Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document And Entity Information | |
Entity Registrant Name | CHINA NATURAL RESOURCES INC |
Entity Central Index Key | 793,628 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
Trading Symbol | CHNR |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity a Well-known Seasoned Issuer | No |
Entity a Voluntary Filer | No |
Entity's Reporting Status Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 24,910,916 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,017 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ¥ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
NON-CURRENT ASSETS | |||
Property, plant and equipment | ¥ | ¥ 337 | ¥ 54,523 | |
Rehabilitation fund | ¥ | 3,972 | ||
Prepayments | ¥ | 56 | ||
TOTAL NON-CURRENT ASSETS | ¥ | 337 | 58,551 | |
CURRENT ASSETS | |||
Inventories | ¥ | 10,557 | ||
Prepayments | ¥ | 39 | 330 | |
Other receivables | ¥ | 10,494 | 6,127 | |
Cash and cash equivalents | ¥ | 18,878 | 19,228 | |
TOTAL CURRENT ASSETS | ¥ | 29,411 | 36,242 | |
TOTAL ASSETS | ¥ | 29,748 | 94,793 | |
CURRENT LIABILITIES | |||
Trade payables | ¥ | 215 | 2,736 | |
Other payables and accrued liabilities | ¥ | 2,926 | 17,361 | |
Taxes payable | ¥ | 16,792 | 22,627 | |
Due to related companies | ¥ | 13,747 | 21,007 | |
Due to the Shareholder | ¥ | 11,573 | 12,565 | |
TOTAL CURRENT LIABILITIES | ¥ | 45,253 | 76,296 | |
NON-CURRENT LIABILITIES | |||
Asset retirement obligations | ¥ | 5,302 | ||
TOTAL NON-CURRENT LIABILITIES | ¥ | 5,302 | ||
TOTAL LIABILITIES | ¥ | 45,253 | 81,598 | |
EQUITY / (DEFICIENCY IN ASSETS) | |||
Issued capital | ¥ | 312,081 | 312,081 | |
Other capital reserves | ¥ | 692,518 | 692,518 | |
Reserves | ¥ | 63,180 | ||
Accumulated losses | ¥ | (1,016,463) | (1,049,647) | |
Other comprehensive income | ¥ | (3,641) | (4,937) | |
TOTAL EQUITY / (DEFICIENCY IN ASSETS) | ¥ | (15,505) | 13,195 | |
TOTAL LIABILITIES AND EQUITY | ¥ | ¥ 29,748 | ¥ 94,793 | |
USD [Member] | |||
NON-CURRENT ASSETS | |||
Property, plant and equipment | $ | $ 52 | ||
Rehabilitation fund | $ | |||
Prepayments | $ | |||
TOTAL NON-CURRENT ASSETS | $ | 52 | ||
CURRENT ASSETS | |||
Inventories | $ | |||
Prepayments | $ | 6 | ||
Other receivables | $ | 1,613 | ||
Cash and cash equivalents | $ | 2,901 | ||
TOTAL CURRENT ASSETS | $ | 4,520 | ||
TOTAL ASSETS | $ | 4,572 | ||
CURRENT LIABILITIES | |||
Trade payables | $ | 33 | ||
Other payables and accrued liabilities | $ | 450 | ||
Taxes payable | $ | 2,581 | ||
Due to related companies | $ | 2,113 | ||
Due to the Shareholder | $ | 1,779 | ||
TOTAL CURRENT LIABILITIES | $ | 6,956 | ||
NON-CURRENT LIABILITIES | |||
Asset retirement obligations | $ | |||
TOTAL NON-CURRENT LIABILITIES | $ | |||
TOTAL LIABILITIES | $ | 6,956 | ||
EQUITY / (DEFICIENCY IN ASSETS) | |||
Issued capital | $ | 47,963 | ||
Other capital reserves | $ | 106,432 | ||
Reserves | $ | |||
Accumulated losses | $ | (156,219) | ||
Other comprehensive income | $ | (560) | ||
TOTAL EQUITY / (DEFICIENCY IN ASSETS) | $ | (2,384) | ||
TOTAL LIABILITIES AND EQUITY | $ | $ 4,572 |
CONSOLIDATED STATEMENTS OF PROF
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2017CNY (¥)¥ / shares | Dec. 31, 2016CNY (¥)¥ / shares | Dec. 31, 2015CNY (¥)¥ / shares | |
CONTINUING OPERATIONS | ||||
Administrative expenses | ¥ | ¥ (6,204) | ¥ (4,519) | ¥ (3,577) | |
OPERATING LOSS | ¥ | (6,204) | (4,519) | (3,577) | |
Finance costs | ¥ | (14) | (1) | (2) | |
Foreign exchange difference, net | ¥ | (354) | |||
Interest income | ¥ | 39 | 75 | 164 | |
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | ¥ | (6,179) | (4,445) | (3,769) | |
INCOME TAX EXPENSE | ¥ | (1,504) | |||
LOSS FOR THE YEAR FROM CONTINUING OPERATIONS | ¥ | (6,179) | (4,445) | (5,273) | |
DISCONTINUED OPERATIONS | ||||
Loss for the year from discontinued operations, net of tax | ¥ | (23,817) | (18,591) | (36,176) | |
LOSS FOR THE YEAR | ¥ | (29,996) | (23,036) | (41,449) | |
ATTRIBUTABLE TO: Owners of the Company | ||||
From continuing operations | ¥ | (6,179) | (4,445) | (5,273) | |
From discontinued operations | ¥ | (23,817) | (18,591) | (36,176) | |
ATTRIBUTABLE TO: Owners of the Company | ¥ | (29,996) | (23,036) | (41,449) | |
ATTRIBUTABLE TO: Non-controlling interests | ||||
From continuing operations | ¥ | ||||
From discontinued operations | ¥ | ||||
ATTRIBUTABLE TO: Non-controlling interests | ¥ | ||||
LOSS FOR THE YEAR | ¥ | ¥ (29,996) | ¥ (23,036) | ¥ (41,449) | |
LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY: Basic | ||||
- For loss from continuing operations | ¥ / shares | ¥ (0.25) | ¥ (0.18) | ¥ (0.21) | |
- For loss from discontinued operations | ¥ / shares | (0.95) | (0.74) | (1.45) | |
- Net loss per share | ¥ / shares | (1.20) | (0.92) | (1.66) | |
LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY: Diluted | ||||
- For loss from continuing operations | ¥ / shares | (0.25) | (0.18) | (0.21) | |
- For loss from discontinued operations | ¥ / shares | (0.95) | (0.74) | (1.45) | |
- Net loss per share | ¥ / shares | ¥ (1.20) | ¥ (0.92) | ¥ (1.66) | |
USD [Member] | ||||
CONTINUING OPERATIONS | ||||
Administrative expenses | $ | $ (953) | |||
OPERATING LOSS | $ | (953) | |||
Finance costs | $ | (2) | |||
Foreign exchange difference, net | $ | ||||
Interest income | $ | 6 | |||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | (949) | |||
INCOME TAX EXPENSE | $ | ||||
LOSS FOR THE YEAR FROM CONTINUING OPERATIONS | $ | (949) | |||
DISCONTINUED OPERATIONS | ||||
Loss for the year from discontinued operations, net of tax | $ | (3,660) | |||
LOSS FOR THE YEAR | $ | (4,609) | |||
ATTRIBUTABLE TO: Owners of the Company | ||||
From continuing operations | $ | (949) | |||
From discontinued operations | $ | (3,660) | |||
ATTRIBUTABLE TO: Owners of the Company | $ | (4,609) | |||
ATTRIBUTABLE TO: Non-controlling interests | ||||
From continuing operations | $ | ||||
From discontinued operations | $ | ||||
ATTRIBUTABLE TO: Non-controlling interests | $ | ||||
LOSS FOR THE YEAR | $ | $ (4,609) | |||
LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY: Basic | ||||
- For loss from continuing operations | $ / shares | $ (0.04) | |||
- For loss from discontinued operations | $ / shares | (0.15) | |||
- Net loss per share | $ / shares | (0.19) | |||
LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY: Diluted | ||||
- For loss from continuing operations | $ / shares | (0.04) | |||
- For loss from discontinued operations | $ / shares | (0.15) | |||
- Net loss per share | $ / shares | $ (0.19) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
ForeignCurrencyLineItems [Line Items] | ||||
LOSS FOR THE YEAR | ¥ | ¥ (29,996) | ¥ (23,036) | ¥ (41,449) | |
Other comprehensive income to be reclassified to profit or loss in subsequent periods: | ||||
Reclassification adjustments for a foreign operation disposed during the year | ¥ | 3,280 | |||
Foreign currency translation adjustments | ¥ | (1,984) | (834) | 410 | |
Total other comprehensive income for the year, net of tax | ¥ | 1,296 | (834) | 410 | |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | ¥ | (28,700) | (23,870) | (41,039) | |
Attributable to: Owners of the Company | ||||
From continuing operations | ¥ | (5,758) | (4,445) | (5,273) | |
From discontinued operations | ¥ | (22,942) | (19,425) | (35,766) | |
Attributable to: Owners of the Company | ¥ | (28,700) | (23,870) | (41,039) | |
ATTRIBUTABLE TO: Non-controlling interests | ||||
From continuing operations | ¥ | ||||
From discontinued operations | ¥ | ||||
Non-controlling interests | ¥ | ||||
TOTAL COMPREHENSIVE IMCOME FOR THE YEAR | ¥ | ¥ (28,700) | ¥ (23,870) | ¥ (41,039) | |
USD [Member] | ||||
ForeignCurrencyLineItems [Line Items] | ||||
LOSS FOR THE YEAR | $ | $ (4,609) | |||
Other comprehensive income to be reclassified to profit or loss in subsequent periods: | ||||
