholder			7,153				184,054				25,375
TOTAL CURRENT LIABILITIES			64,668				325,908				44,934
NON-CURRENT LIABILITIES
Deferred tax liabilities			5,276				5,266				726
Lease liabilities			1,598				1,073				148
Interest-bearing loans and borrowings			71,000				69,000				9,513
TOTAL NON-CURRENT LIABILITIES			77,874				75,339				10,387
TOTAL LIABILITIES			142,542				401,247				55,321
EQUITY
Issued capital			450,782				450,782				62,146
Other capital reserves			735,319				735,319				101,374
Accumulated losses			(1,109,010	)			(1,119,752	)			(154,374	)
Other comprehensive losses			(9,322	)			(9,704	)			(1,340	)
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY			67,769				56,645				7,806
NON-CONTROLLING INTERESTS			109,680				110,961				15,298
TOTAL EQUITY			177,449				167,606				23,104
TOTAL LIABILITIES AND EQUITY			319,991				568,853				78,425

 

 

The condensed consolidated statements of profit or loss of the Company for the six months ended June 30, 2023 and 2022, and the condensed consolidated statements of financial position of the Company as of December 31, 2022 and June 30, 2023, have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. The condensed consolidated statements of profit or loss and the condensed consolidated statements of financial position have been derived from and should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2022 contained in the Company’s Annual Report on Form 20-F as filed with the Commission on May 15, 2023.

 

 

 

 

 

 

Exhibit 99.1

 

 

FEISHANG GROUP LIMITED

TOP PACIFIC (CHINA) LIMITED

CHINA NATURAL RESOURCES, INC.

LI FEILIE

AND

YAO YUGUANG

___________________________________________________________

AMENDMENT AGREEMENT

IN RESPECT OF

AGREEMENT
FOR
THE SALE AND PURCHASE
OF

THE ENTIRE ISSUED SHARE CAPITAL OF
WILLIAMS MINERALS (PVT) LTD

___________________________________________________________

 

 

 

THIS AMENDMENT AGREEMENT is made on 22 December 2023

BETWEEN:

	(1)	FEISHANG GROUP LIMITED, a company incorporated with limited liability in the British Virgin Islands (“BVI”) (number 212881) whose registered office is at Portcullis Chambers, 4th Floor, Ellen Skelton Building, 3076 Sir Francis Drake Highway, Road Town, Tortola, British Virgin Islands VG1110 (the “First Seller”);
	(2)	Top Pacific (China) Limited, a company incorporated with limited liability in Hong Kong (number 1958760) whose registered office is at Room 2204, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong (the “Second Seller”, together with the First Seller, the “Sellers” and each a “Seller”);

(3)

CHINA NATURAL RESOURCES, INC., a company incorporated with limited liability in the BVI (number 102930) whose registered office is at Sea Meadow House, Blackborne Highway, PO Box 116, Road Town, Tortola, British Virgin Islands, the shares of which are listed on NASDAQ (NASDAQ: CHNR) (the “Buyer”);

(4)

LI FEILIE, the holder of PRC Passport numbered ED9899946 whose address is at 18A, Hua Xu Ge, One Honey Lake, Xiangmei Road, Futian District, Shenzhen, Guangdong Province, the PRC (“Mr. Li FL”); and

(5)

YAO YUGUANG, the holder of PRC Passport numbered E77518273 whose address is at Room 2313, Block A, Union Aquare, Futian District, Shenzhen, Guangdong Province, the PRC (“Mr. Yao YG”, together with Mr. Li FL, the “Beneficial Owners” and each a “Beneficial Owner”).

 

BACKGROUND

(A)

The First Seller, the Second Seller, the Buyer, Mr. Li FL and Mr. Yao YG have entered into the agreement dated 27 February 2023 for the sale and purchase of the entire issued share capital of Williams Minerals (PVT) Ltd (the “Agreement”).

(B)

The parties to the Agreement wish to amend the Agreement by entering into this Amendment Agreement and as expressly stated herein.

(C)

Defined terms and expressions in this Amendment Agreement shall, unless the context indicates otherwise, bear the same meanings as used in the Agreement.

 

THE PARTIES AGREE as follows:

1.

AMENDMENT

The reference to “31 December 2023” in the defined expression “Long Stop Date” in clause 1.1 of the Agreement is hereby deleted and replaced with “31 December 2024”. As a result of the above amendment, the defined expression “Long Stop Date” shall mean “31 December 2024 or any other date as agreed by the parties in writing”.

2.

EFFECT OF THIS AMENDMENT AGREEMENT AND THE AGREEMENT

2.1

This Amendment Agreement constitutes the entire agreement and supersedes any previous agreement(s), representation, statement, assurance, covenant, undertaking, indemnity, guarantee or commitment (whether contractual or otherwise) between the parties relating to the subject matter of this Amendment Agreement.

2.2

Save as the amendment(s) expressly set out in Clause 1 above, no other provision or part of the Agreement is amended or varied in any other way. The Agreement, as amended by this Amendment Agreement, continues to be in full force and effect.

3.

COUNTERPARTS

This Amendment Agreement may be executed in any number of counterparts, each of which when executed and delivered is an original and all of which together evidence the same agreement.

4.

APPLICATION OF RELEVANT PROVISIONS OF THE AGREEMENT

Clauses 10 (General), 13 (Notice), 14 (Governing law and jurisdiction) and 15 (Governing language) and other provisions in the Agreement to the extent applicable shall apply to this Amendment Agreement as though the same were set out herein mutatis mutandis.

 

 

 

[The rest of this page is deliberately left blank.]

 

EXECUTED by the parties on the date hereinabove stated:

Signed by LI FEILI	)
	)	/s/ LI Feilie
its director or lawful attorney for and on behalf of	)
FEISHANG GROUP LIMITED	)

 

 

 

Witness: ZHENG Xinyi

 

 

 

 

Signed by YAO Yuguang	)
	)	/s/ YAO Yuguang
its director or lawful attorney for and on behalf of	)
TOP PACIFIC (CHINA) LIMITED	)

 

 

 

 

Witness: CHEN Gongbao

 

 

 

Signed by WONG Wah On Edward	)
	)	/s/ WONG Wah On Edward
its director or lawful attorney for and on behalf of	)
CHINA NATURAL RESOURCES, INC.	)

 

 

 

 

Witness: NG KAM Ming

 

v3.23.4

Cover	6 Months Ended
	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	0-26046
Entity Registrant Name	China Natural Resources, Inc.
Entity Central Index Key	0000793628
Entity Address, Address Line One	Room 2205
Entity Address, Address Line Two	22/F
Entity Address, Address Line Three	West Tower
Entity Address, City or Town	Sheung Wan
Entity Address, Country	HK
Entity Address, Address Line Four	Shun Tak Centre
Entity Address, Address Line Five	168-200 Connaught Road Central

v3.23.4

CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS (UNAUDITED) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Profit or loss [abstract]
Revenue	$ 1,684	¥ 12,216	¥ 16,072
Cost of sales	(741)	(5,376)	(8,771)
GROSS PROFIT	943	6,840	7,301
Selling and distribution expenses	(58)	(420)	(410)
Administrative expenses	(1,381)	(10,018)	(8,733)
Other income	89	642	731
Fair value gain/(loss) on financial instruments	(12)	(86)	559
Impairment losses on financial assets	(1,484)	(10,763)	(2,972)
Finance costs	(266)	(1,930)	(1,822)
Finance income	1,117	8,101	9,376
PROFIT/(LOSS) BEFORE INCOME TAX	(1,052)	(7,634)	4,030
Income tax expense	(252)	(1,827)	(357)
PROFIT /(LOSS) FOR THE PERIOD	(1,304)	(9,461)	3,673
ATTRIBUTABLE TO:
Owners of the Company	(1,481)	(10,742)	1,949
Non-controlling interests	177	1,281	1,724
PROFIT /(LOSS) FOR THE PERIOD	$ (1,304)	¥ (9,461)	¥ 3,673

v3.23.4

CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS (UNAUDITED) (Parenthetical)	6 Months Ended
	Jun. 30, 2023 $ / shares	Jun. 30, 2023 ¥ / shares	Jun. 30, 2022 ¥ / shares
Profit or loss [abstract]
Earnings/(loss) per share, Basic | (per share)	$ (0.18)	¥ (1.31)	¥ 0.24
Earnings/(loss) per share, Diluted | (per share)	$ (0.18)	¥ (1.31)	¥ 0.24

v3.23.4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Profit or loss [abstract]
PROFIT/(LOSS) FOR THE PERIOD	$ (1,304)	¥ (9,461)	¥ 3,673
Other comprehensive losses that will be reclassified to profit or loss in subsequent periods:
Foreign currency translation adjustments of the subsidiaries	(706)	(5,129)	(4,616)
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods:
Foreign currency translation adjustments of the Company	654	4,747	5,361
Total other comprehensive income/(loss) for the period, net of tax	(52)	(382)	745
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD	(1,356)	(9,843)	4,418
Attributable to:
Owners of the Company	(1,533)	(11,124)	2,694
Non-controlling interests	177	1,281	1,724
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR	$ (1,356)	¥ (9,843)	¥ 4,418

v3.23.4

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
NON-CURRENT ASSETS
Property, plant and equipment	$ 45	¥ 324	¥ 424
Intangible assets	2,618	18,987	19,381
Right-of-use assets	321	2,329	2,993
Trade receivables	650	4,714	10,520
Contract assets	12,282	89,085	89,713
Other non-current assets	34,844	252,738	4
TOTAL NON-CURRENT ASSETS	50,760	368,177	123,035
CURRENT ASSETS
Inventories	126	912	729
Trade receivables	7,758	56,274	46,760
Bills receivable	1,268	9,200	8,500
Contract assets	2,460	17,842	21,647
Prepayments	247	1,795	1,732
Other receivables	10,930	79,279	82,733
Other current assets	436	3,165	3,160
Cash and cash equivalents	4,440	32,209	31,695
TOTAL CURRENT ASSETS	27,665	200,676	196,956
TOTAL ASSETS	78,425	568,853	319,991
CURRENT LIABILITIES
Trade payables	2,968	21,529	20,326
Contract liabilities	95	690	690
Other payables and accruals	13,239	96,022	16,724
Income tax payable	1,617	11,729	10,732
Provision			494
Derivative financial liabilities	132	958	824
Interest-bearing loans and borrowings	483	3,500	3,000
Lease liabilities	182	1,309	1,317
Due to related companies	843	6,117	3,408
Due to the Shareholder	25,375	184,054	7,153
TOTAL CURRENT LIABILITIES	44,934	325,908	64,668
NON-CURRENT LIABILITIES
Deferred tax liabilities	726	5,266	5,276
Lease liabilities	148	1,073	1,598
Interest-bearing loans and borrowings	9,513	69,000	71,000
TOTAL NON-CURRENT LIABILITIES	10,387	75,339	77,874
TOTAL LIABILITIES	55,321	401,247	142,542
EQUITY
Issued capital	62,146	450,782	450,782
Other capital reserves	101,374	735,319	735,319
Accumulated losses	(154,374)	(1,119,752)	(1,109,010)
Other comprehensive losses	(1,340)	(9,704)	(9,322)
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY	7,806	56,645	67,769
NON-CONTROLLING INTERESTS	15,298	110,961	109,680
TOTAL EQUITY	23,104	167,606	177,449
TOTAL LIABILITIES AND EQUITY	$ 78,425	¥ 568,853	¥ 319,991

v3.23.4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) ¥ in Thousands, $ in Thousands	Issued capital [member] USD ($)	Issued capital [member] CNY (¥)	Other Capital Reserves [Member] USD ($)	Other Capital Reserves [Member] CNY (¥)	Retained earnings [member] USD ($)	Retained earnings [member] CNY (¥)	Other Comprehensive (Loss)/Income [Member] USD ($)	Other Comprehensive (Loss)/Income [Member] CNY (¥)	Total [Member] USD ($)	Total [Member] CNY (¥)	Non-controlling interests [member] USD ($)	Non-controlling interests [member] CNY (¥)	USD ($)	CNY (¥)
Beginning Balance at Dec. 31, 2021		¥ 450,782		¥ 719,110		¥ (1,084,387)		¥ (10,821)		¥ 74,684		¥ 107,353		¥ 182,037
IfrsStatementLineItems [Line Items]
(Loss)/Profit for the period						1,949				1,949		1,724		3,673
Foreign currency translation adjustments								745		745				745
Total comprehensive (loss)/income						1,949		745		2,694		1,724		4,418
Ending Balance at Jun. 30, 2022		450,782		719,110		(1,082,438)		(10,076)		77,378		109,077		186,455
Beginning Balance at Dec. 31, 2022		450,782		735,319		(1,109,010)		(9,322)		67,769		109,680		177,449
IfrsStatementLineItems [Line Items]
(Loss)/Profit for the period						(10,742)				(10,742)		1,281	$ (1,304)	(9,461)
Foreign currency translation adjustments								(382)		(382)				(382)
Total comprehensive (loss)/income						(10,742)		(382)		(11,124)		1,281		(9,843)
Ending Balance at Jun. 30, 2023	$ 62,146	¥ 450,782	$ 101,374	¥ 735,319	$ (154,374)	¥ (1,119,752)	$ (1,340)	¥ (9,704)	$ 7,806	¥ 56,645	$ 15,298	¥ 110,961	$ 23,104	¥ 167,606

v3.23.4

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Statement of cash flows [abstract]
OPERATING ACTIVITIES	$ 420	¥ 3,047	¥ (4,482)
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(1)	(6)	(6)
Disposal of property, plant and equipment			3
Expenditures on mine development	(144)	(1,042)
Net cash flows used in investing activities	(145)	(1,048)	(3)
FINANCING ACTIVITIES
Repayments of bank loans	(207)	(1,500)	(1,500)
Advances from related companies	336	2,440	149
Payment of principal portion of lease liabilities	(80)	(583)	(543)
Payment of interest expenses of lease liabilities	(11)	(81)	(53)
Interest paid	(259)	(1,878)	(1,954)
Net cash flows used in financing activities	(221)	(1,602)	(3,901)
NET (DECREASE)/ INCREASE IN CASH AND CASH EQUIVALENTS	54	397	(8,386)
NET FOREIGN EXCHANGE DIFFERENCE	16	117	942
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	4,370	31,695	58,359
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 4,440	¥ 32,209	¥ 50,915

v3.23.4

ORGANIZATION AND PRINCIPAL ACTIVITIES	6 Months Ended
	Jun. 30, 2023
Organization And Principal Activities
ORGANIZATION AND PRINCIPAL ACTIVITIES	1. ORGANIZATION AND PRINCIPAL ACTIVITIES   China Natural Resources, Inc. (“CHNR” or the “Company”) is a British Virgin Islands (“BVI”) holding company incorporated in 1993. The address of the principal executive office is Room 2205, 22/F, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong. The Company’s principal activity is investment holding. The Company’s subsidiaries (collectively with CHNR, the “Group”) are primarily involved in the exploration and mining and wastewater treatment businesses in the People’s Republic of China (“PRC”).   CHNR’s principal shareholder is Feishang Group Limited (“Feishang Group” or the “Shareholder”), a BVI corporation. Mr. Li Feilie is the controlling shareholder of Feishang Group. In the opinion of the directors of the Company (the “Directors”), the ultimate parent of CHNR is Laitan Investment Limited, a BVI corporation.

