News

China Natural Resources Releases Interim Results Of Operations


EXHIBIT 99.1

CONTACT

Yue Ming Wai Bonaventure, Chief Financial Officer

011-852-2810-7205 or bonyue@pegaviation.com


FOR IMMEDIATE RELEASE

CHINA NATURAL RESOURCES RELEASES

INTERIM RESULTS OF OPERATIONS


HONG KONG, December 7, 2018 – CHINA NATURAL RESOURCES, INC. (NASDAQ: CHNR), a company based in the People's Republic of China, today released unaudited interim financial information for the three and six months ended June 30, 2018 as follows:


CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR

LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)

THREE AND SIX MONTHS ENDED JUNE 30, 2018 AND 2017

(Amounts in thousands, except per share data)





Three Months Ended

June 30,



Six Months Ended

June 30,




2017



2018



2018



2017



2018



2018




CNY



CNY



US$



CNY



CNY



US$




(Unaudited)



(Unaudited)



(Unaudited)



(Unaudited)



(Unaudited)



(Unaudited)




(Restated)









(Restated)








CONTINUING OPERATIONS












































Administrative expenses



(1,893

你懂的网址 )



(1,272

)



你懂的网址 (192

)



(2,939

)



(3,287

你懂的网址 )



你懂的网址 (496

)

Other operating expense






你懂的网址 —







你懂的网址 —







你懂的网址 —


你懂的网址 OPERATING LOSS FROM CONTINUING OPERATIONS



(1,893

)



(1,272

)



你懂的网址 (192

你懂的网址 )



(2,939

你懂的网址 )



(3,287

)



(496

)


























Finance costs



你懂的网址 (1

你懂的网址 )



你懂的网址 —







(1

)



你懂的网址 (3

)




你懂的网址 Interest income



9




7




你懂的网址 1




19




16




2


你懂的网址 Non-operating expenses, net






你懂的网址 (143

你懂的网址 )



你懂的网址 (22

你懂的网址 )



你懂的网址 —




(286

你懂的网址 )



你懂的网址 (43

)

你懂的网址 LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS



你懂的网址 (1,885

)



(1,408

你懂的网址 )



(213

)



(2,921

)



(3,560

)



(537

)

Income tax expense









你懂的网址 —










你懂的网址 —


你懂的网址 LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS



(1,885

你懂的网址 )



你懂的网址 (1,408

)



(213

)



(2,921

你懂的网址 )



(3,560

)



(537

)


























DISCONTINUED OPERATIONS


















































(Loss)/profit for the period from discontinued operations



你懂的网址 (1,344

你懂的网址 )



你懂的网址 —




你懂的网址 —




7,679




你懂的网址 —




你懂的网址 —


你懂的网址 (LOSS)/PROFIT FOR THE PERIOD



你懂的网址 (3,229

)



你懂的网址 (1,408

)



(213

你懂的网址 )



4,758




你懂的网址 (3,560

)



(537

你懂的网址 )


























你懂的网址 Other comprehensive loss:

























Items to be classified to profit or loss in subsequent period:

























你懂的网址 Foreign currency translation adjustments



你懂的网址 (571

你懂的网址 )



你懂的网址 (101

)



你懂的网址 (15

你懂的网址 )



你懂的网址 (745

)



(95

)



你懂的网址 (14

)

TOTAL OTHER COMPREHENSIVE LOSS



(571

你懂的网址 )



(101

你懂的网址 )



(15

)



(745

)



你懂的网址 (95

)



(14

你懂的网址 )

你懂的网址 TOTAL COMPREHENSIVE (LOSS)/ INCOME FOR THE PERIOD, NET OF TAX



你懂的网址 (3,800

)



你懂的网址 (1,509

)



你懂的网址 (228

)



你懂的网址 4,013




(3,655

你懂的网址 )



你懂的网址 (551

)

BASIC AND DILUTED (LOSS)/EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY (PRESENTED IN CNY PER SHARE):

























你懂的网址 For (loss)/profit for the period



(0.13

你懂的网址 )



你懂的网址 (0.06

)



(0.01

)



0.19




你懂的网址 (0.14

)



你懂的网址 (0.02

)

For loss from continuing operations



(0.08

你懂的网址 )



(0.06

)



(0.01

你懂的网址 )



(0.12

)



(0.14

)



(0.02

)





CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2018 (UNAUDITED) AND DECEMBER 31, 2017

(Amounts in thousands)




December 31,



June 30,



June 30,




2017



2018



2018




CNY



CNY



US$




(Audited)



(Unaudited)



(Unaudited)