Reclassification adjustments for a foreign operation disposed during the year | $ | 504 | |||
Foreign currency translation adjustments | $ | (305) | |||
Total other comprehensive income for the year, net of tax | $ | 199 | |||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | $ | (4,410) | |||
Attributable to: Owners of the Company | ||||
From continuing operations | $ | (884) | |||
From discontinued operations | $ | (3,526) | |||
Attributable to: Owners of the Company | $ | (4,410) | |||
ATTRIBUTABLE TO: Non-controlling interests | ||||
From continuing operations | $ | ||||
From discontinued operations | $ | ||||
Non-controlling interests | $ | ||||
TOTAL COMPREHENSIVE IMCOME FOR THE YEAR | $ | $ (4,410) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ¥ in Thousands, $ in Thousands | Attributable to owners of the Company Issued Capital (Note 19) [Member]CNY (¥) | Attributable to owners of the Company Issued Capital (Note 19) [Member]USD [Member]USD ($) | Attributable to owners of the Company Other Capital Reserves [Member]CNY (¥) | Attributable to owners of the Company Other Capital Reserves [Member]USD [Member]USD ($) | Attributable to owners of the Company Reserves [Member]CNY (¥) | Attributable to owners of the Company Reserves [Member]USD [Member]USD ($) | Attributable to owners of the Company Accumulated losses [Member]CNY (¥) | Attributable to owners of the Company Accumulated losses [Member]USD [Member]USD ($) | Attributable to owners of the Company Other Comprehensive Income [Member]CNY (¥) | Attributable to owners of the Company Other Comprehensive Income [Member]USD [Member]USD ($) | Attributable to owners of the Company Total [Member]CNY (¥) | Attributable to owners of the Company Total [Member]USD [Member]USD ($) | Non-controlling interests [Member]CNY (¥) | Non-controlling interests [Member]USD [Member]USD ($) | CNY (¥) | USD [Member]USD ($) |
Beginning Balance at Dec. 31, 2014 | ¥ 312,081 | ¥ 636,960 | ¥ 58,797 | ¥ (980,085) | ¥ (4,513) | ¥ 23,240 | ¥ 23,240 | |||||||||
Loss for the year | (41,449) | (41,449) | (41,449) | |||||||||||||
Change in fair value of available-for-sale investments, net of tax | 631 | 631 | 631 | |||||||||||||
Reclassification adjustments for gains on disposal included in the consolidated statement of profit or loss | (631) | (631) | (631) | |||||||||||||
Total other comprehensive income for the year, net of tax | 410 | 410 | 410 | |||||||||||||
Total comprehensive income | (41,449) | 410 | (41,039) | (41,039) | ||||||||||||
Appropriation and utilization of safety fund and production maintenance fund, net | 5,436 | (5,436) | ||||||||||||||
Ending Balance at Dec. 31, 2015 | 312,081 | 636,960 | 64,233 | (1,026,970) | (4,103) | (17,799) | (17,799) | |||||||||
Loss for the year | (23,036) | (23,036) | (23,036) | |||||||||||||
Total other comprehensive income for the year, net of tax | (834) | (834) | (834) | |||||||||||||
Total comprehensive income | (23,036) | (834) | (23,870) | (23,870) | ||||||||||||
Adjustment in relation to acquisition of Double Grow | (694) | (694) | (694) | |||||||||||||
Deemed contribution from a related party (Note 5 and Note 19(b)) | 55,558 | 55,558 | 55,558 | |||||||||||||
Appropriation and utilization of safety fund, net | (359) | 359 | ||||||||||||||
Ending Balance at Dec. 31, 2016 | 312,081 | 692,518 | 63,180 | (1,049,647) | (4,937) | 13,195 | 13,195 | |||||||||
Loss for the year | (29,996) | (29,996) | (29,996) | |||||||||||||
Total other comprehensive income for the year, net of tax | 1,296 | 1,296 | 1,296 | $ 199 | ||||||||||||
Total comprehensive income | (29,996) | 1,296 | (28,700) | (28,700) | (4,410) | |||||||||||
Disposal of the discontinued operations | (63,180) | 63,180 | ||||||||||||||
Ending Balance at Dec. 31, 2017 | ¥ 312,081 | $ 47,963 | ¥ 692,518 | $ 106,432 | ¥ (1,016,463) | $ (156,219) | ¥ (3,641) | $ (560) | ¥ (15,505) | $ (2,384) | ¥ (15,505) | $ (2,384) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
OPERATING ACTIVITIES | ||||
Loss for the year: From continuing operations | ¥ | ¥ (6,179) | ¥ (4,445) | ¥ (5,273) | |
Loss for the year: From discontinued operations | ¥ | (23,817) | (18,591) | (36,176) | |
Adjustments for: | ||||
Depreciation and amortization | ¥ | 1,748 | 2,655 | 2,472 | |
Provision for impairment of property, plant and equipment | ¥ | 7,542 | |||
Gain on disposal of property, plant and equipment | ¥ | (45) | (1) | (2) | |
Reversal of write-down of inventories to net realizable value, net | ¥ | (1,744) | (5,474) | ||
Accretion expenses | ¥ | 60 | 311 | 433 | |
Decrease in deferred income | ¥ | (287) | (263) | ||
Investment income realized from the available-for-sale investments | ¥ | (631) | |||
Loss on disposal of discontinued operations | ¥ | 15,571 | |||
Changes in working capital: | ||||
Rehabilitation fund | ¥ | (11) | (15) | (107) | |
Inventories | ¥ | (746) | (1,452) | 11,624 | |
Prepayments | ¥ | (354) | (144) | 59 | |
Other receivables | ¥ | (10,376) | (1,401) | (1,029) | |
Trade payables | ¥ | (1,426) | (65) | (434) | |
Other payables and accrued liabilities | ¥ | 10,727 | (3,088) | 3,934 | |
Taxes payable | ¥ | 102 | (2) | 1,756 | |
Net cash flows used in operating activities | ¥ | (14,746) | (28,269) | (21,569) | |
INVESTING ACTIVITIES | ||||
Proceeds from disposal of subsidiaries | ¥ | 7,983 | |||
Proceeds from disposal of the available-for-sale investments | ¥ | 124,640 | |||
Net cash flows from acquisition of subsidiaries, net (Note 5) | ¥ | (86) | 8,964 | ||
Purchases of property, plant and equipment | ¥ | (5,029) | (4,946) | (10,625) | |
Net proceeds from disposal of property, plant and equipment | ¥ | 10 | 45 | ||
Purchase of available-for-sale investments | ¥ | (124,009) | |||
Receipt of government grants | ¥ | 550 | |||
Net cash flows (used in)/from investing activities | ¥ | 2,868 | (4,936) | (435) | |
FINANCING ACTIVITIES | ||||
Repayments to the Shareholder | ¥ | (33,209) | |||
Advances from the Shareholder | ¥ | 31,786 | |||
Repayments to related companies | ¥ | (2,385) | (2,020) | (51,930) | |
Advances from related companies | ¥ | 15,015 | 7,601 | 65,722 | |
Net cash flows from financing activities | ¥ | 12,630 | 5,581 | 12,369 | |
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | ¥ | 752 | (27,624) | (9,635) | |
NET FOREIGN EXCHANGE DIFFERENCE | ¥ | (1,102) | 1,545 | 6,679 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | ¥ | 19,228 | 45,307 | 48,263 | |
CASH AND CASH EQUIVALENTS AT END OF YEAR | ¥ | 18,878 | 19,228 | 45,307 | |
Supplementary disclosures of cash flows information: | ||||
Cash receipt of government grants | ¥ | 52 | 660 | ||
Cash receipt of interest | ¥ | ¥ 48 | ¥ 194 | ¥ 425 | |
USD [Member] | ||||
OPERATING ACTIVITIES | ||||
Loss for the year: From continuing operations | $ | $ (949) | |||
Loss for the year: From discontinued operations | $ | (3,660) | |||
Adjustments for: | ||||
Depreciation and amortization | $ | 269 | |||
Provision for impairment of property, plant and equipment | $ | ||||
Gain on disposal of property, plant and equipment | $ | (7) | |||
Reversal of write-down of inventories to net realizable value, net | $ | ||||
Accretion expenses | $ | 9 | |||
Decrease in deferred income | $ | ||||
Investment income realized from the available-for-sale investments | $ | ||||
Loss on disposal of discontinued operations | $ | 2,393 | |||
Changes in working capital: | ||||
Rehabilitation fund | $ | (2) | |||
Inventories | $ | (115) | |||
Prepayments | $ | (54) | |||
Other receivables | $ | (1,595) | |||
Trade payables | $ | (221) | |||
Other payables and accrued liabilities | $ | 1,649 | |||
Taxes payable | $ | 16 | |||
Net cash flows used in operating activities | $ | (2,267) | |||
INVESTING ACTIVITIES | ||||
Proceeds from disposal of subsidiaries | $ | 1,227 | |||
Proceeds from disposal of the available-for-sale investments | $ | ||||
Net cash flows from acquisition of subsidiaries, net (Note 5) | $ | (13) | |||