v3.23.4

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
BASIS OF PRESENTATION	2.1 BASIS OF PRESENTATION   The interim condensed consolidated financial statements for the six months ended June 30, 2023 have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting.   The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. As of June 30, 2023, the Group had net current liabilities of CNY125,232 (US$17,269). In view of the circumstance, the directors have given consideration to the future liquidity and performance of the Group and its available sources of financing in assessing whether the Group will have sufficient financial resources to continue as a going concern. The Group has obtained letters from each of Feishang Group Limited (“Feishang Group” or the “Shareholder”) and Feishang Enterprise Group Company Limited (“Feishang Enterprise”), entities controlled by Mr. Li Feilie, the principal beneficial shareholder of the Company, which state that Feishang Group and Feishang Enterprise will provide continuous financial support to the Group in relation to the going concern of its operations, and will not recall any amounts due to them until the Group has sufficient liquidity to finance its operations. Feishang Enterprise’s letter also states that it will pay debts on behalf of the Group when needed. Accordingly, in the opinion of the directors, it is appropriate for the financial statements to be prepared on a going concern basis, and not less than 12 months from the end of the reporting period.   The interim condensed consolidated financial statements do not include all the information and footnotes required by International Financial Reporting Standards (“IFRS”) for complete financial statements, and should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Group’s annual report on Form 20-F for the year ended December 31, 2022 (the “2022 Annual Report”).   The condensed consolidated financial statements include the accounts of CHNR and those subsidiaries in which CHNR has direct or indirect controlling interests. The Company’s subsidiaries as of June 30, 2023 are as described in the 2022 Annual Report.   For the convenience of readers, amounts in Renminbi, the Chinese currency (“CNY”), have been translated into United States dollars (“US$”) at the applicable rate of US$1.00 = CNY7.2535 as quoted by www.ofx.com as of June 30, 2023, except as otherwise disclosed. No representation is made that the CNY amounts could have been, or could be, converted into US$ at that rate, or at all.

v3.23.4

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES	6 Months Ended
	Jun. 30, 2023
Changes In Accounting Policies And Disclosures
CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES	2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES   The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those applied in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2022, except for the adoption of the following new and revised IFRS for the first time for the current period’s financial information.     Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies   Amendments to IAS 8 Definition of Accounting Estimates   Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction   Amendments to IAS 12 International Tax Reform – Pillar Two Model Rules    The nature and impact of the revised IFRSs that are applicable to the Group are described below:   (a) Amendments to IAS 1 require entities to disclose their material accounting policy information rather than their significant accounting policies. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. Amendments to IFRS Practice Statement 2 provide non-mandatory guidance on how to apply the concept of materiality to accounting policy disclosures. The Group has applied the amendments since 1 January 2023. The amendments did not have any impact on the Group’s interim condensed consolidated financial information but are expected to affect the accounting policy disclosures in the Group’s annual consolidated financial statements.   (b) Amendments to IAS 8 clarify the distinction between changes in accounting estimates and changes in accounting policies. Accounting estimates are defined as monetary amounts in financial statements that are subject to measurement uncertainty. The amendments also clarify how entities use measurement techniques and inputs to develop accounting estimates. The Group has applied the amendments to changes in accounting policies and changes in accounting estimates that occur on or after 1 January 2023. Since the Group’s policy of determining accounting estimates aligns with the amendments, the amendments did not have any impact on the financial position or performance of the Group.   (c) Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction narrow the scope of the initial recognition exception in IAS 12 so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences, such as leases and decommissioning obligations. Therefore, entities are required to recognize a deferred tax asset (provided that sufficient taxable profit is available) and a deferred tax liability for temporary differences arising from these transactions. The Group did not apply the initial recognition exception and recognized a deferred tax asset and a deferred tax liability for temporary differences for transactions related to leases before the initial application of these amendments. The amendments don’t have any significant impact on the Group’s financial statements.   (d) Amendments to IAS 12 International Tax Reform – Pillar Two Model Rules introduce a mandatory temporary exception from the recognition and disclosure of deferred taxes arising from the implementation of the Pillar Two model rules published by the Organisation for Economic Co-operation and Development. The amendments also introduce disclosure requirements for the affected entities to help users of the financial statements better understand the entities’ exposure to Pillar Two income taxes, including the disclosure of current tax related to Pillar Two income taxes separately in the periods when Pillar Two legislation is effective and the disclosure of known or reasonably estimable information of their exposure to Pillar Two income taxes in periods in which the legislation is enacted or substantively enacted but not yet in effect. Entities are required to disclose the information relating to their exposure to Pillar Two income taxes in annual periods beginning on or after 1 January 2023, but are not required to disclose such information for any interim periods ending on or before 31 December 2023. Since the Group did not fall within the scope of the Pillar Two model rules, the amendments did not have any impact to the Group.

v3.23.4

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2023
Segment Information
SEGMENT INFORMATION	3. SEGMENT INFORMATION   Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Group’s management and the Company’s Board of Directors for the purpose of resource allocation and performance assessment.   Management assesses the performance of operating segments based on profit or loss before income tax in related periods. The manner of assessment is consistent with that applied in these financial statements.   As of June 30, 2023, the Group’s two reportable operating segments are summarized below:   - Wastewater treatment segment, which consists of sales of assembled equipment, provision of construction services and participating in PPP projects as operator; - Exploration and mining segment, which consists of the exploration for lead, silver, lithium and other metals;   Deferred tax assets, income tax payable and deferred tax liabilities are excluded from segment assets and segment liabilities. The Group had neither sale of products nor provisions of services between the operating segments.   For the six months ended June 30, 2022, the segment results were as follows:   Schedule of segment results                                     Wastewater treatment     Exploration and mining     Corporate activities     Total         CNY       CNY       CNY       CNY   Six months ended June 30, 2022 (Unaudited)                                 Revenues from external customers     16,072       —         —         16,072                                     Segment profit before income tax     3,784       245       1       4,030                                     Income tax expenses                             (357 )                                   Profit for the period                             3,673                                     Other items                                 Depreciation of property, plant and equipment     (114 )     (26 )     (1 )     (141 ) Depreciation of right of use assets     (347 )     —         (360 )     (707 ) Amortization of intangible assets     (404 )     —         —         (404 ) Impairment (losses)/reversal on financial assets                                   - Trade receivables     (1,936 )     —         —         (1,936 )   - Contract assets     41       —         —         41     - Other receivables     —         —         (1,077 )     (1,077 ) Other income     30       700       1       731   Fair value gain on financial instruments     —         —         559       559   Finance costs     (1,799 )     (1 )     (22 )     (1,822 ) Finance income     7,857       —         1,519       9,376     For the six months ended June 30, 2023, the segment results were as follows:       Wastewater treatment     Exploration and mining     Corporate activities     Total         CNY       CNY       CNY       CNY   Six months ended June 30, 2023 (Unaudited)                                 Revenues from external customers     12,216       —         —         12,216                                     Segment profit (loss) before income tax     353       (73 )     (7,914 )     (7,634 )                                   Income tax expenses                             (1,827 )                                   Loss for the period                             (9,461 )                                   Other items                                 Depreciation of property, plant and equipment     (103 )     (2 )     (1 )     (106 ) Depreciation of right of use assets     (359 )     —         (354 )     (713 ) Amortization of intangible assets     (395 )     —         —         (395 ) Impairment (losses)/reversal on financial assets                                   - Trade receivables     (388 )     —         —         (388 )   - Contract assets     (3,546 )     —         —         (3,546 )   - Other receivables     —         —         (6,829 )     (6,829 ) Other income     142       500       —         642   Fair value loss on financial instruments     —         —         (86 )     (86 ) Finance costs     (1,884 )     (1 )     (45 )     (1,930 ) Finance income     4,702       —         3,399       8,101     For the six months ended June 30, 2023, the segment results were as follows (continued):       Wastewater treatment     Exploration and mining     Corporate activities     Total         US$       US$       US$       US$   Six months ended June 30, 2023 (Unaudited)                                 Revenues from external customers     1,684       —         —         1,684                                     Segment profit(loss) before income tax     49       (10 )     (1,091 )     (1,052 )                                   Income tax expenses                             (252 )                                   Loss for the period                             (1,304 )                                   Other items                                 Depreciation of property, plant and equipment     (14 )     —         —         (14 ) Depreciation of right of use assets     (49 )     —         (49 )     (98 ) Amortization of intangible assets     (54 )     —         —         (54 ) Impairment (losses)/reversal on financial assets                                   - Trade receivables     (53 )     —         —         (53 )   - Contract assets     (489 )     —         —         (489 )   - Other receivables     —         —         (942 )     (942 ) Other income     20       69       —         89   Fair value loss on financial instruments     —         —         (12 )     (12 ) Finance costs     (260 )     —         (6 )     (266 ) Finance income     648       —         469       1,117     The following table presents the asset and liability information of the Group’s operating segments as of December 31, 2022, and June 30, 2023:   Schedule of operating segment                                     Wastewater treatment     Exploration and mining     Corporate activities     Total         CNY       CNY       CNY       CNY   As of December 31, 2022 (Audited)                                                                   Segment assets     312,229       286       87,476       399,991                                     Reconciliation:                                 Elimination of inter-segment receivables                             (80,000 )                                   Total assets                             319,991                                     Segment liabilities     107,096       3,298       96,140       206,534                                     Reconciliation:                                 Elimination of inter-segment payables                             (80,000 )                                   Unallocated liabilities:                                 Deferred tax liabilities                             5,276   Income tax payable                             10,732                                     Total liabilities                             142,542         Wastewater treatment     Exploration and mining     Corporate activities     Total         CNY       CNY       CNY       CNY   As of June 30, 2023 (Unaudited)                                                                   Segment assets     313,098       255,233       80,522       648,853                                     Reconciliation:                                 Elimination of inter-segment receivables                             (80,000 )                                   Total assets                             568,853                                     Segment liabilities     113,448       258,436       92,368       464,252                                     Reconciliation:                                 Elimination of inter-segment payables                             (80,000 )                                   Unallocated liabilities:                                 Deferred tax liabilities                             5,266   Income tax payable                             11,729                                     Total liabilities                             401,247     The following table presents the asset and liability information of the Group’s operating segments as of December 31, 2022, and June 30, 2023(continued):       Wastewater treatment     Exploration and mining     Corporate activities     Total         US$       US$       US$       US$   As of June 30, 2023 (Unaudited)                                                                   Segment assets     43,165       35,188       11,101       89,454                                     Reconciliation:                                 Elimination of inter-segment receivables                             (11,029 )                                   Total assets                             78,425                                     Segment liabilities     15,640       35,633       12,734       64,007                                     Reconciliation:                                 Elimination of inter-segment payables                             (11,029 )                                   Unallocated liabilities:                                 Deferred tax liabilities                             726   Income tax payable                             1,617                                     Total liabilities                             55,321

v3.23.4

REVENUE FROM CONTRACT WITH CUSTOMERS	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
REVENUE FROM CONTRACT WITH CUSTOMERS	4. REVENUE FROM CONTRACT WITH CUSTOMERS   Set out below is the disaggregation of the Group’s revenue from contracts with customers:   Schedule of disaggregated revenue information                       Six months ended June 30,       2022     2023     2023       CNY     CNY     US$       (Unaudited)     (Unaudited)     (Unaudited)                       Type of goods or services                         Construction contract revenue     12,639       8,690       1,198   Operation and maintenance services     —         405       56   Operation services of service concession arrangement     3,433       3,121       430   Total revenue from contracts with customers     16,072       12,216       1,684                             Geographic market                         Mainland China     16,072       12,216       1,684                             Timing of revenue recognition                         Over time     16,072       12,216       1,684   Total revenue from contracts with customers     16,072       12,216       1,684     (i) The Group had neither revenue from the exploration and mining segment, nor inter-segment revenue for six months ended June 30, 2022 and 2023. No revenue was recognized in the current reporting period that was included in the contract liabilities at the beginning of the reporting period and recognized from performance obligations satisfied in previous periods.   (ii) Performance obligation   Construction services The Group’s performance in respect of construction services creates or enhances an asset or work in progress that the customer controls as the asset is created or enhanced. The Group satisfies the performance obligation and recognizes revenue over time, by reference to completion of the specific transaction assessed on the basis of the surveyors’ assessment of work performed for each contract.   Operation and maintenance services Revenue from maintenance services is recognized over the period of time that the services are rendered, and the benefits are received and consumed simultaneously by the customers.   Operation services of service concession arrangements The operation revenue from service concession arrangements is recognized over the period of time that the services are rendered, and the benefits are received and consumed simultaneously by the customers.   (iii) Significant financing components   The majority of the Group’s customers are town/village government entities or main contractors of governmental infrastructure projects whose time of payment for the service or goods received from the Group depends on the appropriation and approval of funds. Certain customers for construction services, sales of wastewater treatment equipment, and maintenance services will generally settle the amounts owed to the Group in a number of specified instalments covering periods ranging from one year to five years. Therefore, the Group’s management considers the contracts with customers which are town/village government entities or main contractors of the governmental infrastructure projects as containing a significant financing component. For each of the six months ended June 30, 2022 and 2023, the respective revenue considerations were adjusted for this financing component based on an imputed interest rate of 4.75% per annum and the Group’s revenue was adjusted to CNY771 and CNY597 (US$82), respectively. The interest income related to the significant financing components is disclosed in Note 5 to the financial statements.

v3.23.4

FINANCE INCOME AND COSTS	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
FINANCE INCOME AND COSTS	5. FINANCE INCOME AND COSTS   Schedule of finance income and cost                             Six months ended June 30,       2022     2023     2023       CNY     CNY     US$       (Unaudited)     (Unaudited)     (Unaudited)                       Finance income                            Interest income on loans to a third party     3,396       3,396       469      Interest income on revenue contracts with significant financing component     2,547       1,331       183   Interest income from service concession arrangement     3,389       3,343       461    Interest income on bank deposit     44       31       4         9,376       8,101       1,117                             Finance costs                            Interest expenses on loans     1,954       1,878       259      Interest expense on lease liabilities     53       81       11      Other finance costs     (185 )     (29 )     (4 )       1,822       1,930       266

v3.23.4

PROFIT/(LOSS) BEFORE INCOME TAX	6 Months Ended
	Jun. 30, 2023
Profitloss Before Income Tax
PROFIT/(LOSS) BEFORE INCOME TAX	6. PROFIT/(LOSS) BEFORE INCOME TAX   The Group’s profit/(loss) before tax is arrived at after (crediting)/charging:   Schedule of group’s profit/(loss) before tax                             Six months ended June 30,       2022     2023     2023       CNY     CNY     US$       (Unaudited)     (Unaudited)     (Unaudited)                       Crediting:                         Finance income (Note 5)     (9,376 )     (8,101 )     (1,117 )                           Charging:                         Cost of sales                         - Construction service     5,107       2,423       334   - Operation and maintenance services     —         256       35   - Operation services related to service concession arrangement     3,664       2,697       372   Total     8,771       5,376       741                                                       Depreciation                         - Property, plant and equipment     141       106       14   - Right-of-use assets     707       713       98   Amortization of intangible assets     404       395       54   Expense relating to short-term leases     174       209       29   Impairment losses/(reversal) on financial assets:                         - Trade receivables     1,936       388       53   - Contract assets     (41 )     3,546       489   - Other receivables     1,077       6,829       942   Fair value (gain)/loss on financial instruments:                         - Derivative financial liabilities (Note 16(b))     (559 )     86       12   Other income     (731 )     (642 )     (89 ) Finance costs (Note 5)     1,822       1,930       266

v3.23.4

INCOME TAX EXPENSE	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
INCOME TAX EXPENSE	7. INCOME TAX EXPENSE The Company is incorporated in the BVI and conducts its primary business operations through its subsidiaries in mainland China. It also has intermediate holding companies in the BVI and Hong Kong. Under the current laws of the BVI, the Company and its subsidiaries incorporated in the BVI are not subject to tax on income or capital gains. The Hong Kong Profits Tax rate is 16.50%. The Company’s Hong Kong subsidiaries have both Hong Kong–sourced and non-Hong Kong–sourced income. The latter is not subject to Hong Kong Profits Tax and the related expenses are non-tax-deductible. For the Hong Kong–sourced income, no provision for Hong Kong Profits Tax was made as such operations sustained tax losses during the six months ended June 30, 2022 and 2023. Furthermore, there are no withholding taxes in Hong Kong on the remittance of dividends. China Under the Law of the PRC on corporate income tax and the Implementation Regulation of the Corporate Income Tax Law (collectively, the “CIT Law”), the Company’s PRC subsidiaries are generally subject to PRC corporate income tax at the statutory rate of 25% on their respective estimated assessable profits for the six months ended June 30, 2022 and 2023. Certain PRC subsidiaries of the Company engaged in environmental protection projects were subject to tax at a preferential tax rate of 12.5% or fully exempted from income tax according to the preferential policy of CIT law for the six months ended June 30, 2022 and 2023. Under the prevailing CIT Law and its relevant regulations, any dividends paid by the Company’s mainland China subsidiaries from their earnings derived after January 1, 2008 to the Company’s Hong Kong subsidiaries are subject to PRC dividend withholding tax of 5% or 10%, depending on the applicability of the Sino-Hong Kong tax treaty.   The current and deferred components of income tax expense are as follows:   Schedule of deferred components of income tax expense                       Six months ended June 30,       2022     2023     2023       CNY     CNY     US$       (Unaudited)     (Unaudited)     (Unaudited)                       Current income tax expense     1,548       1,837       254   Deferred income tax benefit     (1,191 )     (10 )     (2 )                           Total     357       1,827       252

