China Natural Resources has announced the company’s operation results of 2019. The company has announced the consolidated loss or profit of the company for the years of 2017, 2018 and 2019, respectively in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
Chairman of the China Natural Resources, Mr. Wong Wah said, “During 2019, we undertook additional exploration activities and sample analysis at the Moruogu Tong Mine located in the Inner Mongolia Autonomous Region in the People’s Republic of China (the ‘PRC’) and completed the initial draft of the detailed geographical exploration report for submission to government authorities for review and comment. During 2019, we also commenced our copper ore trading activities, which we propose to pursue as market opportunities arise,”
“The outbreak of COVID-19 has severely disrupted our operations. Governmental control measures imposed to contain its spread have impacted our business by restricting the movement of our employees since the beginning of the pandemic in the PRC through mid-March, when we were able to partially re-open,” Mr. Wong Wah further added.
“COVID-19 has also affected our suppliers’ workforces, and as a result we are experiencing a slow resumption of operations and may experience delays or the inability to deliver goods on a timely basis. The market demand for the copper ore that we trade and the metals that we may mine have similarly been negatively impacted by COVID-19 as a result of the sharp decrease in manufacturing and other activity due to the widespread closure of businesses in the PRC and worldwide,” Mr. Wong Wah continued.
“The impact by COVID-19 on the economic conditions and business activities may also affect our ability to explore new businesses opportunities to contribute to revenues and enhance shareholder values,” Mr. Wong Wah concluded.