Purchases of property, plant and equipment | $ | (773) | |||
Net proceeds from disposal of property, plant and equipment | $ | ||||
Purchase of available-for-sale investments | $ | ||||
Receipt of government grants | $ | ||||
Net cash flows (used in)/from investing activities | $ | 441 | |||
FINANCING ACTIVITIES | ||||
Repayments to the Shareholder | $ | ||||
Advances from the Shareholder | $ | ||||
Repayments to related companies | $ | (367) | |||
Advances from related companies | $ | 2,308 | |||
Net cash flows from financing activities | $ | 1,941 | |||
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | $ | 115 | |||
NET FOREIGN EXCHANGE DIFFERENCE | $ | (169) | |||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | $ | 2,955 | |||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | 2,901 | |||
Supplementary disclosures of cash flows information: | ||||
Cash receipt of government grants | $ | ||||
Cash receipt of interest | $ | $ 7 |
ORGANIZATION AND PRINCIPAL ACTI
ORGANIZATION AND PRINCIPAL ACTIVITIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of organization and principal activities [Abstract] | |
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 does not conduct any substantive operations on its own and conducts its primary business operations through its subsidiaries (collectively the Group). A list of the Company's subsidiaries is included in Note 18. CHNR's principal shareholder is Feishang Group Limited (Feishang Group or the Shareholder), a British Virgin Islands corporation. Mr. Li Feilie is the beneficial owner of Feishang Group. In the opinion of the directors of the Company, the ultimate parent of CHNR is Laitan Investment Limited, a British Virgin Islands corporation. The consolidated financial statements of the Group for the year ended December 31, 2017 were authorized for issuance in accordance with a resolution of the directors on April 30, 2018. As at December 31, 2016 and 2017, the Company and its subsidiaries had net current liabilities of CNY40.05 million and net current liabilities of CNY15.84 million (US$2.44 million), respectively, and total assets less current liabilities of positive CNY18.50 million and negative CNY15.51 million (negative US$2.38 million), respectively. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of basis of preparation [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2.1 BASIS OF PREPARATION The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared on a historical cost basis. The consolidated financial statements are presented in Chinese Yuan (“CNY”) and all values are rounded to the nearest thousands, except when otherwise indicated. Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries for the year ended December 31, 2017. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee). When the Company has, directly or indirectly, less than a majority of the voting or similar right of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: (a) the contractual arrangement with the other vote holders of the investee; (b) rights arising from other contractual arrangements; and (c) the Group’s voting rights and potential voting rights. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. All significant intercompany accounts and transactions have been eliminated in full. Profit or loss and each component of other comprehensive income are attributed to owners of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control above. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes (i) the assets (including goodwill) and liabilities of the subsidiary, (ii) the carrying amount of any non-controlling interest and (iii) the cumulative translation differences recorded in equity; and recognizes (i) the fair value of the consideration received, (ii) the fair value of any investment retained and (iii) any resulting surplus or deficit in profit or loss. The Group’s share of components previously recognized in other comprehensive income is reclassified to profit or loss or retained earnings, as appropriate, on the same basis as would be required if the Group had directly disposed of the related assets or liabilities. Going concern As of December 31, 2017 and 2016, the Group had net current liabilities of CNY15.84 million (US$2.44 million) and CNY40.05 million, and shareholder’s deficiency in assets of CNY15.51 million (US$2.38 million) and equity of CNY13.20 million, respectively. In view of these circumstances, the directors have given consideration to the future liquidity and performance of the Group and its available sources of finance in assessing whether the Group will have sufficient financial resources to continue as a going concern. In order to improve the Group’s liquidity and cash flows to sustain the Group as a going concern, the directors of the Company have undertaken certain measures to improve the cash flows of the Group, which include but are not limited to the following: the Group has obtained confirmations for continuous financial support from Feishang Group and Feishang Enterprise Group Co., Ltd. (“Feishang Enterprise”), entities controlled by Mr. Li Feilie, who is the beneficial shareholder of the Company, which has stated that Feishang Group and Feishang Enterprise would provide continuous financial support to the Group in relation to the going concern of its operation, including payments on debts and will not recall any amounts due to them. Accordingly, in the opinion of the directors, it is appropriate for the consolidated financial statements to be prepared on a going concern basis. 2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES The Group has adopted the following revised IFRSs for the first time for the current year's financial statements, which are applicable to the Group. Amendments to IAS 7 Disclosure Initiative Amendments to IAS 12 Recognition of Deferred Tax Assets for Unrealized Losses The nature and the impact of the amendments are described below: (a) Amendments to IAS 7 require an entity to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. Disclosure of the changes in liabilities arising from financing activities is provided in Note 23(b) to the financial statements. (b) Amendments to IAS 12 clarify that an entity, when assessing whether taxable profits will be available against which it can utilize a deductible temporary difference, needs to consider whether tax law restricts the sources of taxable profits against which it may make deductions on the reversal of that deductible temporary difference. Furthermore, the amendments provide guidance on how an entity should determine future taxable profits and explain the circumstances in which taxable profit may include the recovery of some assets for more than their carrying amount. The amendments have had no impact on the financial position or performance of the Group as the Group has no deductible temporary differences or assets that are in the scope of the amendments. 