v3.23.4

EARNINGS/(LOSS) PER SHARE	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
EARNINGS/(LOSS) PER SHARE	8. EARNINGS/(LOSS) PER SHARE   Basic earnings/(loss) per share is calculated by dividing the earnings/(loss) for the period attributable to ordinary equity holders of the Company by the weighted average number of common shares outstanding during the period.   Diluted earnings/(loss) per share is calculated by dividing the earnings/(loss) attributable to ordinary equity holders of the Company by the weighted average number of common shares outstanding during the period plus the weighted average number of common shares that would be issued on conversion of all outstanding dilutive securities into common shares.   Basic and diluted net earnings/(loss) per share for the six months ended June 30, 2022 and 2023 are as follows:   Schedule of basic and diluted net earnings loss per share                       Six months ended June 30,       2022     2023     2023       CNY     CNY     US$       (Unaudited)     (Unaudited)     (Unaudited)   Profit/(loss):                   Profit/(loss) attributable to ordinary equity holders of the Company     1,949       (10,742 )     (1,481 )                                                     Weighted average number of ordinary shares in issue during the period     40,948,082       40,948,082       40,948,082                             Weighted average number of ordinary shares for basic and diluted earnings/(loss) per share*     8,197,897       8,197,897       8,197,897                             Earnings/(loss) per share:                         Basic and diluted*     0.24       (1.31 )     (0.18 )                           * The basic and diluted earnings/(loss) per ordinary share has been adjusted retrospectively for the share combination which became effective on April 3, 2023.   The Company did not have any potential diluted shares for the six months ended June 30, 2022 and 2023. For the period ended June 30, 2022 and 2023, the effects of the outstanding warrants and share options were anti-dilutive and excluded from the computation of diluted earnings/(loss) per share. Accordingly, the diluted earnings/(loss) per share amounts are the same as the basic earnings/(loss) per share amounts for all periods presented.

v3.23.4

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
PROPERTY, PLANT AND EQUIPMENT	9. PROPERTY, PLANT AND EQUIPMENT   During the six months ended 30 June 2023, the Group acquired assets at a cost of CNY6 (US$1) (six months ended 30 June 2022: CNY6).   None of assets were disposed by the Group during the six months ended 30 June 2023 (six months ended 30 June 2022: CNY3).   No impairment loss was recognized for the six months ended 30 June 2023 and 2022.

v3.23.4

TRADE RECEIVABLE	6 Months Ended
	Jun. 30, 2023
Trade Receivable
TRADE RECEIVABLE	10. TRADE RECEIVABLE   Schedule of trade receivables                             December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Non-current                         Trade receivables from third parties     13,128       8,460       1,166   Less: Impairment allowance     (2,608 )     (3,746 )     (516 ) Total of Non-current trade receivables     10,520       4,714       650                             Current                         Trade receivables from service concession agreement     22,927       29,276       4,036   Trade receivables from construction contracts     34,850       37,265       5,137   Less: Impairment allowance     (11,017 )     (10,267 )     (1,415 ) Total of current trade receivables     46,760       56,274       7,758                             Total     57,280       60,988       8,408     An aging analysis of the trade receivables as of the end of the reporting period, based on the invoice date and net of loss allowance, is as follows:   Schedule of aging analysis of the trade receivables                       December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Within 1 year     18,401       14,577       2,010   Between 1-2 years     13,896       13,058       1,800   Between 2-3 years     4,518       11,860       1,635   Over 3 years     20,465       21,493       2,963                             Total     57,280       60,988       8,408     Movements of loss allowance during the year/period are analyzed as follows:   Schedule of loss allowance for trade receivables                       Year Ended December 31,     Six Months Ended June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Beginning of the year/period     17,614       13,625       1,878   Provision for expected credit losses (“ECLs”)     (3,989 )     388       53                             End of the year/period     13,625       14,013       1,931     The Group elected to apply the simplified approach for providing impairment for ECLs prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure ECLs, trade receivables were classified according to the characteristics of shared credit risk and days past due. The ECLs below also incorporate forward looking information. The impairment as of December 31, 2022 and June 30, 2023 was determined as follows:   Schedule of impairment                                                         Past Due       Current     within 1 years     1-2 years     2-3 years     over 3 years     Total                                         As of December 31, 2022:                                                 Expected credit loss rate             0 %     9 %     29 %     34 %     19 % Gross carrying amount (CNY)     —         18,406       15,195       6,399       30,905       70,905   Impairment allowances (CNY)     —         5       1,299       1,881     10,440 (i)     13,625                                                     As of June 30, 2023:                                                 Expected credit loss rate             0 %     0 %     12 %     36 %     19 % Gross carrying amount (CNY)     335       14,291       13,062       13,474       33,839       75,001   Impairment allowances (CNY)     —         49       4       1,614       12,346 (i)     14,013   Impairment allowances (US$)     —         7       1       222       1,701       1,931      (i) The impairment allowances included an amount of CNY4,600 and CNY4,619 (US$637) as of December 31, 2022 and June 30, 2023, respectively, for specific trade receivables which were considered to be in default due to conditions which indicated that the Group was unlikely to receive the outstanding contractual amounts in full.

v3.23.4

CONTRACT ASSETS	6 Months Ended
	Jun. 30, 2023
Contract assets [abstract]
CONTRACT ASSETS	11. CONTRACT ASSETS   Schedule of contract assets                                           December 31,     June 30,             2022     2023     2023             CNY     CNY     US$             (Audited)     (Unaudited)     (Unaudited)                             Non-current                                 Service concession assets     (a)       89,740       89,112       12,286   Less: impairment allowance             (27 )     (27 )     (4 )               89,713       89,085       12,282                                     Current                                 Service concession assets     (a)       7,423       7,423       1,023   Other contract assets     (b)       14,930       14,671       2,023   Less: impairment allowance             (706 )     (4,252 )     (586 )               21,647       17,842       2,460                                     Total             111,360       106,927       14,742     (a) Service concession assets bearing an imputed interest of 7% arose from the Group’s revenue from construction service under a build-own-transfer ("BOT") arrangement rendered by the Group's subsidiary, Shaoguan Angrui Environmental Technology Development Co., Limited ("Shaoguan Angrui"). The facilities that the service concession arrangement relate to were under construction phases from June 2018 to December 2020 and commenced operation in January 2021.   The amounts for the service concession arrangement are not yet due for payment and will be settled by revenue to be generated during the operating periods of the service concession arrangement. Amounts billed will be transferred to trade receivables.   As of December 31, 2022, and June 30, 2023, the Group’s concession rights associated with the environmental water projects (comprising intangible assets, contract assets and trade receivables) with aggregate gross carrying amounts of CNY139,060 and CNY144,415, respectively, were pledged to secure bank loans from the Bank of Communications with outstanding balances of CNY74,000 and CNY72,500, respectively. Please refer to Note 18 for further details.   (b) The balances as of December 31, 2022 and June 30, 2023 comprised contract assets arising from performance under certain water treatment plant construction service contracts. Such contracts include payment schedules that require progress payments over the service periods when milestones are reached.   The movements in the provision for impairment of contract assets are as follows:   Schedule of provision for impairment of contract assets                             Year Ended December 31,     Six Months Ended June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Beginning of the year/period     562       733       101   Provision for expected credit loss, net     171       3,546       489                             End of the year/period     733       4,279       590     An impairment analysis is performed at each reporting date using the probability-of-default approach to measure expected credit losses. The probability of default rates is estimated based on comparable entities with published credit ratings. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions, and forward-looking credit risk information. As of December 31, 2022 and June 30, 2023, assumed the default rate ranged from 0.03% to 43.51% and from 0.03% to 76.00%, respectively.

v3.23.4

OTHER NON-CURRENT ASSETS	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
OTHER NON-CURRENT ASSETS	12. OTHER NON-CURRENT ASSETS   Schedule of other non-current assets                             December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Zimbabwe lithium deposits (i)     —         252,716       34,841   Others     4       22       3                             Total     4       252,738       34,844     (i)        Please refer to Note 20 (b) for more details.

v3.23.4

OTHER RECEIVABLES	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
OTHER RECEIVABLES	13. OTHER RECEIVABLES   Schedule of other receivables                             December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Financial assets                         Loans to an unrelated company (i)     83,600       87,200       12,022   Deposits     790       556       76   Others     1,000       1,000       138   Financial assets     85,390       88,756       12,236                             Staff advance     237       249       35   Others     90       87       12    Total amount     327       336       47                             Impairment allowance     (2,984 )     (9,813 )     (1,353 )                           Total     82,733       79,279       10,930     (i)        The balance as of June 30, 2023 consisted of a loan in the amount of CNY80,000 (US$11,029) and the corresponding interest receivable amounted to CNY7,200 (US$993) from an unrelated company, Shenzhen Chaopeng Investment Co., Ltd. The loan was extended for another year to June 30, 2024 when it was due to mature on June 30, 2023. The loan is interest-bearing at a rate of 9% per annum and guaranteed by Shenzhen Feishang Investment Co., Limited, a company unrelated to the Group.

v3.23.4

CASH AND CASH EQUIVALENTS	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
CASH AND CASH EQUIVALENTS	14. CASH AND CASH EQUIVALENTS   Cash and cash equivalents are set out below as of December 31, 2022 and June 30, 2023:   Schedule of cash and cash equivalents                             December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Cash and cash equivalents                         - Cash on hand     71       5       1   - Cash at bank     31,154       32,204       4,439   - Short-term deposits     470       —         —                             Cash and cash equivalents     31,695       32,209       4,440     The carrying amounts of the Group’s cash and cash equivalents are denominated in the following currencies:   Schedule of group’s cash and cash equivalents                                 December 31,     June 30,         2022     2023     2023         CNY     CNY     US$         (Audited)     (Unaudited)     (Unaudited)                         CNY       24,709       27,398       3,777   US$       6,255       4,426       610   HK$       731       385       53                                       31,695       32,209       4,440     Cash at banks earns interest at floating rates based on daily bank deposit rates. The bank balances and time deposits are deposited with creditworthy banks with no recent history of default.

v3.23.4

OTHER PAYABLES AND ACCRUALS	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
OTHER PAYABLES AND ACCRUALS	15. OTHER PAYABLES AND ACCRUALS   Schedule of other payables and accruals                             December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Financial liabilities                         Transaction deposit of mining right acquisition (Note 20 (b))     —         75,815       10,452   Accrued expenses     6,444       7,689       1,061   Deposits from customers     305       305       42   Financial liabilities      6,749       83,809       11,555                             Penalties related to income tax     4,611       5,450       751   Taxes other than income tax payable (a)     1,885       3,268       451   Accrued payroll     3,108       2,697       372   Others     371       798       110   Total others payables      9,975       12,213       1,684                             Total     16,724       96,022       13,239     (a) Taxes other than income taxes payable mainly comprise accruals for output value-added tax, city construction tax and education surcharge.

v3.23.4

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
FINANCIAL INSTRUMENTS	16. FINANCIAL INSTRUMENTS   (a) Financial assets   Set out below is an overview of financial assets, other than cash and short-term deposits, held by the Group as of December 31, 2022 and June 30, 2023:   Schedule of financial assets                       December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Debt instruments at amortized cost:                         Trade receivables: current     46,760       56,274       7,758   Trade receivables: non-current     10,520       4,714       650   Financial assets included in other receivables     82,406       78,943       10,883   Financial assets at fair value through other comprehensive income:                         Bills receivable     8,500       9,200       1,268                             Total     148,186       149,131       20,559                             Total Current     137,666       144,417       19,909   Total Non-current     10,520       4,714       650     (b) Financial liabilities   Set out below, is an overview of financial liabilities of the Group as of December 31, 2022 and June 30, 2023:   Schedule of financial liabilities                       December 31,     June 30,     June 30       2022     2023     2023         CNY       CNY       US$         (Audited)       (Unaudited)       (Unaudited)                             Derivatives not designated as hedging instruments：                         Derivative financial liabilities (i)     824       958       132   Financial liabilities at amortized cost:                         Trade payables     20,326       21,529       2,968   Financial liabilities in other payables and accruals     6,749       83,809       11,555   Lease liabilities     2,915       2,382       330   Due to related companies     3,408       6,117       843   Due to the Shareholder     7,153       184,054       25,375   Interest-bearing loans and borrowings     74,000       72,500       9,996                             Total     115,375       371,349       51,199                             Total current     42,777       301,276       41,538   Total non-current     72,598       70,073       9,661       (i) On January 20, 2021, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued and sold on January 22, 2021, (i) in a registered direct offering, an aggregate of 3,960,000 of its common shares at a price of US$1.85 per share, and (ii) in a concurrent private placement, warrants initially exercisable for an aggregate of 1,584,000* of the Company's common shares with an initial exercise price of US$2.35* per share.   The Company recognized the warrants issued to the investors as derivative financial liabilities (not designated as hedging instruments) with a fair value of CNY9,246 (US$1,427)** on the issue date as the investors have the right to exercise their warrants on a cashless basis. Per IAS 32, a contract settled by a single net payment (generally referred to as net cash-settled or net equity-settled as the case may be) is a financial liability and not an equity instrument. The fair value gain of CNY559 and fair value loss of CNY86 (US$12) (Note 6) were recognized according to fair value changes for the six months ended June 30, 2022 and 2023, respectively.   * On July 14, 2022, the exercise price for the Company’s outstanding warrants was reduced to the amount, 0.623$* per share, equal to the new issuance price of options granted under the China Natural Resources, Inc. 2014 Equity Compensation Plan pursuant to the terms of the warrants. On April 3, 2023, the number of shares under these warrants were adjusted to 316,800 and the exercise prices of these warrants were adjusted to US$3.115 per share due to the Company effected a share combination in which all of the Company's issued and outstanding ordinary shares were combined on a 5-to-1 basis.   ** As the changes in equity from this private placement transaction are denominated in US$, the amount in US$ is the actual transaction amount and the corresponding amount in CNY was translated from US$ at the applicable exchange rate of the transaction date, January 22, 2021.   (c) Fair value   Set out below is a comparison, by class, of the carrying amounts and fair values of the Group’s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values:   Schedule of group’s financial instruments carrying amount                                         December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)       Carrying amount     Fair value     Carrying amount     Fair value     Carrying amount     Fair value                                         Financial liabilities                                                 Interest-bearing loans and borrowings     74,000       77,636       72,500       76,396       9,996       10,532                                                     Total     74,000       77,636       72,500       76,396       9,996       10,532     The following table provides the fair value measurement hierarchy of the Group’s financial assets and financial liabilities as of December 31, 2022 and June 30, 2023:   Schedule of fair value measurement                                 As of December 31, 2022   Fair value measurement using       Quoted prices in active markets (Level 1)     Significant observable inputs (Level 2)     Significant unobservable inputs (Level 3)     Total       CNY     CNY     CNY     CNY   Recurring fair value measurement:                                 Financial assets                                 Bills receivable     —         8,500       —         8,500   Financial liabilities                                 Derivative financial liabilities     —         824       —         824                                       As of June 30, 2023 (Unaudited)   Fair value measurement using       Quoted prices in active markets (Level 1)     Significant observable inputs (Level 2)     Significant unobservable inputs (Level 3)     Total       CNY     CNY     CNY     CNY                             Recurring fair value measurement:                                                                   Financial assets                                 Bills receivables     —         9,200       —         9,200   Financial liabilities                                 Derivative financial liabilities     —         958       —         958                                       As of June 30, 2023 (Unaudited)   Fair value measurement using       Quoted prices in active markets (Level 1)     Significant observable inputs (Level 2)     Significant unobservable inputs (Level 3)     Total       US$     US$     US$     US$                             Recurring fair value measurement:                                                                   Financial assets                                 Bills receivables     —         1,268       —         1,268   Financial liabilities                                 Derivative financial liabilities     —         132       —         132     Level 2:   Bills receivable   The fair value valuation of bills receivable is based on directly or indirectly observable inputs (such as recent bill discount rates) through valuation techniques. The fair value of the bills receivable approximate their book value due to the short-term maturity.   Derivative financial liabilities   The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.   There is no established public trading market for the warrants issued to investors on January 22, 2021. As of June 30, 2023, the Group measured the fair value of those warrants on a recurring basis using a binomial lattice pricing model with significant inputs including the underlying spot price of the Company’s ordinary shares, exercise price, time to expiration, risk-free rate, and equity volatility, etc., which are all relevant observable inputs.