ASSETS










NON-CURRENT ASSETS










Property, plant and equipment



你懂的网址 337




你懂的网址 303




你懂的网址 46















你懂的网址 TOTAL NON-CURRENT ASSETS



337




你懂的网址 303




你懂的网址 46















CURRENT ASSETS













Prepayments



39




你懂的网址 87




你懂的网址 13


你懂的网址 Other receivables



你懂的网址 10,494




你懂的网址 756




112


你懂的网址 Cash and cash equivalents



18,878




7,481




你懂的网址 1,130















你懂的网址 TOTAL CURRENT ASSETS



你懂的网址 29,411




8,324




1,255















你懂的网址 TOTAL ASSETS



你懂的网址 29,748




8,627




1,301















LIABILITIES AND EQUITY


























CURRENT LIABILITIES













Trade and other payables and accrued liabilities



你懂的网址 3,141




1,486




你懂的网址 224


你懂的网址 Taxes payable



16,792




17,078




2,579


你懂的网址 Due to related companies



你懂的网址 13,747




你懂的网址 2,525




你懂的网址 381


Due to the Shareholder



你懂的网址 11,573




你懂的网址 6,698




1,011















你懂的网址 TOTAL CURRENT LIABILITIES



45,253




27,787




4,195















NON-CURRENT LIABILITIES


























TOTAL NON-CURRENT LIABILITIES






你懂的网址 —




你懂的网址 —















TOTAL LIABILITIES



45,253




你懂的网址 27,787




4,195















你懂的网址 EQUITY













Issued capital



你懂的网址 312,081




你懂的网址 312,081




你懂的网址 47,124


你懂的网址 Reserves



(327,586

你懂的网址 )



(331,241

)



(50,018

)














TOTAL EQUITY



(15,505

你懂的网址 )



你懂的网址 (19,160

)



(2,894

你懂的网址 )














TOTAL LIABILITIES AND EQUITY



29,748




8,627




你懂的网址 1,301








你懂的网址 For the convenience of the reader, amounts in Renminbi, the Chinese currency ("CNY"), have been translated into United States dollars ("US$") at the applicable rate of US$1.00 = CNY6.6225 as quoted by www.ofx.com as of June 30, 2018, except as disclosed otherwise. No representation is made that the CNY amounts could have been, or could be, converted into US$ at that rate, or at all.


The condensed consolidated statements of profit or loss and other comprehensive income for the three and six months ended June 30, 2018 (unaudited) and the condensed consolidated statements of financial position as of June 30, 2018 (unaudited) are derived from, and should be read in conjunction with, the Company's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2018 and 2017, as furnished to the Securities and Exchange Commission on December 7, 2018 under cover of Form 6-K. The results of operations for the six months ended June 30, 2018 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2018.


你懂的网址 The disposal of Double Grow International Limited (“Double Grow”) was completed on December 29, 2017 and Double Grow was classified as a discontinued operation. Accordingly, the results of Double Grow were separately reported as a "discontinued operation" in the condensed consolidated statement of profit or loss for the period ended June 30, 2017. The comparative amounts reported in the condensed consolidated statements of profit or loss and related notes have been revised accordingly to reflect the reclassification between continuing operations and the discontinued operations. As a result of the disposal of Double Grow, the relevant line items in the condensed consolidated statements of profit or loss for the three months and six months ended June 30, 2017 have been restated.


Mr. Edward Wong, the Company's Chairman and CEO, commented: "In November 2017, we acquired all of the outstanding equity interests in Bayannaoer City Feishang Mining Company Limited (“Bayannaoer Mining”), which owns the right to explore for minerals at Moruogu Tong Mine located in the Inner Mongolia Autonomous Region of the PRC. In 2018, Bayannaoer Mining completed testing at 15 drill holes covering a total of 5,578 metres, which has led to an increased lead resource estimate at the mine.  The presence of copper mineralization or copper bodies was also detected in four of the drill holes.  In addition, we continue to explore new business opportunities to contribute to revenues and enhance shareholder values."


你懂的网址 About China Natural Resources, Inc.:


China Natural Resources, Inc., a British Virgin Islands corporation, through its operating subsidiaries in the People’s Republic of China, is currently engaged in the acquisition and exploitation of mining rights in Inner Mongolia, including exploring for lead, silver and other nonferrous metals.


你懂的网址 Forward-Looking Statements:


This press release includes forward-looking statements within the meaning of federal securities laws. These statements include, without limitation, statements regarding the intent, belief and current expectations of management with respect to the Company's policies regarding investments, dispositions, financings, conflicts of interest and other matters; and trends affecting the Company's financial condition or results of operations. Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, many of which are outside of our control, and actual results may differ materially from those in the forward-looking statement. Among the risks and uncertainties that could cause our actual results to differ from our forward-looking statements are: uncertainties relating to our business operations and operating results; uncertainties related to the governmental, economic and political environment in the People’s Republic of China; uncertainties associated with metal price volatility; uncertainties related to our ability to fund operations; uncertainties associated with the Company’s reliance on third-party contractors; and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including without limitation the information set forth in our Annual Report on Form 20-F under the heading "Risk Factors." While management believes that its assumptions forming the bases for forward-looking statements are reasonable, assumed facts or bases generally vary from actual results, and there can be no assurance that the expectations or beliefs expressed in forward-looking statements will be achieved or accomplished.