2.3 ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS The Group has not applied the following new and revised IFRSs, that have been issued but are not yet effective, in these financial statements: Amendments to IFRS 2 Classification and Measurement of Share-based Payment Transactions (1) Amendments to IFRS 4 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (1) IFRS 9 Financial Instruments (1) Amendments to IFRS 9 Prepayment Features with Negative Compensation (2) Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (3) IFRS 15 Revenue from Contracts with Customers (1) Amendments to IFRS 15 Clarifications to IFRS 15 Revenue from Contracts with Customers (1) IFRS 16 Leases (2) Amendments to IAS 40 Transfers of Investment Property (1) IFRIC 22 Foreign Currency Transactions and Advance Consideration (1) IFRIC 23 Uncertainty over Income Tax Treatments (2) Annual improvements 2014-2016 Cycle Amendments to IFRS 1 and IAS 28 (1) Annual improvements 2015-2017 Cycle Amendments to IFRS 3, IFRS 11, IAS 12 and IAS 23 (2) 1 Effective for annual periods beginning on or after January 1, 2018 2 Effective for annual periods beginning on or after January 1, 2019 3 No mandatory effective date yet determined but available for adoption Further information about those IFRSs that are expected to be applicable to the Group is described below. In July 2014, the IASB issued the final version of IFRS 9, bringing together all phases of the financial instruments project to replace IAS 39 and all previous versions of IFRS 9. The standard introduces new requirements for classification and measurement, impairment and hedge accounting. The Group will adopt IFRS 9 from January 1, 2018. The Group will not restate comparative information and will recognize any transition adjustments against the opening balance of equity at January 1, 2018. During 2017, the Group has performed a detailed assessment of the impact of the adoption of IFRS 9. The expected impacts relate to the classification and measurement and the impairment requirements and are summarized as follows: (a) Classification and measurement The Group does not expect that the adoption of IFRS 9 will have a significant impact on the classification and measurement of its financial assets. (b) Impairment IFRS 9 requires an impairment on debt instruments recorded at amortized cost or at fair value through other comprehensive income, lease receivables, loan commitments and financial guarantee contracts that are not accounted for at fair value through profit or loss under IFRS 9, to be recorded based on an expected credit loss model either on a twelve-month basis or a lifetime basis. The Group will apply the simplified approach and record lifetime expected losses that are estimated based on the present values of all cash shortfalls over the remaining life of all of its trade receivables. Furthermore, the Group will apply the general approach and record twelve-month expected credit losses that are estimated based on the possible default events on its other receivables within the next twelve months. The Group has determined that, due to the unsecured nature of its trade and other receivables, the provision for impairment will be constant upon the initial adoption of the standard. IFRS 15, issued in May 2014, establishes a new five-step model to account for revenue arising from contracts with customers. Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The principles in IFRS 15 provide a more structured approach for measuring and recognizing revenue. The standard also introduces extensive qualitative and quantitative disclosure requirements, including disaggregation of total revenue, information about performance obligations, changes in contract asset and liability account balances between periods and key judgements and estimates. The standard will supersede all current revenue recognition requirements under IFRSs. In April 2016, the IASB issued amendments to IFRS 15 to address the implementation issues on identifying performance obligations, application guidance on principal versus agent and licenses of intellectual property, and transition. The amendments are also intended to help ensure a more consistent application when entities adopt IFRS 15 and decrease the cost and complexity of applying the standard. The Group will adopt IFRS 15 from January 1, 2018 and plans to adopt the modified retrospective approach. During the year ended December 31, 2017, the Group performed a detailed assessment on the impact of the adoption of IFRS 15. Based on the assessment, the Group expects that there will be no material impacts on its consolidated financial statements upon the adoption of IFRS 15. IFRS 16, issued in January 2016, replaces IAS 17 Leases Determining whether an Arrangement contains a Lease Operating Leases - Incentives Evaluating the Substance of Transactions Involving the Legal Form of a Lease 2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Business combinations The acquisition of subsidiaries and businesses under common control, where applicable, has been accounted for using merger accounting. The financial statements of the combining entities or businesses under common control are prepared for the same reporting period as the Company, using consistent accounting policies. The merger method of accounting involves incorporating the financial statement items of the combining entities or businesses in which the common control combinations occurs as if they had been combined from the date when the combining entities or businesses first came under the control of the controlling shareholder. The net assets of the combining entities or businesses are combined using the existing book values from the controlling shareholder’s perspective. No amount is recognized in respect of goodwill or the excess of the acquirers’ interest in the net fair value of acquirees’ identifiable assets, liabilities and contingent liabilities over the cost of investment at the time of common control combination. The consolidated statement of profit or loss includes the results of each of the combining entities or businesses from the earliest date presented or since the date when the combining entities or businesses first came under common control or since their respective dates of incorporation/establishment, where this is a shorter period, regardless of the date of the common control combination. All intra-group balances, transactions, unrealized gains and losses resulting from intra-group transactions and dividends are eliminated on consolidation. Business combinations, other than business combinations under common control, are accounted for using the acquisition method. The consideration transferred is measured at the acquisition date fair value which is the sum of the acquisition date fair values of assets transferred by the Group, liabilities assumed by the Group to the former owner of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of net assets in the event of liquidation at fair value or at the proportionate share of the acquiree’s identifiable net assets. All other components of non-controlling interests are measured at fair value. Acquisition-related costs are expensed as incurred. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree. If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through the consolidated statement of profit or loss. Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability is measured at fair value with changes in fair value recognized in profit or loss. If the contingent consideration is not within the scope of IAS 39, it is measured in accordance with the appropriate IFRSs. Contingent consideration that is classified as equity is not remeasured and subsequent settlement is accounted for within equity. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling interests and any fair value of the Group’s previously held equity interests in the acquiree over the identifiable net assets acquired and liabilities assumed. If the sum of this consideration and other items is lower than the fair value of the net assets of the subsidiary acquired, the difference is, after reassessment, recognized in the consolidated statement of profit or loss as a gain on bargain purchase. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment test of goodwill as at December 31. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units. Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash-generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit (group of cash-generating units) is less than the carrying amount, an impairment loss is recognized. An impairment loss recognized for goodwill is not reversed in a subsequent period. Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that until is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on the disposal. Goodwill disposed of in these circumstances is measured based on the relative value of the operation disposed of and the portion of the cash-generating unit retained. (b) Related parties A party is considered to be related to the Group if: (1) the party is a person or a close member of that person’s family and that person (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or of a parent of the Group; or (2) the party is an entity where any of the following conditions applies: (i) the entity and the Group are members of the same group; (ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity); (iii) the entity and the Group are joint ventures of the same third party; (iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity; (v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group; (vi) the entity is controlled or jointly controlled by a person identified in (1); (vii) a person identified in (1)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and (viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group. (c) Property, plant and equipment and depreciation Property, plant and equipment comprize buildings, mining structures, mining rights, machinery and equipment, motor vehicles, exploration rights and construction in progress. Exploration rights are capitalized and amortized over the term of the license granted to the Group by the authorities. When proved and probable coal reserves have been determined, costs incurred to develop coal mines are capitalized as part of the cost of the mining structures. Buildings, mining structures, machinery and equipment, and motor vehicles are stated at cost less accumulated depreciation and any impairment losses. Expenditures for routine repairs and maintenance are expensed as incurred. Mining rights are stated at cost less accumulated amortization and any impairment losses. The costs of mining rights are initially capitalized when purchased. If proved and probable reserves are established for a property and it has been determined that a mineral property can be economically developed, costs are capitalized and are amortized upon production based on actual units of production over the estimated proved and probable reserves of the mines. For mining rights in which proved and probable reserves have not yet been established, the Group assesses the carrying value for impairment at the end of each reporting period. The Group’s rights to extract minerals are contractually limited by time. However, the Group believes that it will be able to extend its licenses. Mining related buildings, mining structures and mining related machinery and equipment are stated at cost less accumulated depreciation and any impairment losses. Those mining related assets for which proved and probable reserves have been established are depreciated upon production based on actual units of production over the estimated proved and probable reserves of the mines. Reserve estimates are reviewed when information becomes available that indicates a reserve change is needed, or at a minimum once a year. Any material effect from changes in estimates is considered in the period the change occurs. Depreciation for the following items is calculated on the straight-line basis over each asset’s estimated useful life down to the estimated residual value of each asset. Estimated useful lives are as follows: Non-mining related buildings 8 - 35 years Non-mining related machinery and equipment 3 - 15 years Motor vehicles 4 - 8 years Residual values, useful When properties are retired Construction in progress is carried at cost and is to be depreciated when placed into service over the estimated useful lives or units of production of those assets. Construction costs are capitalized as incurred. Interest is capitalized as incurred during the construction period. (d) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly Level 3 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. (e) Exploration and evaluation costs Exploration and evaluation assets include topographical and geological surveys, exploratory drilling, sampling and trenching and activities in relation to commercial and technical feasibility studies, and expenditure incurred to secure further mineralization in existing bodies and to expand the capacity of a mine. Expenditure incurred prior to acquiring legal rights to explore an area is expensed as incurred. Once the exploration right to explore has been acquired, exploration and evaluation expenditure is charged to the consolidated statement of profit or loss as incurred , unless a future economic benefit is more likely than not to be realized. Exploration and evaluation assets acquired in a business combination are initially recognized at fair value. They are subsequently stated at cost less accumulated impairment. When it can be reasonably ascertained that a mining property is capable of commercial production, exploration and evaluation costs are transferred to tangible or intangible assets according to the nature of the exploration and evaluation assets. If any project is abandoned during the evaluation stage, the total expenditure thereon will be written off. (f) Impairment of non-financial assets Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than inventories, financial assets, etc.), the asset’s recoverable amount is estimated. An impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs. The calculation of fair value less costs of disposal is based on available data from binding sales transactions in arm’s length transactions of similar assets or observable market prices less incremental costs for disposing of the asset or other appropriate valuation techniques. The value in use calculation is based on a discounted cash flow model, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to the consolidated statement of profit or loss in the period in which it arises in those categories consistent with the function of the impaired asset. An assessment is made at the end of each reporting period as to whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortization) had no impairment loss been recognized for the asset in prior years. (g) Financial assets As at December 31, 2017 and 2016, the Group’s financial assets within the scope of IAS 39 are all classified as loans and receivables. All financial assets are recognized initially at fair value plus transaction costs that are attributable to the acquisition of the financial assets. All regular way purchases and sales of financial assets are recognized on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace. Subsequent measurement of loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the reporting date, which are classified as non-current assets. Loans and receivables are included in “prepayments, deposits and other receivables”, “cash and cash equivalents” and “rehabilitation fund” in the consolidated statement of financial position. These assets are subsequently carried at amortized cost using the effective interest method (“EIR”) less any provision for impairment. Gains and losses are recognized in interest income or finance costs in the consolidated statement of profit or loss when the loans and receivables are derecognized as well as through the amortization process. Fair value of loans and receivables As at December 31, 2016, the carrying amounts of the rehabilitation fund are not materially different from their fair values. The carrying values of other financial assets approximated to their fair values due to the short-term maturities of these instruments. Impairment of loans and receivables The Group assesses at the end of each reporting date whether there is objective evidence that the loans and receivables are impaired. The Group first assesses whether impairment exists individually for loans and receivables that are individually significant, or collectively for loans and receivables that are not individually significant. If the Group determines that no objective evidence of impairment exists for an individually assessed loans and receivables, whether significant or not, it includes the asset in a group of loans and receivables with similar credit risk characteristics and collectively assesses them for impairment. Loans and receivables that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective assessment of impairment. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. Any subsequent reversal of an impairment loss is recognized in the consolidated statement of profit or loss, to the extent that the carrying value of the asset does not exceed amortized cost at the reversal date. In relation to trade and other receivables, a provision for impairment is made when there is objective evidence (such as the probability of insolvency or significant financial difficulties of the debtor and significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor) that the Group will not be able to collect all of the amounts due under the original terms of an invoice. Derecognition of loans and receivables For financial assets classified as loans and receivables, the financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: (i) the rights to receive cash flows from the asset have expired; or (ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Group's continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. (h) Financial liabilities at amortized cost Financial liabilities including trade payables, amounts due to related companies and the Shareholder, and other payables and certain accrued liabilities are initially stated at fair value less directly attributable transaction costs and are subsequently measured at amortized cost, using the effective interest rate. The related interest expense is recognized within “finance costs” in the consolidated statement of profit or loss. Gains and losse |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of discontinued operations [Abstract] | |
DISCONTINUED OPERATIONS | 3. DISCONTINUED OPERATIONS On February 24, 2017, Feishang Mining Holdings Limited (“Feishang Mining”), a wholly-owned subsidiary of CHNR, and Wuhu City Feishang Industrial Development Co., Ltd. (“Wuhu Industrial”), as nominee for Feishang Mining (collectively referred to as the “Sellers”), entered into an agreement with Shen Yandi, an unrelated individual (the “Purchaser”), pursuant to which the Sellers sold and the Purchaser purchased, all of the Sellers’ right, title and interest in and to the outstanding capital stock of Wuhu Feishang Mining Development Co. Limited (“Wuhu Feishang”), which had been previously included in the Group’s non-ferrous metals segment, at a cash consideration of CNY1.00 million (US$0.15 million). The disposal was completed on March 3, 2017. On December 29, 2017, CHNR sold all of CHNR’s rights, title and interest in and to the outstanding capital stock (the “Equity Interests”) of Double Grow and its subsidiaries (including Antay Pacha) to Shanghai Kangzheng Investment Management Co., Ltd. (the “Purchaser”), an unrelated third party. The purchase price for the Equity Interests was CNY17.19 million (US$2.64 million) (the “Purchase Price”), including the payment of CNY9.38 million (US$1.44 million) in indebtedness of Double Grow to CHNR, which was recognized in other receivables (Note 9(a)) and cash consideration of CNY7.81 million (US$1.20 million). The disposal was completed on December 29, 2017. Wuhu Feishang and Double Grow were the primary contributor to the Group’s exploration and mining-non-ferrous metals segment and copper smelting segment, respectively, which represented separate major lines of business with separately identifiable operations and cash flows. Accordingly, the results of Wuhu Feishang and Double Grow are classified and separately reported as "discontinued operations" in the consolidated statement of profit or loss for the year ended December 31, 2017. The comparative amounts reported in the consolidated statement of profit or loss and related notes have been revised accordingly to reflect the reclassification between continuing operations and the discontinued operations. In addition, the gain or loss recognized on the disposal of Wuhu Feishang and Double Grow were included in the results of the discontinued operations. With Wuhu Feishang and Double Grow being classified as discontinued operations, the exploration and mining-non-ferrous metals segment and copper smelting segment businesses are no longer included in the note for operating segment information. (a) Discontinued operation of Wuhu Feishang The results of Wuhu Feishang are presented below: 2015 2016 For the period 2017 CNY CNY CNY Revenue 18,342 — — Cost of sales (31,936 ) — — Gross Profit (13,594 ) — — Selling expenses (31 ) (23 ) — Administrative expenses (14,487 ) (6,588 ) (991 ) Losses arising from temporary suspension of production (830 ) (4,073 ) (641 ) Reversal of write-down of inventories to net realizable value 5,474 1,744 — Impairment loss on property, plant and equipment (7,542 ) — — Other operating income 412 393 61 OPERATING LOSS (30,598 ) (8,547 ) (1,571 ) Finance costs (422 ) (258 ) (30 ) Interest income 892 119 9 Non-operating income/(expenses), net (106 ) (2,267 ) 230 LOSS BEFORE INCOME TAX (30,234 ) (10,953 ) (1,362 ) LOSS FOR THE PERIOD FROM WUHU FEISHANG (30,234 ) (10,953 ) (1,362 ) Gain on disposal of Wuhu Feishang — — 12,340 (LOSS)/PROFIT FOR THE PERIOD FROM WUHU FEISHANG (30,234 ) (10,953 ) 10,978 The details of the net assets of Wuhu Feishang as at March 3, 2017 are as follows: March 3, 2017 CNY Net assets disposed of: Property, plant and equipment 7,613 Rehabilitation fund 3,983 Inventories 5,644 Prepayments 73 Other receivables 47 Cash and cash equivalents 18 Trade payables (30 ) Other payables and accrued liabilities (13,303 ) Taxes payable (5,316 ) Due to related companies (5,117 ) Asset retirement obligations (4,952 ) Net assets disposed of: (11,340 ) Gain on disposal of Wuhu Feishang 12,340 Consideration 1,000 Satisfied by: Cash received 1,000 The net cash flows incurred by Wuhu Feishang, excluding the cash consideration received from disposal of Wuhu Feishang are as follows: 2015 2016 For the period from January 1, 2017 to March 3, 2017 CNY CNY CNY Operating activities (42,785 ) (16,632 ) (2,727 ) Investing activities (5,927 ) (81 ) 60 Financing activities 35,711 1,920 1,793 Net cash outflows (13,001 ) (14,793 ) (874 ) An analysis of the cash flows of cash and cash equivalents in respect of the disposal of Wuhu Feishang is as follows: March 3, 2017 CNY Cash consideration received 1,000 Less: Cash and cash equivalents disposed of (18 ) Net cash inflows from the disposal of Wuhu Feishang 982 (b) Discontinued operation of Double Grow The results of Double Grow are presented below: 2015 2016 For the period from January 1, 2017 to December 29, 2017 CNY CNY CNY Administrative expenses (2,099 ) (3,907 ) (5,966 ) Other operating expenses, net (3,836 ) (3,575 ) — OPERATING LOSS (5,935 ) (7,482 ) (5,966 ) Finance costs (20 ) (72 ) (78 ) Non-operating income/(expenses), net 13 (84 ) (840 ) LOSS BEFORE INCOME TAX (5,942 ) (7,638 ) (6,884 ) LOSS FOR THE PERIOD FROM DOUBLE GROW (5,942 ) (7,638 ) (6,884 ) Loss on disposal of Double Grow — — (27,911 ) LOSS FOR THE PERIOD FROM DOUBLE GROW (5,942 ) (7,638 ) (34,795 ) The details of the net assets of Double Grow as at December 29, 2017 are as follows: December 29, 2017 CNY Net assets disposed of: Property, plant and equipment 45,442 Intangible assets 5 Inventories 5,659 Trade and bills receivables 340 Prepayments 572 Other receivables 5,962 Cash and cash equivalents 807 Trade payables (786 ) Other payables and accrued liabilities (2,561 ) Taxes payable (621 ) Due to related companies (21,994 ) Asset retirement obligations (386 ) Net assets disposed of: 32,439 Exchange fluctuation