v3.23.4

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES	17. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES   The financial instruments of the Group primarily include cash and cash equivalents, trade and bills receivable, other receivables, contract assets, derivative financial liabilities, trade payables, other payables, dividends payable, amounts due to related companies, amounts due to the Shareholder, lease liabilities and interest-bearing loans and borrowings.   The Group is exposed to credit risk, foreign currency risk, business and economic risk and liquidity risk. The Group has not used any derivatives or other instruments for hedging purposes. The Group does not hold or issue derivative financial liabilities for trading purposes. The Group reviews and agrees policies for managing each of these risks and they are summarized below.   (a)       Credit risk   Management has a credit policy in place and the exposures to credit risk are monitored on an ongoing basis. Debts are usually due within 30 to 90 days from the date of billing.   Trade receivables of the Group mainly represent receivables in respect of revenue from construction services for wastewater treatment plant construction and sales of wastewater treatment equipment which are settled through progress billing and the operation services of the service concession arrangement which are settled on a quarterly basis. In addition, the Group has contract assets relating to the service concession arrangement and construction services.   As of December 31, 2022, and June 30 2023, “Trade and bills receivables” and “Contract assets” in the aggregate amounted to CNY182,998 and CNY186,207 (US$25,671), respectively, of which CNY120,090 and CNY125,811 (US$17,345) were due from the largest customer and CNY134,930 and CNY142,687 (US$19,671) were due from the five largest customers in the aggregate of the Group, respectively. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the consolidated statements of financial position. Since the largest customer, the grantor of the PPP project under the BOT arrangement is a local government authority in the PRC which has high credit rating, the Group considers credit risk to be low as of December 31, 2022 and June 30, 2023. The Group does not hold any collateral over these balances.   Management groups financial instruments based on shared credit risk characteristics, such as instrument type and credit risk ratings for the purpose of determining significant increase in credit risk and calculation of impairment. The carrying amount of each financial asset in the condensed interim consolidated statement of financial position represents the Group’s maximum exposure to credit risk in relation to its financial assets.   A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:   - significant financial difficulty of the debtor; - a breach of contract such as a default or past due event; or - it is probable that the debtor will enter bankruptcy or other financial reorganization.   To manage credit risk arising from trade receivables and contract assets, the credit quality of the debtors is assessed, taking into account their historical settlement records, past experience and other factors. The Group applies the simplified approach to provide for ECLs prescribed by IFRS 9, which permits the use of lifetime expected loss provision for all trade receivables. The ECLs also incorporated forward-looking information.   For financial assets assessed for impairment under the general approach, the Group established a policy to perform an assessment at the end of each reporting period of whether a financial instrument’s credit risk has increased significantly since initial recognition, by considering the change in the risk of default occurring over the remaining life of the financial instrument. The Group groups its other receivables into Stage 1, Stage 2 and Stage 3, as described below:   Stage 1 – When other receivables are first recognized, the Group recognized an allowance based on 12 months’ ECLs.   Stage 2 – When other receivables have shown a significant increase in credit risk since origination, the Group records an allowance for the lifetime ECLs.   Stage 3 – Other receivables are considered credit-impaired. The Group records an allowance for the lifetime ECLs.   Management also makes periodic collective assessments for other receivables and amounts due from related companies as well as individual assessments of the recoverability of other receivables based on historical settlement records, past experience and other factors. The Group classified other receivables and amounts due from related companies in Stage 1 and continuously monitored their credit risk. Management believes that there is no material credit risk inherent in the Group’s outstanding balance of other receivables as of December 31, 2022 and June 30, 2023.   The Group does not provide any guarantees that would expose the Group to credit risk. Further quantitative disclosures in respect of the Group’s exposure to credit risk arising from financial assets are set out in Notes 10, 11, 13 to the financial statements.   Cash and cash equivalents   The Group maintains its cash and cash equivalents primarily with various PRC state-owned banks and Hong Kong based financial institutions, which management believes are of high credit quality. The Group performs periodic evaluations of the relative credit standing of those financial institutions.   (b)       Foreign currency risk   Foreign currency risk primarily arises from certain significant foreign currency deposits denominated in US$ and HK$ and related exposures are disclosed in Note 14. The Group Treasury closely monitors the international foreign currency market on the change of exchange rates and takes these into consideration when investing in foreign currency deposits and borrowing loans.   CNY is not freely convertible into foreign currencies. The State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of CNY into foreign currencies. The value of CNY is subject to changes in PRC government policies and to international economic and political developments affecting the supply and demand in the China Foreign Exchange Trading System market. All foreign exchange transactions continue to take place either through the People's Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People's Bank of China.   As of June 30, 2023 the Group only had significant exposure to US$. If CNY had strengthened/weakened by 5% against US$ with all other variables held constant, the Loss (profit) for the period ended June 30, 2023 would have been approximately CNY12,472 higher/lower (the income for the period ended June 30, 2022 would have been approximately CNY951 lower/higher), mainly as a result of foreign exchange losses and gains arising from translation of US$-denominated liabilities and deposits. Loss (profit) was more sensitive to the fluctuation in CNY/US$ exchange rates in the period ended June 30, 2023 than in the period ended June 30, 2022, mainly due to the increase in the US$ denominated liabilities.   (c) Interest rate risk   The fair value interest rate risk of the Group mainly arises from long-term loans at fixed rates (see Note 18). As the fluctuation of comparable interest rate (Loan Prime Rate of PRC market) with similar term was relatively low, the Directors are of the opinion that the Group is not exposed to any significant fair value interest rate risk for its fixed interest rate borrowings held as of December 31, 2022 and June 30, 2023.   (d) Business and economic risk   The Group's operations may be adversely affected by significant political, economic and social uncertainties in the PRC. Although the PRC government has been pursuing economic reform policies for more than 40 years, no assurance can be given that the PRC government will continue to pursue such policies or that such policies may not be significantly altered, especially in the event of a change in leadership, social or political disruption or unforeseen circumstances affecting the political, economic and social conditions in the PRC. There is also no guarantee that the PRC government's pursuit of economic reforms will be consistent or effective.   (e) Liquidity risk   The Group manages its liquidity risk by regularly monitoring its liquidity requirements and its compliance with debt covenants to ensure that it maintains sufficient cash and cash equivalents, as well as adequate time deposits to meet its liquidity requirements in the short and long term.   The table below summarizes the maturity profile of the Group’s financial liabilities and lease liabilities based on contractual undiscounted payments:   Summary of maturity                                         December 31, 2022 (Audited)    On demand     Less than 1 year     1 to 5 years     More than 5 years     Total         CNY       CNY       CNY       CNY       CNY                                             Derivative financial liabilities     824       —         —         —         824   Trade payables     —         20,326       —         —         20,326   Financial liabilities in other payables and accruals     —         6,749       —         —         6,749   Due to related companies     —         3,408       —         —         3,408   Due to the Shareholder     —         7,153       —         —         7,153   Lease liabilities     —         1,387       1,691       243       3,321   Interest-bearing loans and borrowings     —         6,729       29,005       71,197       106,931                 　       　       　            Total     824       45,752       30,696       71,440       148,712     June 30, 2023 (Unaudited)   On demand     Less than 1 year     1 to 5 years     More than 5 years     Total         CNY       CNY       CNY       CNY       CNY                                             Derivative financial liabilities     958       —         —         —         958   Trade payables     —         21,529       —         —         21,529   Financial liabilities in other payables and accruals     —         83,809       —         —         83,809   Due to related companies     —         6,117       —         —         6,117   Due to the Shareholder     —         184,054       —         —         184,054   Lease liabilities     —         1,482       1,051       194       2,727   Interest-bearing loans and borrowings     —         7,159       28,597       67,807       103,563                                              Total     958       304,150       29,648       68,001       402,757     June 30, 2023 (Unaudited)   On demand     Less than 1 year     1 to 5 years     More than 5 years     Total         USD       USD       USD       USD       USD                                             Derivative financial liabilities     132       —         —         —         132   Trade payables     —         2,968       —         —         2,968   Financial liabilities in other payables and accruals     —         11,555       —         —         11,555   Due to related companies     —         843       —         —         843   Due to the Shareholder     —         25,375       —         —         25,375   Lease liabilities     —         204       145       27       376   Interest-bearing loans and borrowings     —         987       3,943       9,348       14,278                                              Total     132       41,932       4,088       9,375       55,527     (f) Capital management   The Group monitors capital on the basis of the debt to capital ratio, which is calculated as interest-bearing debt divided by total capitalization. Interest-bearing debt mainly includes lease liabilities and interest-bearing loans and borrowings. Total capitalization includes total equity and interest-bearing debt. The debt to capital ratio was 30.24% and 30.88% as of December 31, 2022 and June 30, 2023, respectively.

v3.23.4

INTEREST-BEARING LOANS AND BORROWINGS	6 Months Ended
	Jun. 30, 2023
Interest-bearing Loans And Borrowings
INTEREST-BEARING LOANS AND BORROWINGS	18. INTEREST-BEARING LOANS AND BORROWINGS   Schedule of interest bearing loan and borrowings                                                         December 31,     June 30,                   2022     2023     2023                   CNY     CNY     US$       Interest rate     Maturity      (Audited)     (Unaudited)     (Unaudited)   Non-current interest-bearing loans                                         Bank loan-secured and guaranteed     5.05 %     2024 to 2038       71,000       69,000       9,513                                             Current interest-bearing loans                                         Bank loan-secured and guaranteed     5.05 %     2023 to 2024       3,000       3,500       483                                             Total                     74,000       72,500       9,996     The bank loan is due to the Bank of Communications and denominated in CNY.   The loan is secured by collection rights, contract assets, intangible assets and trade receivables in connection with the Group's service concession arrangement and 80% equity interest of the Company's subsidiary, Shaoguan Angrui. The loan is also guaranteed by Shanghai Onway Environmental Development Co., Limited (“Shanghai Onway”), the Company’s subsidiary, and Feishang Enterprise, a related company of the Group.   The outstanding balance as of June 30, 2023 is due in annual instalments of CNY1,500 due as of December 31, 2023; CNY4,000 due annually from 2024 to 2028; CNY5,000 due annually from 2029 to 2034; CNY6,000 due in 2035; and CNY5,000 due annually from 2036 to 2038.

v3.23.4

EQUITY	6 Months Ended
	Jun. 30, 2023
Equity
EQUITY	19. EQUITY   (a) Issued capital   Schedule of issued capital                       December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Authorized:                         10,000,000 preferred shares, no par value     —         —         —     200,000,000 common shares, no par value     —         —         —                               Common shares issued and fully paid:                         June 30, 2023: 8,197,897*, (December 31, 2022: 40,948,082) common shares, no par value     450,782       450,782       62,146       Schedule of share capital                             Number of shares     Share capital             CNY     US$                       As of January 1, 2022     40,948,082       450,782       62,146                             Common shares issued through private placement     —         —         —                               As of December 31, 2022 and January 1, 2023     40,948,082       450,782       62,146                             Effect of Five-to-One Share Combination*     (32,750,185 )     —         —                               As of June 30, 2023     8,197,897       450,782       62,146     * On April 3, 2023, the Company effected a share combination in which all of the Company's issued and outstanding ordinary shares were combined on a 5-to-1 basis. The basic and diluted earnings/(loss) per ordinary share has been retrospectively adjusted to reflect the impact of the share combination. All outstanding options, warrants and other rights to purchase the Company's common shares were adjusted proportionately as a result of the share combination.   (b) Other capital reserves   Other capital reserves of the Company are mainly for equity-settled share-based compensation, the exercise of stock options, the exercise of warrants, the business combination and the deemed contribution from the Shareholder of the Company and related companies.

v3.23.4

RELATED PARTY BALANCES AND TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
RELATED PARTY BALANCES AND TRANSACTIONS	20.  RELATED PARTY BALANCES AND TRANSACTIONS   In addition to the transactions detailed elsewhere in the consolidated financial statements, the Group had the following transactions with related parties during the period:   (a) Rental of offices as lessee   Schedule of rental of offices as lessee                                   Six months ended June 30,             2022     2023     2023             CNY     CNY     US$       Notes     (Unaudited)     (Unaudited)     (Unaudited)                             CHNR's share of office rental, rates and others to Anka Consultants Limited (“Anka”) (a)     i       217       218       30   Feishang Management's share of office rental to Feishang Enterprise(b)     ii       84       84       12   Shenzhen New Precise Space-Time Technology Co., Limited (“Shenzhen New PST”)’s share of office rental to Feishang Enterprise(b)     iii       15       45       6                                       (i) The Company signed a contract with Anka to lease 184 square meters of office premises for two years, from July 1, 2022 to June 30, 2024. The agreement also provides that the Company shares certain costs and expenses in connection with its use of the office, in addition to some of the accounting and secretarial services and day-to-day office administration services provided by Anka.   (ii) On October 1, 2021, Feishang Management signed an office-sharing agreement with Feishang Enterprise, which will expire on September 30, 2023. Pursuant to the agreement, Feishang Management shares 40 square meters of office premises for 2 years.   (iii) Shenzhen New PST signed a contract with Feishang Enterprise to lease 96 square meters of office premises annually. The latest contract is from March 14, 2023 to March 13, 2024.   (b) Other transactions with related parties   On February 27, 2023, the Company entered into a sale and purchase agreement (the “SPA”) with Feishang Group and Top Pacific (China) Limited (together, the “Sellers”), and the respective beneficial owner of the sellers, Mr. Li Feilie and Mr. Yao Yuguang, to acquire 100% equity interests of Greatfame Investments Limited, which owns 100% equity interest in Williams Minerals (Pvt) Ltd (“Williams Minerals”) (the “Acquisition”). Williams Minerals owns the mining permit for the Zimbabwean lithium mine. The consideration to be paid by the Company for the Acquisition will be calculated by multiplying the qualified measured, indicated and inferred resources quantity of lithium oxide proven to be in the mine by independent technical reports by a unit price of US$500 per ton, less certain due diligence costs and expenses incurred by the Company for the issuance of the independent technical reports.   According to the SPA, the Company issued a US$24,500 promissory note and a US$10,500 promissory note to Feishang Group and Top Pacific (China) Limited respectively on April 14, 2023 to proceed with the acquisition. The Company recognized a liability due to shareholders amounted to US$24,500 (CNY176,901, Note20(c))* and other payable amounted to US$10,500 (CNY75,815, Note 15)* respectively for the present obligations of these two promissory notes with corresponding non-current assets amounted to US$35,000 (CNY252,716, Note 12)*.   * As the transaction is denominated in US$ per SPA, the corresponding transaction amount was translated into Hong Kong dollars, the functional currency of the Company and reported as CNY at June 30, 2023.     (a) Anka is jointly owned by Mr. Wong Wah On Edward and Mr. Tam Cheuk Ho, who are officers of the Company.   (b) Feishang Enterprise is controlled by Mr. Li Feilie, who is the controlling shareholder of the Company.   Completion of the transaction as contemplated by the SPA is contingent upon the satisfaction of a number of conditions, including, among other things, the issuance of independent technical reports, the actual quantity of qualified lithium oxide metal resources proven or estimated to exist in each mining area covered by the relevant report, and the Company’s full settlement of the purchase consideration.   (c) Balances with related companies The Company’s balances with related companies are unsecured and non-interest bearing. Feishang Enterprise and the Shareholder have provided letters stating their continuous financial support to the Group and that they will not recall any amounts due to them until the Group has sufficient liquidity to finance its operations. The balances are summarized as follows:   Schedule of group payables with related parties                                           December 31,     June 30,             2022     2023     2023             CNY     CNY     US$       Notes     (Audited)     (Unaudited)     (Unaudited)                             Current:                                 Payable to related companies:                                 Feishang Enterprise(a)     i       495       2,262       312   Guizhou Feishang Energy Co., Ltd (“Guizhou Feishang”) (a)     ii       —         800       110   Anka Capital(b)             2,913       3,055       421                 3,408       6,117       843                                     Payable to the Shareholder:                                 Feishang Group(a)     iii       7,153       7,153       987   Feishang Group(a)     iv       —         176,901       24,388                 7,153       184,054       25,375                                     Lease liabilities to related parties                                 Anka(b)             1,022       725       100                 1,022       725       100     (i) The payable to Feishang Enterprise by Feishang Management represents the net amount of advances from Feishang Enterprise. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group.   (ii) The payable to Guizhou Feishang represents the net amount of advances from Guizhou Feishang. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group.   (iii) The payable to Feishang Group represents the net amount of advances from Feishang Group. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group.   (iv) The payable to Feishang Group represents the net amount of acquisition of mining rights in Zimbabwe. For more details, please refer to Note 20 (b).       (a) Feishang Enterprise, Feishang Group and Guizhou Feishang are controlled by Mr. Li Feilie, who is the controlling shareholder of the Company.   (b) Anka Capital and Anka are each jointly owned by Wong Wah On Edward and Tam Cheuk Ho, who are officers of the Company.     (d) Compensation of key management personnel of the Group   Schedule of compensation of key management personnel of group                       Six months ended June 30,       2022     2023     2023       CNY     CNY     US$       (Unaudited)     (Unaudited)     (Unaudited)   Wages, salaries and allowances     618       575       79   Housing subsidies     11       7       1   Contribution to pension plans     43       28       4                                   672       610       84                               The amounts disclosed in the table are the amounts recognized as expenses during the respective period related to key management personnel.

