News

China Natural Resources Releases Interim Results Of Operations

EXHIBIT 15.1

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, October 31, 2019 – 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, 2019 as follows:


CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR

LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)

THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018

(Amounts in thousands, except per share data)




Three Months Ended

June 30,



Six Months Ended

June 30,




2018

2019

2019

2018

2019

2019




CNY



CNY



US$



CNY



CNY



US$




(Unaudited)



(Unaudited)



(Unaudited)



(Unaudited)



(Unaudited)



(Unaudited)



























你懂的网址 Revenue






1,403




204




你懂的网址 —




1,403




你懂的网址 204


你懂的网址 Cost of sales






你懂的网址 (1,377

)



你懂的网址 (201

你懂的网址 )






(1,377

你懂的网址 )



(201

)

GROSS PROFIT






你懂的网址 26




你懂的网址 3







26




你懂的网址 3



























你懂的网址 Administrative expenses



你懂的网址 (1,272

你懂的网址 )



(1,295

你懂的网址 )



(188

你懂的网址 )



(3,287

)



(2,933

)



你懂的网址 (427

)

你懂的网址 OPERATING LOSS



你懂的网址 (1,272

你懂的网址 )



(1,269

)



(185

你懂的网址 )



(3,287

)



(2,907

你懂的网址 )



(424

你懂的网址 )


























Finance costs






(19

)



你懂的网址 (3

)



(3

你懂的网址 )



你懂的网址 (41

你懂的网址 )



你懂的网址 (6

)

Interest income



7










你懂的网址 16




你懂的网址 4




你懂的网址 1


你懂的网址 Non-operating expenses, net



你懂的网址 (143

)









(286

)







你懂的网址 LOSS BEFORE INCOME TAX



(1,408

)



(1,288

)



(188

你懂的网址 )



你懂的网址 (3,560

)



你懂的网址 (2,944

)



(429

你懂的网址 )

你懂的网址 Income tax expense



你懂的网址 —







你懂的网址 —







你懂的网址 —




你懂的网址 —



























LOSS FOR THE PERIOD



你懂的网址 (1,408

)



(1,288

)



(188

你懂的网址 )



(3,560

)



你懂的网址 (2,944

)



(429

你懂的网址 )


























你懂的网址 Other comprehensive loss:


















































Other comprehensive loss that may be reclassified to profit or loss in subsequent periods:

























Exchange differences on translation of foreign operations



(101

)



你懂的网址 (127

)



你懂的网址 (18

你懂的网址 )



(95

)



(33

)



(5

)


























TOTAL OTHER COMPREHENSIVE LOSS



(101

你懂的网址 )



(127

你懂的网址 )



(18

你懂的网址 )



(95

你懂的网址 )



你懂的网址 (33

)



(5

)

你懂的网址 TOTAL COMPREHENSIVE LOSS FOR THE PERIOD, NET OF TAX



你懂的网址 (1,509

)



(1,415

)



你懂的网址 (206

)



你懂的网址 (3,655

)



你懂的网址 (2,977

)



(434

你懂的网址 )


























你懂的网址 LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY:

























你懂的网址 Basic:

























- Net loss per share



(0.06

)



你懂的网址 (0.05

)



(0.01

你懂的网址 )



你懂的网址 (0.14

)



你懂的网址 (0.12

)



(0.02

)


























你懂的网址 Diluted

























- Net loss per share



你懂的网址 (0.06

)



你懂的网址 (0.05

)



(0.01

你懂的网址 )



你懂的网址 (0.14

你懂的网址 )



(0.12

)



你懂的网址 (0.02

你懂的网址 )






CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2019 (UNAUDITED) AND DECEMBER 31, 2018

你懂的网址 (Amounts in thousands)




December 31,



June 30,



June 30,




2018

2019

2019




CNY



CNY



US$




(Audited)



(Unaudited)



(Unaudited)