reserve 3,280 35,719 Loss on disposal of Double Grow (27,911 ) Consideration 7,808 Satisfied by: Cash received 7,808 The net cash flows incurred by Double Grow, excluding the cash consideration received from disposal of Double Grow are as follows: 2015 2016 For the period from January 1, 2017 to December 29, 2017 CNY CNY CNY Operating activities (4,913 ) (11,879 ) (5,796 ) Investing activities (12,061 ) (4,453 ) (5,823 ) Financing activities 25,922 5,915 10,173 Net foreign exchange difference (1,564 ) 303 (100 ) Net cash inflows/(outflows) 7,384 (10,114 ) (1,546 ) An analysis of the cash flows of cash and cash equivalents in respect of the disposal of Double Grow is as follows: December 29, 2017 CNY Cash consideration received 7,808 Less: Cash and cash equivalents disposed of (807 ) Net cash inflows from the disposal of Double Grow 7,001 The results of the above discontinued operations are presented below: 2015 2016 2017 CNY CNY CNY Loss per share from the discontinued operations (Presented in CNY per share) Basic (1.45 ) (0.74 ) (0.95 ) Diluted (1.45 ) (0.74 ) (0.95 ) The calculations of basic and diluted loss per share from the discontinued operations are based on: 2015 2016 2017 CNY CNY CNY Loss attributable to owners of the Company from the discontinued operations (36,176 ) (18,591 ) (23,817 ) Weighted average number of ordinary shares in issue during the period used in the loss per share calculations: Basic (Note 16) 24,910,916 24,910,916 24,910,916 Diluted (Note 16) 24,910,916 24,910,916 24,910,916 |
RESTATEMENT
RESTATEMENT | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of restatement [Abstract] | |
RESTATEMENT | 4. RESTATEMENT The disposal of Wuhu Feishang and Double Grow were completed on March 3, 2017 and December 29, 2017, respectively, and these were both classified as discontinued operations. Accordingly, the results of the Wuhu Feishang and Double Grow were reported as "discontinued operations" in the consolidated statement of profit or loss and comprehensive income for the year ended December 31, 2017. The comparative amounts reported in the consolidated statements of profit or loss and comprehensive income 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 Wuhu Feishang and Double Grow, the relevant line items in the consolidated statements of profit or loss and comprehensive income for the years ended December 31, 2015 and 2016 have been restated as follows: The Group (as previously reported) Adjustment in relation to disposal of Double Grow Adjustment in relation to disposal of Wuhu Feishang The Group (as restated) CNY CNY CNY CNY Consolidated statement of profit or loss for the year ended December 31, 2015: Revenue 18,342 — (18,342 ) — Cost of sales (31,936 ) — 31,936 — Gross profit (13,594 ) — 13,594 — Selling expenses (31 ) — 31 — Administrative expenses (20,163 ) 2,099 14,487 (3,577 ) Losses arising from temporary suspension of production (830 ) — 830 — Reversal of write down of inventories to net realizable value, net 5,474 — (5,474 ) — Impairment loss on property, plant and equipment (7,542 ) — 7,542 — Other operating income/ (expenses) (3,424 ) 3,836 (412 ) — Operating loss (40,110 ) 5,935 30,598 (3,577 ) Finance costs (444 ) 20 422 (2 ) Foreign exchange difference, net (354 ) — — (354 ) Interest income 1,056 — (892 ) 164 Non-operating expenses, net (93 ) (13 ) 106 — Loss before income tax (39,945 ) 5,942 30,234 (3,769 ) Income tax expense (1,504 ) — — (1,504 ) Loss for the year from continuing operations (41,449 ) 5,942 30,234 (5,273 ) Loss for the year from discontinued operations — (5,942 ) (30,234 ) (36,176 ) Consolidated statement of comprehensive income for the year ended December 31, 2015: Foreign currency translation adjustments 410 — — 410 Total comprehensive income for the year (41,039 ) — — (41,039 ) Loss per share attributable to ordinary equity holders of the Company: Basic and diluted loss per share: - For loss from continuing operations (Presented in CNY per share) (1.66 ) 0.24 1.21 (0.21 ) -For loss from discontinued operations (Presented in CNY per share) — (0.24 ) (1.21 ) (1.45 ) (1.66 ) — — (1.66 ) The Group (as previously reported) Adjustment in relation to disposal of Double Grow Adjustment in relation to disposal of Wuhu Feishang The Group (as restated) CNY CNY CNY CNY Consolidated statement of profit or loss for the year ended December 31, 2016: Selling expenses (23 ) — 23 — Administrative expenses (15,014 ) 3,907 6,588 (4,519 ) Losses arising from temporary suspension of production (4,073 ) — 4,073 — Reversal of write down of inventories to net realizable value, net 1,744 — (1,744 ) — Other operating income/ (expenses) (3,182 ) 3,575 (393 ) — Operating loss (20,548 ) 7,482 8,547 (4,519 ) Finance costs (331 ) 72 258 (1 ) Interest income 194 — (119 ) 75 Non-operating expenses, net (2,351 ) 84 2,267 — Loss for the year from continuing operations (23,036 ) 7,638 10,953 (4,445 ) Loss for the year from discontinued operations — (7,638 ) (10,953 ) (18,591 ) Consolidated statement of comprehensive income for the year ended December 31, 2016: Foreign currency translation adjustments (834 ) — — (834 ) Total comprehensive income for the year (23,870 ) — — (23,870 ) Loss per share attributable to ordinary equity holders of the Company: Basic and diluted loss per share: - For loss from continuing operations (Presented in CNY per share) (0.92 ) 0.31 0.43 (0.18 ) -For loss from discontinued operations (Presented in CNY per share) — (0.31 ) (0.43 ) (0.74 ) (0.92 ) — — (0.92 ) |
BUSINESS ACQUISITIONS
BUSINESS ACQUISITIONS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about business combination [abstract] | |
BUSINESS ACQUISITIONS | 5. BUSINESS ACQUISITIONS Business combination On December 23, 2016, the Company entered into an agreement with Feishang Hesheng Investment Limited (“Feishang Hesheng”), indirectly controlled by Mr. Li Feilie, and consummated the acquisition of all of the issued and outstanding capital stock (the “Acquired Shares”) of Double Grow, its direct and indirect wholly-owned subsidiaries, Easy Gain Investments Limited (“Easy Gain”) and Full Profit Investments Limited (“Full Profit”), each of which is organized under the laws of the British Virgin Islands, and their operating subsidiary, Antay Pacha, a Bolivian corporation (collectively, the “Double Grow Group”). The purchase price for the Acquired Shares is US$0.10 million, and the Company’s assumption of US$1.44 million of indebtedness owed by Double Grow to Feishang Hesheng. Antay Pacha is a company established in Bolivia and, upon commencement of commercial production, intends to be principally engaged in copper smelting and the sale of copper cathodes in Bolivia and elsewhere. As a result of the acquisition, the Company is expanding into copper smelting and the sale of copper cathodes in Bolivia. Double Grow, Easy Gain and Full Profit were established by Feishang Hesheng in December 2014. The Company’s acquisition in Double Grow was accounted for as a combination of entities under common control since the Company and Double Grow were under the common control of Mr. Li Feilie. As such, the assets and liabilities of Double Grow Group have been accounted for at historical cost and the consolidated financial statements of the Group prior to acquisition have been restated to include the results of operations of the Double Grow Group on a combined basis when the entities first came under the common control of Mr. Li Feilie. The consideration paid by the Company for the acquisition has been accounted for as an equity transaction in the consolidated statement of changes in equity. On March 1, 2015, Double Grow, Easy Gain and Full Profit completed the acquisition of the issued share capital of Antay Pacha from Bolivia Mine Investment Limited, Abundant Talent Investments Limited and Century Team International Limited, unrelated third