v3.23.4

COMMITMENTS	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
COMMITMENTS	21.  COMMITMENTS   At June 30 2023, the Company had capital commitments of CNY2,432 (December 31 2022: 0 Nil) associated with mineral exploration for the Zimbabwean lithium mine. The corresponding capital expenditures will be paid along with the progress of the exploration works once the mine formally enters into the exploration phase.

v3.23.4

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
SUBSEQUENT EVENTS	22.  SUBSEQUENT EVENTS   On July 28, 2023, the Company entered into a Sale and Purchase Agreement (“SPA”) with Feishang Group. Pursuant to the SPA, the Company agreed to sell 100% equity interest of Precise Space-Time Technology Limited (“PSTT”) to Feishang Group, together with PSTT’s outstanding payable owed to the Company, for consideration of approximately CNY95,761 comprising: (i) CNY-34,197, the fair value of 100% equity interest of PSTT as determined by the independent valuation report dated July 28, 2023. (ii) CNY129,958, the book value of PSTT’s outstanding payable owed to the Company.   PSTT, through its wholly owned subsidiaries, owns a 51% equity interest in Shanghai Onway and Shanghai Onway’s subsidiaries which are principally engaged in the development of rural wastewater treatment technologies, the provision of equipment and materials for rural wastewater treatment, undertaking EPC and PPP projects in relation to rural wastewater treatment, and the provision of consulting and professional technical services. After PSTT’s disposition, the Company will discontinue the operation in wastewater treatment segment and continue engaging in the exploration and mining business.

v3.23.4

APPROVAL OF THE INTERIM FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2023
Approval Of Interim Financial Statements
APPROVAL OF THE INTERIM FINANCIAL STATEMENTS	23.  APPROVAL OF THE INTERIM FINANCIAL STATEMENTS   These interim condensed consolidated financial statements were approved by the Board of Directors on December 22, 2023.

v3.23.4

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Information
Schedule of segment results	Schedule of segment results                                     Wastewater treatment     Exploration and mining     Corporate activities     Total         CNY       CNY       CNY       CNY   Six months ended June 30, 2022 (Unaudited)                                 Revenues from external customers     16,072       —         —         16,072                                     Segment profit before income tax     3,784       245       1       4,030                                     Income tax expenses                             (357 )                                   Profit for the period                             3,673                                     Other items                                 Depreciation of property, plant and equipment     (114 )     (26 )     (1 )     (141 ) Depreciation of right of use assets     (347 )     —         (360 )     (707 ) Amortization of intangible assets     (404 )     —         —         (404 ) Impairment (losses)/reversal on financial assets                                   - Trade receivables     (1,936 )     —         —         (1,936 )   - Contract assets     41       —         —         41     - Other receivables     —         —         (1,077 )     (1,077 ) Other income     30       700       1       731   Fair value gain on financial instruments     —         —         559       559   Finance costs     (1,799 )     (1 )     (22 )     (1,822 ) Finance income     7,857       —         1,519       9,376     For the six months ended June 30, 2023, the segment results were as follows:       Wastewater treatment     Exploration and mining     Corporate activities     Total         CNY       CNY       CNY       CNY   Six months ended June 30, 2023 (Unaudited)                                 Revenues from external customers     12,216       —         —         12,216                                     Segment profit (loss) before income tax     353       (73 )     (7,914 )     (7,634 )                                   Income tax expenses                             (1,827 )                                   Loss for the period                             (9,461 )                                   Other items                                 Depreciation of property, plant and equipment     (103 )     (2 )     (1 )     (106 ) Depreciation of right of use assets     (359 )     —         (354 )     (713 ) Amortization of intangible assets     (395 )     —         —         (395 ) Impairment (losses)/reversal on financial assets                                   - Trade receivables     (388 )     —         —         (388 )   - Contract assets     (3,546 )     —         —         (3,546 )   - Other receivables     —         —         (6,829 )     (6,829 ) Other income     142       500       —         642   Fair value loss on financial instruments     —         —         (86 )     (86 ) Finance costs     (1,884 )     (1 )     (45 )     (1,930 ) Finance income     4,702       —         3,399       8,101     For the six months ended June 30, 2023, the segment results were as follows (continued):       Wastewater treatment     Exploration and mining     Corporate activities     Total         US$       US$       US$       US$   Six months ended June 30, 2023 (Unaudited)                                 Revenues from external customers     1,684       —         —         1,684                                     Segment profit(loss) before income tax     49       (10 )     (1,091 )     (1,052 )                                   Income tax expenses                             (252 )                                   Loss for the period                             (1,304 )                                   Other items                                 Depreciation of property, plant and equipment     (14 )     —         —         (14 ) Depreciation of right of use assets     (49 )     —         (49 )     (98 ) Amortization of intangible assets     (54 )     —         —         (54 ) Impairment (losses)/reversal on financial assets                                   - Trade receivables     (53 )     —         —         (53 )   - Contract assets     (489 )     —         —         (489 )   - Other receivables     —         —         (942 )     (942 ) Other income     20       69       —         89   Fair value loss on financial instruments     —         —         (12 )     (12 ) Finance costs     (260 )     —         (6 )     (266 ) Finance income     648       —         469       1,117
Schedule of operating segment	Schedule of operating segment                                     Wastewater treatment     Exploration and mining     Corporate activities     Total         CNY       CNY       CNY       CNY   As of December 31, 2022 (Audited)                                                                   Segment assets     312,229       286       87,476       399,991                                     Reconciliation:                                 Elimination of inter-segment receivables                             (80,000 )                                   Total assets                             319,991                                     Segment liabilities     107,096       3,298       96,140       206,534                                     Reconciliation:                                 Elimination of inter-segment payables                             (80,000 )                                   Unallocated liabilities:                                 Deferred tax liabilities                             5,276   Income tax payable                             10,732                                     Total liabilities                             142,542         Wastewater treatment     Exploration and mining     Corporate activities     Total         CNY       CNY       CNY       CNY   As of June 30, 2023 (Unaudited)                                                                   Segment assets     313,098       255,233       80,522       648,853                                     Reconciliation:                                 Elimination of inter-segment receivables                             (80,000 )                                   Total assets                             568,853                                     Segment liabilities     113,448       258,436       92,368       464,252                                     Reconciliation:                                 Elimination of inter-segment payables                             (80,000 )                                   Unallocated liabilities:                                 Deferred tax liabilities                             5,266   Income tax payable                             11,729                                     Total liabilities                             401,247     The following table presents the asset and liability information of the Group’s operating segments as of December 31, 2022, and June 30, 2023(continued):       Wastewater treatment     Exploration and mining     Corporate activities     Total         US$       US$       US$       US$   As of June 30, 2023 (Unaudited)                                                                   Segment assets     43,165       35,188       11,101       89,454                                     Reconciliation:                                 Elimination of inter-segment receivables                             (11,029 )                                   Total assets                             78,425                                     Segment liabilities     15,640       35,633       12,734       64,007                                     Reconciliation:                                 Elimination of inter-segment payables                             (11,029 )                                   Unallocated liabilities:                                 Deferred tax liabilities                             726   Income tax payable                             1,617                                     Total liabilities                             55,321

v3.23.4

REVENUE FROM CONTRACT WITH CUSTOMERS (Tables)	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
Schedule of disaggregated revenue information	Schedule of disaggregated revenue information                       Six months ended June 30,       2022     2023     2023       CNY     CNY     US$       (Unaudited)     (Unaudited)     (Unaudited)                       Type of goods or services                         Construction contract revenue     12,639       8,690       1,198   Operation and maintenance services     —         405       56   Operation services of service concession arrangement     3,433       3,121       430   Total revenue from contracts with customers     16,072       12,216       1,684                             Geographic market                         Mainland China     16,072       12,216       1,684                             Timing of revenue recognition                         Over time     16,072       12,216       1,684   Total revenue from contracts with customers     16,072       12,216       1,684

v3.23.4

FINANCE INCOME AND COSTS (Tables)	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
Schedule of finance income and cost	Schedule of finance income and cost                             Six months ended June 30,       2022     2023     2023       CNY     CNY     US$       (Unaudited)     (Unaudited)     (Unaudited)                       Finance income                            Interest income on loans to a third party     3,396       3,396       469      Interest income on revenue contracts with significant financing component     2,547       1,331       183   Interest income from service concession arrangement     3,389       3,343       461    Interest income on bank deposit     44       31       4         9,376       8,101       1,117                             Finance costs                            Interest expenses on loans     1,954       1,878       259      Interest expense on lease liabilities     53       81       11      Other finance costs     (185 )     (29 )     (4 )       1,822       1,930       266

v3.23.4

PROFIT/(LOSS) BEFORE INCOME TAX (Tables)	6 Months Ended
	Jun. 30, 2023
Profitloss Before Income Tax
Schedule of group’s profit/(loss) before tax	Schedule of group’s profit/(loss) before tax                             Six months ended June 30,       2022     2023     2023       CNY     CNY     US$       (Unaudited)     (Unaudited)     (Unaudited)                       Crediting:                         Finance income (Note 5)     (9,376 )     (8,101 )     (1,117 )                           Charging:                         Cost of sales                         - Construction service     5,107       2,423       334   - Operation and maintenance services     —         256       35   - Operation services related to service concession arrangement     3,664       2,697       372   Total     8,771       5,376       741                                                       Depreciation                         - Property, plant and equipment     141       106       14   - Right-of-use assets     707       713       98   Amortization of intangible assets     404       395       54   Expense relating to short-term leases     174       209       29   Impairment losses/(reversal) on financial assets:                         - Trade receivables     1,936       388       53   - Contract assets     (41 )     3,546       489   - Other receivables     1,077       6,829       942   Fair value (gain)/loss on financial instruments:                         - Derivative financial liabilities (Note 16(b))     (559 )     86       12   Other income     (731 )     (642 )     (89 ) Finance costs (Note 5)     1,822       1,930       266

v3.23.4

INCOME TAX EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
Schedule of deferred components of income tax expense	Schedule of deferred components of income tax expense                       Six months ended June 30,       2022     2023     2023       CNY     CNY     US$       (Unaudited)     (Unaudited)     (Unaudited)                       Current income tax expense     1,548       1,837       254   Deferred income tax benefit     (1,191 )     (10 )     (2 )                           Total     357       1,827       252

v3.23.4

EARNINGS/(LOSS) PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
Schedule of basic and diluted net earnings loss per share	Schedule of basic and diluted net earnings loss per share                       Six months ended June 30,       2022     2023     2023       CNY     CNY     US$       (Unaudited)     (Unaudited)     (Unaudited)   Profit/(loss):                   Profit/(loss) attributable to ordinary equity holders of the Company     1,949       (10,742 )     (1,481 )                                                     Weighted average number of ordinary shares in issue during the period     40,948,082       40,948,082       40,948,082                             Weighted average number of ordinary shares for basic and diluted earnings/(loss) per share*     8,197,897       8,197,897       8,197,897                             Earnings/(loss) per share:                         Basic and diluted*     0.24       (1.31 )     (0.18 )                           * The basic and diluted earnings/(loss) per ordinary share has been adjusted retrospectively for the share combination which became effective on April 3, 2023.

v3.23.4

TRADE RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2023
Trade Receivable
Schedule of trade receivables	Schedule of trade receivables                             December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Non-current                         Trade receivables from third parties     13,128       8,460       1,166   Less: Impairment allowance     (2,608 )     (3,746 )     (516 ) Total of Non-current trade receivables     10,520       4,714       650                             Current                         Trade receivables from service concession agreement     22,927       29,276       4,036   Trade receivables from construction contracts     34,850       37,265       5,137   Less: Impairment allowance     (11,017 )     (10,267 )     (1,415 ) Total of current trade receivables     46,760       56,274       7,758                             Total     57,280       60,988       8,408
Schedule of aging analysis of the trade receivables	Schedule of aging analysis of the trade receivables                       December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Within 1 year     18,401       14,577       2,010   Between 1-2 years     13,896       13,058       1,800   Between 2-3 years     4,518       11,860       1,635   Over 3 years     20,465       21,493       2,963                             Total     57,280       60,988       8,408
Schedule of loss allowance for trade receivables	Schedule of loss allowance for trade receivables                       Year Ended December 31,     Six Months Ended June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Beginning of the year/period     17,614       13,625       1,878   Provision for expected credit losses (“ECLs”)     (3,989 )     388       53                             End of the year/period     13,625       14,013       1,931
Schedule of impairment	Schedule of impairment                                                         Past Due       Current     within 1 years     1-2 years     2-3 years     over 3 years     Total                                         As of December 31, 2022:                                                 Expected credit loss rate             0 %     9 %     29 %     34 %     19 % Gross carrying amount (CNY)     —         18,406       15,195       6,399       30,905       70,905   Impairment allowances (CNY)     —         5       1,299       1,881     10,440 (i)     13,625                                                     As of June 30, 2023:                                                 Expected credit loss rate             0 %     0 %     12 %     36 %     19 % Gross carrying amount (CNY)     335       14,291       13,062       13,474       33,839       75,001   Impairment allowances (CNY)     —         49       4       1,614       12,346 (i)     14,013   Impairment allowances (US$)     —         7       1       222       1,701       1,931      (i) The impairment allowances included an amount of CNY4,600 and CNY4,619 (US$637) as of December 31, 2022 and June 30, 2023, respectively, for specific trade receivables which were considered to be in default due to conditions which indicated that the Group was unlikely to receive the outstanding contractual amounts in full.