ASSETS










NON-CURRENT ASSETS










Property, plant and equipment


你懂的网址 275



244



你懂的网址 36


你懂的网址 Right-of-use Assets






1,192




174















你懂的网址 TOTAL NON-CURRENT ASSETS



275




你懂的网址 1,436




你懂的网址 210















CURRENT ASSETS













Trade receivables



你懂的网址 —




297




43


你懂的网址 Prepayments



39




你懂的网址 57




你懂的网址 8


Other receivables



636




你懂的网址 647




94


你懂的网址 Cash and cash equivalents



你懂的网址 6,793




4,386




639















TOTAL CURRENT ASSETS



你懂的网址 7,468




5,387




784















你懂的网址 TOTAL ASSETS



你懂的网址 7,743




你懂的网址 6,823




994















LIABILITIES AND EQUITY


























CURRENT LIABILITIES













你懂的网址 Trade payables



100




366




你懂的网址 53


Other payables and accrued liabilities



1,639




1,418




207


Taxes payable



16,788




16,788




你懂的网址 2,445


Lease liabilities



你懂的网址 —




你懂的网址 1,265




184


你懂的网址 Due to a related company



4,041




你懂的网址 4,747




你懂的网址 691


你懂的网址 Due to the Shareholder



你懂的网址 6,973




6,977




1,016















你懂的网址 TOTAL CURRENT LIABILITIES



29,541




你懂的网址 31,561




4,596















NON-CURRENT LIABILITIES













你懂的网址 Lease liabilities






你懂的网址 37




你懂的网址 5















TOTAL NON-CURRENT LIABILITIES






37




你懂的网址 5















TOTAL LIABILITIES



你懂的网址 29,541




31,598




你懂的网址 4,601















DEFICIENCY IN ASSETS













Issued capital



你懂的网址 312,081




你懂的网址 312,081




你懂的网址 45,448


你懂的网址 Reserves



(333,879

你懂的网址 )



(336,856

)



(49,055

)














TOTAL DEFICIENCY IN ASSETS



(21,798

)



你懂的网址 (24,775

你懂的网址 )



(3,607

你懂的网址 )














TOTAL LIABILITIES AND EQUITY



你懂的网址 7,743




6,823




994








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$1.00 = CNY6.8668 as quoted by www.ofx.com as of June 30, 2019, except as disclosed otherwise. No representation is made that the CNY amounts could have been, or could be, converted into US$ at that rate, or at all.


你懂的网址 The condensed consolidated statements of profit or loss and other comprehensive income for the three and six months ended June 30, 2019 (unaudited) and the condensed consolidated statements of financial position as of June 30, 2019 (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, 2019 and 2018, as furnished to the Securities and Exchange Commission on October 31, 2019 under cover of Form 6-K. The results of operations for the six months ended June 30, 2019 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2019.


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你懂的网址 Autonomous Region of the People’s Republic of China (“PRC”).  During 2019, we undertook additional exploration activities and sample analysis at the Mine and completed the first draft of a detailed geological exploration report of Bayannaoer Mining.  During 2019, we also commenced our copper ore trading activities which we propose to pursue as market opportunities arise.  In addition, we continue to explore new business opportunities to contribute to revenues and enhance shareholder values."


About China Natural Resources, Inc.:


China Natural Resources, Inc., a British Virgin Islands corporation, through its operating subsidiaries in the PRC, is currently engaged in (a) the acquisition and exploitation of mining rights in Inner Mongolia, including exploring for lead, silver and other nonferrous metals; and (b) copper ore trading in the PRC.


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 the Company, its directors or its officers with respect to our 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, 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 our intent, belief and current expectations as to business operations and operating results, uncertainties regarding the governmental, economic and political circumstances in the People’s Republic of China, uncertainties associated with metal price volatility; uncertainties related to our ability to fund operations; uncertainties associated with our reliance on third-party contractors, uncertainties related to possible future increases in operating expenses, including costs of labor and materials, and other risks detailed from time to time in our filings with the SEC, including without limitation the information set forth contained in our Annual Reports 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.