v3.23.4

CONTRACT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Contract assets [abstract]
Schedule of contract assets	Schedule of contract assets                                           December 31,     June 30,             2022     2023     2023             CNY     CNY     US$             (Audited)     (Unaudited)     (Unaudited)                             Non-current                                 Service concession assets     (a)       89,740       89,112       12,286   Less: impairment allowance             (27 )     (27 )     (4 )               89,713       89,085       12,282                                     Current                                 Service concession assets     (a)       7,423       7,423       1,023   Other contract assets     (b)       14,930       14,671       2,023   Less: impairment allowance             (706 )     (4,252 )     (586 )               21,647       17,842       2,460                                     Total             111,360       106,927       14,742     (a) Service concession assets bearing an imputed interest of 7% arose from the Group’s revenue from construction service under a build-own-transfer ("BOT") arrangement rendered by the Group's subsidiary, Shaoguan Angrui Environmental Technology Development Co., Limited ("Shaoguan Angrui"). The facilities that the service concession arrangement relate to were under construction phases from June 2018 to December 2020 and commenced operation in January 2021.   The amounts for the service concession arrangement are not yet due for payment and will be settled by revenue to be generated during the operating periods of the service concession arrangement. Amounts billed will be transferred to trade receivables.   As of December 31, 2022, and June 30, 2023, the Group’s concession rights associated with the environmental water projects (comprising intangible assets, contract assets and trade receivables) with aggregate gross carrying amounts of CNY139,060 and CNY144,415, respectively, were pledged to secure bank loans from the Bank of Communications with outstanding balances of CNY74,000 and CNY72,500, respectively. Please refer to Note 18 for further details.   (b) The balances as of December 31, 2022 and June 30, 2023 comprised contract assets arising from performance under certain water treatment plant construction service contracts. Such contracts include payment schedules that require progress payments over the service periods when milestones are reached.
Schedule of provision for impairment of contract assets	Schedule of provision for impairment of contract assets                             Year Ended December 31,     Six Months Ended June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Beginning of the year/period     562       733       101   Provision for expected credit loss, net     171       3,546       489                             End of the year/period     733       4,279       590

v3.23.4

OTHER NON-CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
Schedule of other non-current assets	Schedule of other non-current assets                             December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Zimbabwe lithium deposits (i)     —         252,716       34,841   Others     4       22       3                             Total     4       252,738       34,844     (i)        Please refer to Note 20 (b) for more details.

v3.23.4

OTHER RECEIVABLES (Tables)	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
Schedule of other receivables	Schedule of other receivables                             December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Financial assets                         Loans to an unrelated company (i)     83,600       87,200       12,022   Deposits     790       556       76   Others     1,000       1,000       138   Financial assets     85,390       88,756       12,236                             Staff advance     237       249       35   Others     90       87       12    Total amount     327       336       47                             Impairment allowance     (2,984 )     (9,813 )     (1,353 )                           Total     82,733       79,279       10,930     (i)        The balance as of June 30, 2023 consisted of a loan in the amount of CNY80,000 (US$11,029) and the corresponding interest receivable amounted to CNY7,200 (US$993) from an unrelated company, Shenzhen Chaopeng Investment Co., Ltd. The loan was extended for another year to June 30, 2024 when it was due to mature on June 30, 2023. The loan is interest-bearing at a rate of 9% per annum and guaranteed by Shenzhen Feishang Investment Co., Limited, a company unrelated to the Group.

v3.23.4

CASH AND CASH EQUIVALENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
Schedule of cash and cash equivalents	Schedule of cash and cash equivalents                             December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Cash and cash equivalents                         - Cash on hand     71       5       1   - Cash at bank     31,154       32,204       4,439   - Short-term deposits     470       —         —                             Cash and cash equivalents     31,695       32,209       4,440
Schedule of group’s cash and cash equivalents	Schedule of group’s cash and cash equivalents                                 December 31,     June 30,         2022     2023     2023         CNY     CNY     US$         (Audited)     (Unaudited)     (Unaudited)                         CNY       24,709       27,398       3,777   US$       6,255       4,426       610   HK$       731       385       53                                       31,695       32,209       4,440

v3.23.4

OTHER PAYABLES AND ACCRUALS (Tables)	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
Schedule of other payables and accruals	Schedule of other payables and accruals                             December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Financial liabilities                         Transaction deposit of mining right acquisition (Note 20 (b))     —         75,815       10,452   Accrued expenses     6,444       7,689       1,061   Deposits from customers     305       305       42   Financial liabilities      6,749       83,809       11,555                             Penalties related to income tax     4,611       5,450       751   Taxes other than income tax payable (a)     1,885       3,268       451   Accrued payroll     3,108       2,697       372   Others     371       798       110   Total others payables      9,975       12,213       1,684                             Total     16,724       96,022       13,239     (a) Taxes other than income taxes payable mainly comprise accruals for output value-added tax, city construction tax and education surcharge.

v3.23.4

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
Schedule of financial assets	Schedule of financial assets                       December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Debt instruments at amortized cost:                         Trade receivables: current     46,760       56,274       7,758   Trade receivables: non-current     10,520       4,714       650   Financial assets included in other receivables     82,406       78,943       10,883   Financial assets at fair value through other comprehensive income:                         Bills receivable     8,500       9,200       1,268                             Total     148,186       149,131       20,559                             Total Current     137,666       144,417       19,909   Total Non-current     10,520       4,714       650
Schedule of financial liabilities	Schedule of financial liabilities                       December 31,     June 30,     June 30       2022     2023     2023         CNY       CNY       US$         (Audited)       (Unaudited)       (Unaudited)                             Derivatives not designated as hedging instruments：                         Derivative financial liabilities (i)     824       958       132   Financial liabilities at amortized cost:                         Trade payables     20,326       21,529       2,968   Financial liabilities in other payables and accruals     6,749       83,809       11,555   Lease liabilities     2,915       2,382       330   Due to related companies     3,408       6,117       843   Due to the Shareholder     7,153       184,054       25,375   Interest-bearing loans and borrowings     74,000       72,500       9,996                             Total     115,375       371,349       51,199                             Total current     42,777       301,276       41,538   Total non-current     72,598       70,073       9,661
Schedule of group’s financial instruments carrying amount	Schedule of group’s financial instruments carrying amount                                         December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)       Carrying amount     Fair value     Carrying amount     Fair value     Carrying amount     Fair value                                         Financial liabilities                                                 Interest-bearing loans and borrowings     74,000       77,636       72,500       76,396       9,996       10,532                                                     Total     74,000       77,636       72,500       76,396       9,996       10,532
Schedule of fair value measurement	Schedule of fair value measurement                                 As of December 31, 2022   Fair value measurement using       Quoted prices in active markets (Level 1)     Significant observable inputs (Level 2)     Significant unobservable inputs (Level 3)     Total       CNY     CNY     CNY     CNY   Recurring fair value measurement:                                 Financial assets                                 Bills receivable     —         8,500       —         8,500   Financial liabilities                                 Derivative financial liabilities     —         824       —         824                                       As of June 30, 2023 (Unaudited)   Fair value measurement using       Quoted prices in active markets (Level 1)     Significant observable inputs (Level 2)     Significant unobservable inputs (Level 3)     Total       CNY     CNY     CNY     CNY                             Recurring fair value measurement:                                                                   Financial assets                                 Bills receivables     —         9,200       —         9,200   Financial liabilities                                 Derivative financial liabilities     —         958       —         958                                       As of June 30, 2023 (Unaudited)   Fair value measurement using       Quoted prices in active markets (Level 1)     Significant observable inputs (Level 2)     Significant unobservable inputs (Level 3)     Total       US$     US$     US$     US$                             Recurring fair value measurement:                                                                   Financial assets                                 Bills receivables     —         1,268       —         1,268   Financial liabilities                                 Derivative financial liabilities     —         132       —         132

v3.23.4

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Tables)	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
Summary of maturity	Summary of maturity                                         December 31, 2022 (Audited)    On demand     Less than 1 year     1 to 5 years     More than 5 years     Total         CNY       CNY       CNY       CNY       CNY                                             Derivative financial liabilities     824       —         —         —         824   Trade payables     —         20,326       —         —         20,326   Financial liabilities in other payables and accruals     —         6,749       —         —         6,749   Due to related companies     —         3,408       —         —         3,408   Due to the Shareholder     —         7,153       —         —         7,153   Lease liabilities     —         1,387       1,691       243       3,321   Interest-bearing loans and borrowings     —         6,729       29,005       71,197       106,931                 　       　       　            Total     824       45,752       30,696       71,440       148,712     June 30, 2023 (Unaudited)   On demand     Less than 1 year     1 to 5 years     More than 5 years     Total         CNY       CNY       CNY       CNY       CNY                                             Derivative financial liabilities     958       —         —         —         958   Trade payables     —         21,529       —         —         21,529   Financial liabilities in other payables and accruals     —         83,809       —         —         83,809   Due to related companies     —         6,117       —         —         6,117   Due to the Shareholder     —         184,054       —         —         184,054   Lease liabilities     —         1,482       1,051       194       2,727   Interest-bearing loans and borrowings     —         7,159       28,597       67,807       103,563                                              Total     958       304,150       29,648       68,001       402,757     June 30, 2023 (Unaudited)   On demand     Less than 1 year     1 to 5 years     More than 5 years     Total         USD       USD       USD       USD       USD                                             Derivative financial liabilities     132       —         —         —         132   Trade payables     —         2,968       —         —         2,968   Financial liabilities in other payables and accruals     —         11,555       —         —         11,555   Due to related companies     —         843       —         —         843   Due to the Shareholder     —         25,375       —         —         25,375   Lease liabilities     —         204       145       27       376   Interest-bearing loans and borrowings     —         987       3,943       9,348       14,278                                              Total     132       41,932       4,088       9,375       55,527

v3.23.4

INTEREST-BEARING LOANS AND BORROWINGS (Tables)	6 Months Ended
	Jun. 30, 2023
Interest-bearing Loans And Borrowings
Schedule of interest bearing loan and borrowings	Schedule of interest bearing loan and borrowings                                                         December 31,     June 30,                   2022     2023     2023                   CNY     CNY     US$       Interest rate     Maturity      (Audited)     (Unaudited)     (Unaudited)   Non-current interest-bearing loans                                         Bank loan-secured and guaranteed     5.05 %     2024 to 2038       71,000       69,000       9,513                                             Current interest-bearing loans                                         Bank loan-secured and guaranteed     5.05 %     2023 to 2024       3,000       3,500       483                                             Total                     74,000       72,500       9,996

v3.23.4

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2023
Equity
Schedule of issued capital	Schedule of issued capital                       December 31,     June 30,       2022     2023     2023       CNY     CNY     US$       (Audited)     (Unaudited)     (Unaudited)                       Authorized:                         10,000,000 preferred shares, no par value     —         —         —     200,000,000 common shares, no par value     —         —         —                               Common shares issued and fully paid:                         June 30, 2023: 8,197,897*, (December 31, 2022: 40,948,082) common shares, no par value     450,782       450,782       62,146
Schedule of share capital	Schedule of share capital                             Number of shares     Share capital             CNY     US$                       As of January 1, 2022     40,948,082       450,782       62,146                             Common shares issued through private placement     —         —         —                               As of December 31, 2022 and January 1, 2023     40,948,082       450,782       62,146                             Effect of Five-to-One Share Combination*     (32,750,185 )     —         —                               As of June 30, 2023     8,197,897       450,782       62,146     * On April 3, 2023, the Company effected a share combination in which all of the Company's issued and outstanding ordinary shares were combined on a 5-to-1 basis. The basic and diluted earnings/(loss) per ordinary share has been retrospectively adjusted to reflect the impact of the share combination. All outstanding options, warrants and other rights to purchase the Company's common shares were adjusted proportionately as a result of the share combination.

v3.23.4

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
Schedule of rental of offices as lessee	Schedule of rental of offices as lessee                                   Six months ended June 30,             2022     2023     2023             CNY     CNY     US$       Notes     (Unaudited)     (Unaudited)     (Unaudited)                             CHNR's share of office rental, rates and others to Anka Consultants Limited (“Anka”) (a)     i       217       218       30   Feishang Management's share of office rental to Feishang Enterprise(b)     ii       84       84       12   Shenzhen New Precise Space-Time Technology Co., Limited (“Shenzhen New PST”)’s share of office rental to Feishang Enterprise(b)     iii       15       45       6                                       (i) The Company signed a contract with Anka to lease 184 square meters of office premises for two years, from July 1, 2022 to June 30, 2024. The agreement also provides that the Company shares certain costs and expenses in connection with its use of the office, in addition to some of the accounting and secretarial services and day-to-day office administration services provided by Anka.   (ii) On October 1, 2021, Feishang Management signed an office-sharing agreement with Feishang Enterprise, which will expire on September 30, 2023. Pursuant to the agreement, Feishang Management shares 40 square meters of office premises for 2 years.   (iii) Shenzhen New PST signed a contract with Feishang Enterprise to lease 96 square meters of office premises annually. The latest contract is from March 14, 2023 to March 13, 2024.   (b) Other transactions with related parties   On February 27, 2023, the Company entered into a sale and purchase agreement (the “SPA”) with Feishang Group and Top Pacific (China) Limited (together, the “Sellers”), and the respective beneficial owner of the sellers, Mr. Li Feilie and Mr. Yao Yuguang, to acquire 100% equity interests of Greatfame Investments Limited, which owns 100% equity interest in Williams Minerals (Pvt) Ltd (“Williams Minerals”) (the “Acquisition”). Williams Minerals owns the mining permit for the Zimbabwean lithium mine. The consideration to be paid by the Company for the Acquisition will be calculated by multiplying the qualified measured, indicated and inferred resources quantity of lithium oxide proven to be in the mine by independent technical reports by a unit price of US$500 per ton, less certain due diligence costs and expenses incurred by the Company for the issuance of the independent technical reports.   According to the SPA, the Company issued a US$24,500 promissory note and a US$10,500 promissory note to Feishang Group and Top Pacific (China) Limited respectively on April 14, 2023 to proceed with the acquisition. The Company recognized a liability due to shareholders amounted to US$24,500 (CNY176,901, Note20(c))* and other payable amounted to US$10,500 (CNY75,815, Note 15)* respectively for the present obligations of these two promissory notes with corresponding non-current assets amounted to US$35,000 (CNY252,716, Note 12)*.   * As the transaction is denominated in US$ per SPA, the corresponding transaction amount was translated into Hong Kong dollars, the functional currency of the Company and reported as CNY at June 30, 2023.     (a) Anka is jointly owned by Mr. Wong Wah On Edward and Mr. Tam Cheuk Ho, who are officers of the Company.   (b) Feishang Enterprise is controlled by Mr. Li Feilie, who is the controlling shareholder of the Company.
Schedule of group payables with related parties	Schedule of group payables with related parties                                           December 31,     June 30,             2022     2023     2023             CNY     CNY     US$       Notes     (Audited)     (Unaudited)     (Unaudited)                             Current:                                 Payable to related companies:                                 Feishang Enterprise(a)     i       495       2,262       312   Guizhou Feishang Energy Co., Ltd (“Guizhou Feishang”) (a)     ii       —         800       110   Anka Capital(b)             2,913       3,055       421                 3,408       6,117       843                                     Payable to the Shareholder:                                 Feishang Group(a)     iii       7,153       7,153       987   Feishang Group(a)     iv       —         176,901       24,388                 7,153       184,054       25,375                                     Lease liabilities to related parties                                 Anka(b)             1,022       725       100                 1,022       725       100     (i) The payable to Feishang Enterprise by Feishang Management represents the net amount of advances from Feishang Enterprise. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group.   (ii) The payable to Guizhou Feishang represents the net amount of advances from Guizhou Feishang. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group.   (iii) The payable to Feishang Group represents the net amount of advances from Feishang Group. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group.   (iv) The payable to Feishang Group represents the net amount of acquisition of mining rights in Zimbabwe. For more details, please refer to Note 20 (b).       (a) Feishang Enterprise, Feishang Group and Guizhou Feishang are controlled by Mr. Li Feilie, who is the controlling shareholder of the Company.   (b) Anka Capital and Anka are each jointly owned by Wong Wah On Edward and Tam Cheuk Ho, who are officers of the Company.
Schedule of compensation of key management personnel of group	Schedule of compensation of key management personnel of group                       Six months ended June 30,       2022     2023     2023       CNY     CNY     US$       (Unaudited)     (Unaudited)     (Unaudited)   Wages, salaries and allowances     618       575       79   Housing subsidies     11       7       1   Contribution to pension plans     43       28       4                                   672       610       84

v3.23.4

BASIS OF PRESENTATION (Details Narrative) - 6 months ended Jun. 30, 2023 ¥ in Thousands, $ in Thousands	USD ($)	CNY (¥)
Notes and other explanatory information [abstract]
Current liabilities	$ 17,269	¥ 125,232
Translated exchange rate description	US$1.00 = CNY7.2535

v3.23.4

SEGMENT INFORMATION (Schedule of Segment Results) (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
IfrsStatementLineItems [Line Items]
Revenues from external customers	$ 1,684	¥ 12,216	¥ 16,072
Segment profit/(loss) before income tax	(1,052)	(7,634)	4,030
Income tax benefit (loss)/benefit	(252)	(1,827)	(357)
Profit/(Loss) for the period	(1,304)	(9,461)	3,673
Depreciation of property, plant and equipment	(14)	(106)	(141)
Depreciation of right-of-use assets	(98)	(713)	(707)
Amortization of intangible assets	(54)	(395)	(404)
Other income	89	642	731
Fair value loss on financial instruments, net	(12)	(86)	559
Finance costs	(266)	(1,930)	(1,822)
Finance income	1,117	8,101	9,376
Trade receivables [member]
IfrsStatementLineItems [Line Items]
Impairment (losses)/reversal on financial assets	(53)	(388)	(1,936)
Contract assets [member]
IfrsStatementLineItems [Line Items]
Impairment (losses)/reversal on financial assets	(489)	(3,546)	41
Other Receivables [Member]
IfrsStatementLineItems [Line Items]
Impairment (losses)/reversal on financial assets	(942)	(6,829)	(1,077)
Wastewater Treatment [Member]
IfrsStatementLineItems [Line Items]
Revenues from external customers	1,684	12,216	16,072
Segment profit/(loss) before income tax	49	353	3,784
Depreciation of property, plant and equipment	(14)	(103)	(114)
Depreciation of right-of-use assets	(49)	(359)	(347)
Amortization of intangible assets	(54)	(395)	(404)
Other income	20	142	30
Fair value loss on financial instruments, net
Finance costs	(260)	(1,884)	(1,799)
Finance income	648	4,702	7,857
Wastewater Treatment [Member] | Trade receivables [member]
IfrsStatementLineItems [Line Items]
Impairment (losses)/reversal on financial assets	(53)	(388)	(1,936)
Wastewater Treatment [Member] | Contract assets [member]
IfrsStatementLineItems [Line Items]
Impairment (losses)/reversal on financial assets	(489)	(3,546)	41
Wastewater Treatment [Member] | Other Receivables [Member]
IfrsStatementLineItems [Line Items]
Impairment (losses)/reversal on financial assets
Corporate Activity [Member]
IfrsStatementLineItems [Line Items]
Revenues from external customers
Segment profit/(loss) before income tax	(1,091)	(7,914)	1
Depreciation of property, plant and equipment		(1)	(1)
Depreciation of right-of-use assets	(49)	(354)	(360)
Amortization of intangible assets
Other income			1
Fair value loss on financial instruments, net	(12)	(86)	559
Finance costs	(6)	(45)	(22)
Finance income	469	3,399	1,519
Corporate Activity [Member] | Trade receivables [member]
IfrsStatementLineItems [Line Items]
Impairment (losses)/reversal on financial assets
Corporate Activity [Member] | Contract assets [member]
IfrsStatementLineItems [Line Items]
Impairment (losses)/reversal on financial assets
Corporate Activity [Member] | Other Receivables [Member]
IfrsStatementLineItems [Line Items]
Impairment (losses)/reversal on financial assets	(942)	(6,829)	(1,077)
Exploration and Mining [Member]
IfrsStatementLineItems [Line Items]
Segment profit/(loss) before income tax	(10)	(73)	245
Depreciation of property, plant and equipment		(2)	(26)
Depreciation of right-of-use assets
Amortization of intangible assets
Other income	69	500	700
Fair value loss on financial instruments, net
Finance costs		(1)	(1)
Finance income
Exploration and Mining [Member] | Trade receivables [member]
IfrsStatementLineItems [Line Items]
Impairment (losses)/reversal on financial assets
Exploration and Mining [Member] | Contract assets [member]
IfrsStatementLineItems [Line Items]
Impairment (losses)/reversal on financial assets
Exploration and Mining [Member] | Other Receivables [Member]
IfrsStatementLineItems [Line Items]
Impairment (losses)/reversal on financial assets

v3.23.4

SEGMENT INFORMATION (Schedule of Operating Segment) (Details 1) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
IfrsStatementLineItems [Line Items]
Segment assets	$ 89,454	¥ 648,853	¥ 399,991
Elimination of inter-segment receivables	(11,029)	(80,000)	(80,000)
Total assets	78,425	568,853	319,991
Segment liabilities	64,007	464,252	206,534
Elimination of inter-segment payables	(11,029)	(80,000)	(80,000)
Deferred tax liabilities	726	5,266	5,276
Income tax payable	1,617	11,729	10,732
Total liabilities	55,321	401,247	142,542
Deferred tax liabilities	726
Income tax payable	1,617
Total liabilities	55,321
Wastewater Treatment [Member]
IfrsStatementLineItems [Line Items]
Segment assets	43,165	313,098	312,229
Segment liabilities	15,640	113,448	107,096
Exploration and Mining [Member]
IfrsStatementLineItems [Line Items]
Segment assets	35,188	255,233	286
Segment liabilities	35,633	258,436	3,298
Corporate Activity [Member]
IfrsStatementLineItems [Line Items]
Segment assets	11,101	80,522	87,476
Segment liabilities	$ 12,734	¥ 92,368	¥ 96,140

v3.23.4

REVENUE FROM CONTRACT WITH CUSTOMERS (Schedule of Disaggregated revenue information) (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
IfrsStatementLineItems [Line Items]
Revenue from contracts with a customer	$ 1,684	¥ 12,216	¥ 16,072
Mainland China [Member] | Geographic Market [Member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with a customer	1,684	12,216	16,072
Type of Goods or Services [Member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with a customer	1,684	12,216	16,072
Type of Goods or Services [Member] | Construction Contract Revenue [Member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with a customer	1,198	8,690	12,639
Type of Goods or Services [Member] | Operation and Maintenance Services [Member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with a customer	56	405
Type of Goods or Services [Member] | Operation Service Concession Arrangements [Member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with a customer	430	3,121	3,433
Timing of Revenue Recognition [Member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with a customer	1,684	12,216	16,072
Timing of Revenue Recognition [Member] | Goods or services transferred over time [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with a customer	$ 1,684	¥ 12,216	¥ 16,072

v3.23.4

FINANCE INCOME AND COSTS (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
IfrsStatementLineItems [Line Items]
Finance income	$ 1,117	¥ 8,101	¥ 9,376
Finance costs	266	1,930	1,822
Finance Income [Member]
IfrsStatementLineItems [Line Items]
Interest income on loans to a third party	469	3,396	3,396
Interest income on revenue contracts with significant financing component	183	1,331	2,547
Interest income from service concession arrangement	461	3,343	3,389
Interest income on bank deposit	4	31	44
Finance income	1,117	8,101	9,376
Finance Cost [Member]
IfrsStatementLineItems [Line Items]
Interest expenses on loans	259	1,878	1,954
Interest expense on lease liabilities	11	81	53
Other finance costs	(4)	(29)	(185)
Finance costs	$ 266	¥ 1,930	¥ 1,822

v3.23.4

PROFIT/(LOSS) BEFORE INCOME TAX (Schedule of Group's Loss Before Tax from Continuing Operations) (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Crediting:
Finance income (Note 5)	$ (1,117)	¥ (8,101)	¥ (9,376)
Charging:
- Construction service	334	2,423	5,107
Operation and maintenance services	35	256
- Operation services related to service concession arrangement | ¥		2,697	3,664
Operation services related to service concession arrangement | $	372
Total	741	5,376	8,771
Depreciation
- Property, plant and equipment	14	106	141
- Right-of-use assets	98	713	707
Amortization of intangible assets	54	395	404
Expense relating to short-term leases	29	209	174
Impairment losses/(reversal) on financial assets:
- Trade receivables	53	388	1,936
- Contract assets	489	3,546	(41)
- Other receivables	942	6,829	1,077
Fair value (gain)/loss on financial instruments:
- Derivative financial liabilities (Note 16(b))	12	86	(559)
Other income	(89)	(642)	(731)
Finance costs (Note 5)	$ 266	¥ 1,930	¥ 1,822

v3.23.4

INCOME TAX EXPENSE (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Notes and other explanatory information [abstract]
Current income tax expense	$ 254	¥ 1,837	¥ 1,548
Deferred income tax benefit	(2)	(10)	(1,191)
Total	$ 252	¥ 1,827	¥ 357

v3.23.4

EARNINGS/(LOSS) PER SHARE (Schedule of Basic and Diluted Loss Per Share) (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands		6 Months Ended
		Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 CNY (¥) ¥ / shares shares	Jun. 30, 2022 CNY (¥) ¥ / shares shares
Profit/(loss):
Profit/(loss) attributable to ordinary equity holders of the Company		$ (1,481)	¥ (10,742)	¥ 1,949
Weighted average number of ordinary shares in issue during the year		40,948,082	40,948,082	40,948,082
Weighted average number of ordinary shares for basic earnings/(loss) per share	[1]	8,197,897	8,197,897	8,197,897
Weighted average number of ordinary shares for diluted earnings/(loss) per share	[1]	8,197,897	8,197,897	8,197,897
Earnings/(loss) per share:
Earnings/(loss) per share, Basic | (per share)	[1]	$ (0.18)	¥ (1.31)	¥ 0.24
Earnings/(loss) per share, Diluted | (per share)	[1]	$ (0.18)	¥ (1.31)	¥ 0.24
[1] The basic and diluted earnings/(loss) per ordinary share has been adjusted retrospectively for the share combination which became effective on April 3, 2023.

v3.23.4

INCOME TAX EXPENSE (Details Narrative)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
IfrsStatementLineItems [Line Items]
Applicable tax rate	25.00%	25.00%
Preferential tax rate	12.50%	12.50%
Bottom of range [member]
IfrsStatementLineItems [Line Items]
Dividend withholding tax rate	5.00%
Top of range [member]
IfrsStatementLineItems [Line Items]
Dividend withholding tax rate	10.00%
Hong Kong [Member]
IfrsStatementLineItems [Line Items]
Applicable tax rate	16.50%

v3.23.4

PROPERTY, PLANT AND EQUIPMENT (Details Narrative) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Notes and other explanatory information [abstract]
Group acquired assets	$ 1	¥ 6	¥ 6
Assets disposed by the Groups		0	3
Impairment loss		¥ 0	¥ 0

v3.23.4

TRADE RECEIVABLE (Schedule of Trade Receivables) (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Non-current
Trade receivables from third parties	$ 1,166	¥ 8,460	¥ 13,128
Less: Impairment allowance	(516)	(3,746)	(2,608)
Total of Non-current trade receivables	650	4,714	10,520
Current
Trade receivables from service concession agreement	4,036	29,276	22,927
Trade receivables from construction contracts	5,137	37,265	34,850
Less: Impairment allowance	(1,415)	(10,267)	(11,017)
Total of current trade receivables	7,758	56,274	46,760
Total	$ 8,408	¥ 60,988	¥ 57,280

v3.23.4

TRADE RECEIVABLE (Schedule of Aging Analysis of Trade Receivables) (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
IfrsStatementLineItems [Line Items]
Trade receivables	$ 8,408	¥ 60,988	¥ 57,280
Not Later Than One Year One [Member]
IfrsStatementLineItems [Line Items]
Trade receivables	2,010	14,577	18,401
Not Later Than One Year To Two [Member]
IfrsStatementLineItems [Line Items]
Trade receivables	1,800	13,058	13,896
Not Later Than Two Year To Three [Member]
IfrsStatementLineItems [Line Items]
Trade receivables	1,635	11,860	4,518
Over Three Years [Member]
IfrsStatementLineItems [Line Items]
Trade receivables	$ 2,963	¥ 21,493	¥ 20,465

v3.23.4

TRADE RECEIVABLE (Schedule of loss allowance for trade receivables) (Details) ¥ in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Trade Receivable
Beginning of the year/period	$ 1,878	¥ 13,625	¥ 17,614
Provision for expected credit losses ECLs	53	388	(3,989)
End of the year/period	$ 1,931	¥ 14,013	¥ 13,625

v3.23.4

TRADE RECEIVABLE (Schedule of Impairment) (Details) ¥ in Thousands, $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)		Dec. 31, 2022 CNY (¥)
IfrsStatementLineItems [Line Items]
Expected credit loss rate	19.00%	19.00%		19.00%
Gross carrying amount		¥ 75,001		¥ 70,905
Impairment allowances	$ 1,931	¥ 14,013		¥ 13,625
Not Later Than One Year One [Member]
IfrsStatementLineItems [Line Items]
Expected credit loss rate	0.00%	0.00%		0.00%
Gross carrying amount		¥ 14,291		¥ 18,406
Impairment allowances	$ 7	¥ 49		¥ 5
Not Later Than One Year To Two Years [Member]
IfrsStatementLineItems [Line Items]
Expected credit loss rate	0.00%	0.00%		9.00%
Gross carrying amount		¥ 13,062		¥ 15,195
Impairment allowances	$ 1	¥ 4		¥ 1,299
Not Later Than Two Years To Three Years [Member]
IfrsStatementLineItems [Line Items]
Expected credit loss rate	12.00%	12.00%		29.00%
Gross carrying amount		¥ 13,474		¥ 6,399
Impairment allowances	$ 222	¥ 1,614		¥ 1,881
Over Three Years [Member]
IfrsStatementLineItems [Line Items]
Expected credit loss rate	36.00%	36.00%		34.00%
Gross carrying amount		¥ 33,839		¥ 30,905
Impairment allowances	$ 1,701	12,346	[1]	10,440	[1]
Current [member]
IfrsStatementLineItems [Line Items]
Gross carrying amount		335
Impairment allowances
[1] The impairment allowances included an amount of CNY4,600 and CNY4,619 (US$637) as of December 31, 2022 and June 30, 2023, respectively, for specific trade receivables which were considered to be in default due to conditions which indicated that the Group was unlikely to receive the outstanding contractual amounts in full.

v3.23.4

CONTRACT ASSETS (Details) ¥ in Thousands, $ in Thousands		Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
IfrsStatementLineItems [Line Items]
Non-current contract assets		$ 12,282	¥ 89,085	¥ 89,713
Less: impairment allowance, Non-current		(4)	(27)	(27)
Current contract assets		2,460	17,842	21,647
Less: impairment allowance, Current		(586)	(4,252)	(706)
Contract asset		14,742	106,927	111,360
Service concession arrangements [member]
IfrsStatementLineItems [Line Items]
Non-current contract assets	[1]	12,286	89,112	89,740
Current contract assets	[1]	1,023	7,423	7,423
Other Contract Assets [Member]
IfrsStatementLineItems [Line Items]
Current contract assets	[2]	$ 2,023	¥ 14,671	¥ 14,930
[1] Service concession assets bearing an imputed interest of 7% arose from the Group’s revenue from construction service under a build-own-transfer ("BOT") arrangement rendered by the Group's subsidiary, Shaoguan Angrui Environmental Technology Development Co., Limited ("Shaoguan Angrui"). The facilities that the service concession arrangement relate to were under construction phases from June 2018 to December 2020 and commenced operation in January 2021. [2] The balances as of December 31, 2022 and June 30, 2023 comprised contract assets arising from performance under certain water treatment plant construction service contracts. Such contracts include payment schedules that require progress payments over the service periods when milestones are reached.

v3.23.4

CONTRACT ASSETS (Details 1) ¥ in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Contract assets [abstract]
Beginning of the year/period	$ 101	¥ 733	¥ 562
Provision for expected credit loss, net	489	3,546	171
End of the year/period	$ 590	¥ 4,279	¥ 733

v3.23.4

CONTRACT ASSETS (Details Narrative)	Jun. 30, 2023	Dec. 31, 2022
Bottom of range [member]
IfrsStatementLineItems [Line Items]
The default rate	0.03%	0.03%
Top of range [member]
IfrsStatementLineItems [Line Items]
The default rate	76.00%	43.51%

v3.23.4

OTHER NON-CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands		Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Notes and other explanatory information [abstract]
Zimbabwe lithium deposits (i)	[1]	$ 34,841	¥ 252,716
Others		3	22	4
Total		$ 34,844	¥ 252,738	¥ 4
[1] Please refer to Note 20 (b) for more details.

v3.23.4

OTHER RECEIVABLES (Details) ¥ in Thousands, $ in Thousands		Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Notes and other explanatory information [abstract]
Loans to an unrelated company	[1]	$ 12,022	¥ 87,200	¥ 83,600
Deposit		76	556	790
Others		138	1,000	1,000
Financia assets amount		12,236	88,756	85,390
Staff advance		35	249	237
Others		12	87	90
Total amount		47	336	327
Impairment allowance		(1,353)	(9,813)	(2,984)
Total		$ 10,930	¥ 79,279	¥ 82,733
[1] The balance as of June 30, 2023 consisted of a loan in the amount of CNY80,000 (US$11,029) and the corresponding interest receivable amounted to CNY7,200 (US$993) from an unrelated company, Shenzhen Chaopeng Investment Co., Ltd. The loan was extended for another year to June 30, 2024 when it was due to mature on June 30, 2023. The loan is interest-bearing at a rate of 9% per annum and guaranteed by Shenzhen Feishang Investment Co., Limited, a company unrelated to the Group.

v3.23.4

CASH AND CASH EQUIVALENTS (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Cash and cash equivalents
- Cash on hand	$ 1	¥ 5	¥ 71
- Cash at bank	4,439	32,204	31,154
- Short-term deposits			470
Cash and cash equivalents	$ 4,440	¥ 32,209	¥ 31,695

v3.23.4

CASH AND CASH EQUIVALENTS (Details 1) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
IfrsStatementLineItems [Line Items]
Cash and cash equivalents	$ 4,440	¥ 32,209	¥ 31,695
CNY [Member]
IfrsStatementLineItems [Line Items]
Cash and cash equivalents	3,777	27,398	24,709
US$ [Member]
IfrsStatementLineItems [Line Items]
Cash and cash equivalents	610	4,426	6,255
HK$ [Member]
IfrsStatementLineItems [Line Items]
Cash and cash equivalents	$ 53	¥ 385	¥ 731

v3.23.4

OTHER PAYABLES AND ACCRUALS (Other Payables and Accrued Liabilities) (Details) ¥ in Thousands, $ in Thousands		Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Financial liabilities
Transaction deposit of mining right acquisition (Note 20 (b))		$ 10,452	¥ 75,815
Accrued expenses		1,061	7,689	6,444
Deposits from customers		42	305	305
Financial liabilities		11,555	83,809	6,749
Penalties related to income tax		751	5,450	4,611
Taxes other than income tax payable	[1]	451	3,268	1,885
Accrued payroll		372	2,697	3,108
Others		110	798	371
Total other payables		1,684	12,213	9,975
Total		$ 13,239	¥ 96,022	¥ 16,724
[1] Taxes other than income taxes payable mainly comprise accruals for output value-added tax, city construction tax and education surcharge.

v3.23.4

FINANCIAL INSTRUMENTS (Details-Financial Assets) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Debt instruments at amortized cost:
Accounts receivable: current	$ 7,758	¥ 56,274	¥ 46,760
Accounts receivable: non-current	650	4,714	10,520
Financial assets included in other receivables	10,883	78,943	82,406
Financial assets at fair value through other comprehensive income:
Bills receivable	1,268	9,200	8,500
Total	20,559	149,131	148,186
Total Current	19,909	144,417	137,666
Total Non-current	$ 650	¥ 4,714	¥ 10,520

v3.23.4

FINANCIAL INSTRUMENTS (Details -Financial Liabilities) - Financial liabilities at amortised cost, class [member] ¥ in Thousands, $ in Thousands		Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Derivatives not designated as hedging instruments：
Derivative financial liabilities	[1]	$ 132	¥ 958	¥ 824
Financial liabilities at amortized cost:
Trade payables		2,968	21,529	20,326
Financial liabilities in other payables and accruals		11,555	83,809	6,749
Lease liabilities		330	2,382	2,915
Due to related companies		843	6,117	3,408
Due to the Shareholder		25,375	184,054	7,153
Interest-bearing loans and borrowings		9,996	72,500	74,000
Total		51,199	371,349	115,375
Total current		41,538	301,276	42,777
Total non-current		$ 9,661	¥ 70,073	¥ 72,598
[1] On January 20, 2021, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued and sold on January 22, 2021, (i) in a registered direct offering, an aggregate of 3,960,000 of its common shares at a price of US$1.85 per share, and (ii) in a concurrent private placement, warrants initially exercisable for an aggregate of 1,584,000* of the Company's common shares with an initial exercise price of US$2.35* per share.

v3.23.4

FINANCIAL INSTRUMENTS (Details-Fair Value) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Financial liabilities
Carrying amount	$ 9,996	¥ 72,500	¥ 74,000
Fair value	10,532	76,396	77,636
Loans and Borrowings [Member]
Financial liabilities
Carrying amount	9,996	72,500	74,000
Fair value	$ 10,532	¥ 76,396	¥ 77,636

v3.23.4

FINANCIAL INSTRUMENTS (Details-Fair Value Measurement) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
IfrsStatementLineItems [Line Items]
Bills receivables	$ 1,268	¥ 9,200	¥ 8,500
Derivative financial liabilities	132	958	824
Level 1 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Bills receivables
Derivative financial liabilities
Level 2 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Bills receivables	1,268	9,200	8,500
Derivative financial liabilities	132	958	824
Level 3 of fair value hierarchy [member]
IfrsStatementLineItems [Line Items]
Bills receivables
Derivative financial liabilities

v3.23.4

FINANCIAL INSTRUMENTS (Details Narrative) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands		6 Months Ended
	Jan. 20, 2021 $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)	Jul. 14, 2023 ¥ / shares	Jun. 30, 2023 CNY (¥)	Apr. 03, 2023 ¥ / shares shares
IfrsStatementLineItems [Line Items]
Exercise prices of warrants | ¥ / shares					¥ 0.623		¥ 3.115
Number of warrants adjusted							316,800
Securities Purchase Agreement [Member]
IfrsStatementLineItems [Line Items]
Aggregate of shares	3,960,000
Common shares at a price	1.85
Warrants exercisable shares	1,584,000
Initial exercise price | $ / shares	$ 2.35
Derivative financial liabilities fair value		$ 1,427				¥ 9,246
Fair value gain loss		$ 12	¥ 86	¥ 559

v3.23.4

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Details - Liquidity risk) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Total [Member]
IfrsStatementLineItems [Line Items]
Derivative financial liabilities	$ 132	¥ 958	¥ 824
Trade payables	2,968	21,529	20,326
Financial liabilities in other payables and accruals	11,555	83,809	6,749
Due to related companies	843	6,117	3,408
Due to the Shareholder	25,375	184,054	7,153
Lease liabilities	376	2,727	3,321
Interest-bearing loans and borrowings	14,278	103,563	106,931
Total	55,527	402,757	148,712
On demand [member]
IfrsStatementLineItems [Line Items]
Derivative financial liabilities	132	958	824
Trade payables
Financial liabilities in other payables and accruals
Due to related companies
Due to the Shareholder
Lease liabilities
Interest-bearing loans and borrowings
Total	132	958	824
Not later than one year [member]
IfrsStatementLineItems [Line Items]
Derivative financial liabilities
Trade payables	2,968	21,529	20,326
Financial liabilities in other payables and accruals	11,555	83,809	6,749
Due to related companies	843	6,117	3,408
Due to the Shareholder	25,375	184,054	7,153
Lease liabilities	204	1,482	1,387
Interest-bearing loans and borrowings	987	7,159	6,729
Total	41,932	304,150	45,752
Later than one year and not later than five years [member]
IfrsStatementLineItems [Line Items]
Derivative financial liabilities
Trade payables
Financial liabilities in other payables and accruals
Due to related companies
Due to the Shareholder
Lease liabilities	145	1,051	1,691
Interest-bearing loans and borrowings	3,943	28,597	29,005
Total	4,088	29,648	30,696
More Than Five Years [Member]
IfrsStatementLineItems [Line Items]
Derivative financial liabilities
Trade payables
Financial liabilities in other payables and accruals
Due to related companies
Due to the Shareholder
Lease liabilities	27	194	243
Interest-bearing loans and borrowings	9,348	67,807	71,197
Total	$ 9,375	¥ 68,001	¥ 71,440

v3.23.4

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Details Narrative) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
IfrsStatementLineItems [Line Items]
Trade receivable	$ 25,671	¥ 186,207	¥ 182,998
Debt to capital ratio	30.88%	30.88%	30.24%
Largest Customer [Member]
IfrsStatementLineItems [Line Items]
Due from related party	$ 17,345	¥ 125,811	¥ 120,090
Five Customer [Member]
IfrsStatementLineItems [Line Items]
Due from related party	$ 19,671	¥ 142,687	¥ 134,930

v3.23.4

INTEREST-BEARING LOANS AND BORROWINGS (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Interest-bearing Loans And Borrowings
Non current interest rate	5.05%
Maturity	2024 to 2038
Bank loan-secured and guaranteed, non-current	$ 9,513	¥ 69,000	¥ 71,000
Current interest rate	5.05%
Current loans maturity	2023 to 2024
Bank loan-secured and guaranteed, current	$ 483	3,500	3,000
Current interest-bearing loans	$ 9,996	¥ 72,500	¥ 74,000

v3.23.4

INTEREST-BEARING LOANS AND BORROWINGS (Details Narrative)	6 Months Ended
	Jun. 30, 2023
Interest-bearing Loans And Borrowings
Equal annual installments, description	The outstanding balance as of June 30, 2023 is due in annual instalments of CNY1,500 due as of December 31, 2023; CNY4,000 due annually from 2024 to 2028; CNY5,000 due annually from 2029 to 2034; CNY6,000 due in 2035; and CNY5,000 due annually from 2036 to 2038.

v3.23.4

EQUITY (Details-Issued Capital) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Authorized:
10,000,000 preferred shares, no par value
200,000,000 common shares, no par value
Common shares issued and fully paid:
June 30, 2023: 8,197,897*, (December 31, 2022: 40,948,082) common shares, no par value	$ 62,146	¥ 450,782	¥ 450,782

v3.23.4

EQUITY (Details-Share Capital) ¥ in Thousands, $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 CNY (¥) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 CNY (¥) shares
Equity
Number of shares, Beginning balance		40,948,082	40,948,082	40,948,082	40,948,082
Share capital, Beginning balance		$ 62,146	¥ 450,782	$ 62,146	¥ 450,782
Common shares issued through private placement, in shares
Common shares issued through private placement
Effect of five-to-one share combination	[1]	(32,750,185)	(32,750,185)
Effect of five-to-one share combination, share capital	[1]
Number of shares, Ending balance		8,197,897	8,197,897	40,948,082	40,948,082
Share capital, Ending balance		$ 62,146	¥ 450,782	$ 62,146	¥ 450,782
[1] On April 3, 2023, the Company effected a share combination in which all of the Company's issued and outstanding ordinary shares were combined on a 5-to-1 basis. The basic and diluted earnings/(loss) per ordinary share has been retrospectively adjusted to reflect the impact of the share combination. All outstanding options, warrants and other rights to purchase the Company's common shares were adjusted proportionately as a result of the share combination.

v3.23.4

RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Commercial Transactions with Related Parties) (Details) ¥ in Thousands, $ in Thousands		6 Months Ended
		Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Notes and other explanatory information [abstract]
CHNR's share of office rental, rates and others to Anka Consultants Limited ("Anka")	[1],[2]	$ 30	¥ 218	¥ 217
Feishang Management's share of office rental to Feishang Enterprise	[3],[4]	12	84	84
Shenzhen New Precise Space-Time Technology Co., Limited ("Shenzhen New PST")'s share of office rental to Feishang Enterprise	[3],[5]	$ 6	¥ 45	¥ 15
[1] Anka is jointly owned by Mr. Wong Wah On Edward and Mr. Tam Cheuk Ho, who are officers of the Company. [2] The Company signed a contract with Anka to lease 184 square meters of office premises for two years, from July 1, 2022 to June 30, 2024. The agreement also provides that the Company shares certain costs and expenses in connection with its use of the office, in addition to some of the accounting and secretarial services and day-to-day office administration services provided by Anka. [3] Feishang Enterprise is controlled by Mr. Li Feilie, who is the controlling shareholder of the Company. [4] On October 1, 2021, Feishang Management signed an office-sharing agreement with Feishang Enterprise, which will expire on September 30, 2023. Pursuant to the agreement, Feishang Management shares 40 square meters of office premises for 2 years. [5] Shenzhen New PST signed a contract with Feishang Enterprise to lease 96 square meters of office premises annually. The latest contract is from March 14, 2023 to March 13, 2024.

v3.23.4

RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of group payables with related parties) (Details) ¥ in Thousands, $ in Thousands		Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
IfrsStatementLineItems [Line Items]
Payable to related companies		$ 843	¥ 6,117	¥ 3,408
Payable to the Shareholder:		25,375	184,054	7,153
Lease liabilities to related parties		100	725	1,022
Feishang Enterprise [Member]
IfrsStatementLineItems [Line Items]
Payable to related companies	[1],[2]	312	2,262	495
Guizhou Feishang Energy Co [Member]
IfrsStatementLineItems [Line Items]
Payable to related companies	[1],[3]	110	800
Anka Capital Limited [Member]
IfrsStatementLineItems [Line Items]
Payable to related companies	[4]	421	3,055	2,913
Lease liabilities to related parties	[4]	100	725	1,022
Feishang Group [Member]
IfrsStatementLineItems [Line Items]
Payable to the Shareholder:	[1],[5]	987	7,153	7,153
Feishang Group One [Member]
IfrsStatementLineItems [Line Items]
Payable to the Shareholder:	[1],[6]	$ 24,388	¥ 176,901
[1] Feishang Enterprise, Feishang Group and Guizhou Feishang are controlled by Mr. Li Feilie, who is the controlling shareholder of the Company. [2] The payable to Feishang Enterprise by Feishang Management represents the net amount of advances from Feishang Enterprise. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. [3] The payable to Guizhou Feishang represents the net amount of advances from Guizhou Feishang. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. [4] Anka Capital and Anka are each jointly owned by Wong Wah On Edward and Tam Cheuk Ho, who are officers of the Company. [5] The payable to Feishang Group represents the net amount of advances from Feishang Group. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. [6] The payable to Feishang Group represents the net amount of acquisition of mining rights in Zimbabwe. For more details, please refer to Note 20 (b).

v3.23.4

RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of compensation of key management personnel of group) (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 CNY (¥)
Notes and other explanatory information [abstract]
Wages, salaries and allowances	$ 79	¥ 575	¥ 618
Housing subsidies	1	7	11
Contribution to pension plans	4	28	43
Total Compensation of key management personnel	$ 84	¥ 610	¥ 672

v3.23.4

RELATED PARTY BALANCES AND TRANSACTIONS (Details Narrative) - Sale And Purchase Agreement [Member] ¥ in Thousands, $ in Thousands	1 Months Ended
	Feb. 27, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Apr. 14, 2023 USD ($)
IfrsStatementLineItems [Line Items]
Diligence Costs	$ 500
Liabilities due to share holders		$ 24,500	¥ 176,901
Other payables		10,500	75,815
Non current assets		$ 35,000	¥ 252,716
Feishang Group [Member]
IfrsStatementLineItems [Line Items]
Promissory note issued				$ 24,500
Top Pacific [Member]
IfrsStatementLineItems [Line Items]
Promissory note issued				$ 10,500

v3.23.4

COMMITMENTS (Details Narrative) - CNY (¥) ¥ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Zimbabwean Lithium Mine [Member]
IfrsStatementLineItems [Line Items]
Capital commitments	¥ 2,432	¥ 0

v3.23.4

SUBSEQUENT EVENTS (Details Narrative) ¥ in Thousands	Jul. 28, 2023 CNY (¥)
Notes and other explanatory information [abstract]
Total consideration	¥ 95,761
Fair value of equity interest	(34,197)
Book value of outstanding payable owed	¥ 129,958
Equity interest	51.00%

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