parties, respectively. Following the acquisition, Antay Pacha was 20% owned by Easy Gain, 60% owned by Full Profit and 20% owned by Double Grow. The total consideration for the acquisition was US$1,437 (approximately equivalent to the paid-up capital of BOB10,000 of Antay Pacha at an exchange rate of 6.96 between US dollars and Boliviano). At March 1, 2015, the underlying set of assets acquired was not capable of being conducted and managed as a business to generate revenue. As such, the Company determined that the acquisition of Antay Pacha by Double Grow, Easy Gain and Full Profit did not constitute a business combination for accounting purposes. On December 23, 2016, Feishang Hesheng waived a payment of CNY55.56 million indebtedness owed to it by Double Grow. The waiver of indebtedness due to a related party was accounted for as a contribution from a related party in the consolidated statement of changes in equity. Assets acquisition On November 30, 2017, Yangpu Shuanghu Industrial Development Co., Limited (“Yangpu Shuanghu,” an indirect subsidiary of the Company) consummated its acquisition of approximately 98.32% and 1.68% of the issued and outstanding capital shares of Bayannaoer City Feishang Mining Company Limited (“Bayannaoer Mining”) from Feishang Enterprise and Shenzhen Chaopeng Investment Co., Ltd. (“Shenzhen Chaopeng”), respectively, each of which is a related party. The total cash consideration is CNY716,900 (US$110,179). Bayannaoer Mining was established in 2005 engaging in mineral exploration activities in Bayannaoer City, in the Inner Mongolia Autonomous Region of the PRC. In 2005, Bayannaoer Mining obtained 11 exploration rights from the Land and Resources Department of Inner Mongolia Autonomous Region. Currently, management determined to focus on sole exploration of Moruogu Lead Mine. At November 30, 2017, the underlying set of assets acquired was not capable of being conducted and managed as a business to generate revenue. As such, the Company determined that the acquisition of Bayannaoer Mining did not constitute a business combination for accounting purposes. The details of the net assets of Bayannaoer Mining as at November 30, 2017 are as follows: November 30, 2017 CNY Cash and cash equivalents 631 Other current assets 361 Property, plant and equipment 336 Current liabilities (611 ) Net assets 717 An analysis of the cash flows in respect of the acquisitions of Antay Pacha by Double Grow in the year 2015 and Bayannaoer Mining in the year 2017 is as follow: December 31, 2015 2016 2017 2017 CNY CNY CNY US$ Cash consideration (9 ) — (717 ) (110 ) Cash and bank balances acquired 8,973 — 631 97 Net cash flows from acquisition of subsidiaries, net 8,964 — (86 ) (13 ) |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 6. PROPERTY, PLANT AND EQUIPMENT Buildings Mining structures and mining rights Machinery and equipment Motor vehicles Construction in progress Total CNY CNY CNY CNY CNY CNY Cost At January 1, 2016 22,996 33,921 7,648 7,319 34,276 106,160 Additions — — 3 — 5,020 5,023 Transfer 5,515 — — — (5,515 ) — Disposals — — — (311 ) — (311 ) Exchange adjustment 202 21 3 348 2,279 2,853 At December 31, 2016 28,713 33,942 7,654 7,356 36,060 113,725 Acquisition of Bayannaoer Mining 43 — 12 280 — 335 Additions — — 71 — 4,137 4,208 Disposals (5,781 ) (4,688 ) (786 ) (2,017 ) — (13,272 ) Exchange adjustment (104 ) (21 ) (173 ) (35 ) (2,388 ) (2,721 ) Disposal of subsidiaries (22,828 ) (29,233 ) (5,939 ) (5,305 ) (37,809 ) (101,114 ) At December 31, 2017 43 — 839 279 — 1,161 At December 31, 2017 (US$) 6 — 129 44 — 179 Accumulated depreciation and amortization and impairment losses At January 1, 2016 (13,206 ) (33,608 ) (7,485 ) (2,471 ) — (56,770 ) Depreciation charge (1,415 ) — (55 ) (1,185 ) — (2,655 ) Disposals — — — 301 — 301 Exchange adjustment 16 — (1 ) (93 ) — (78 ) At December 31, 2016 (14,605 ) (33,608 ) (7,541 ) (3,448 ) — (59,202 ) Depreciation charge (530 ) — (25 ) (1,193 ) — (1,748 ) Disposals 5,121 4,688 715 1,742 — 12,266 Exchange adjustment (84 ) — (69 ) (46 ) — (199 ) Disposal of subsidiaries 10,098 28,920 6,100 2,941 — 48,059 At December 31, 2017 — — (820 ) (4 ) — (824 ) At December 31, 2017 (US$) — — (126 ) (1 ) — (127 ) Net carrying amount At December 31, 2016 14,108 334 113 3,908 36,060 54,523 At December 31, 2017 43 — 19 275 — 337 At December 31, 2017 (US$) 6 — 3 43 — 52 An impairment loss on property, plant and equipment of CNY7.54 million of Yangchong Mine was recorded for the year ended December 31, 2015 in connection with the decline of average selling prices of iron concentrates. Yangchong Mine was designated as a single cash-generating unit ("CGU"), which was based predominantly on the value-in-use (“VIU”) approach. VIU calculations use pre-tax cash flow projections. Other key assumptions applied in the impairment tests include the production volume, expected iron price, product cost and related expenses. Management determined that these key assumptions were based on past performance and their expectations on market development. Further, at December 31, 2015, the Group adopted a pre-tax rate of 16.00% that reflects specific risks related to the CGU, as the discount rate. There was no further impairment loss on property, plant and equipment during the years ended December 31, 2016 and 2017. |
REHABILITATION FUND
REHABILITATION FUND | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of rehabilitation [Abstract] | |
REHABILITATION FUND | 7. REHABILITATION FUND The rehabilitation fund represents restricted cash set aside by Wuhu Feishang, the subsidiary of the Group, in banks and cash placed with authorities for the purposes of future environment rehabilitation as well as the settlement of asset retirement obligations. Save as disclosed in Note 3(a), the Group disposed of Wuhu Feishang in 2017 and the financial statements of Wuhu Feishang were not consolidated into the Group thereafter. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2017 | |
Classes of current inventories [abstract] | |
INVENTORIES | 8. INVENTORIES Inventories, net of provision for inventories, are summarized as follows: December 31, 2016 2017 2017 CNY CNY US$ Materials and supplies 8,437 — — Finished goods 2,120 — — 10,557 — — |
OTHER RECEIVABLES
OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2017 | |
Other Receivables | |
OTHER RECEIVABLES | 9. OTHER RECEIVABLES December 31, 2016 2017 2017 CNY CNY US$ Withholding social insurance 5 6 1 Advance to a third party — 493 76 Input VAT 5,780 597 92 Petty cash 179 — — Deposit 40 21 3 Receivables in relation to the disposal of Double Grow (a) — 9,377 1,441 Others 123 — — 6,127 10,494 1,613 (a) The amount represented receivables due from Shanghai Kangzheng Investment Management Co., Ltd. amounting to CNY9.38 million (US$1.44 million) in relation to the disposal of Double Grow on December 29, 2017 as disclosed in Note 3. |
TRADE PAYABLES
TRADE PAYABLES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of trade payables [Abstract] | |
TRADE PAYABLES | 10. TRADE PAYABLES December 31, 2016 2017 2017 CNY CNY US$ Trade payables 2,736 215 33 Trade payables are non-interest-bearing and are normally settled within six months. The aging analysis of trade payables as at December 31, 2016 and 2017 is as follows: December 31, 2016 2017 2017 CNY CNY US$ Within 1 year 2,696 15 3 1 to 2 years — 100 15 Over 2 years 40 100 15 2,736 215 33 |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other payables and accrued liabilities [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 11. OTHER PAYABLES AND ACCRUED LIABILITIES December 31, 2016 2017 2017 CNY CNY US$ Natural resources fee (a) 8,294 — — Staff compensation fund (b) 1,547 — — Social security payable (c) 1,506 68 10 Payroll payable 1,704 376 58 Welfare payable 529 1 — Advances from customers 23 — — Accrued expenses 1,419 2,372 365 Others 2,339 109 17 17,361 2,926 450 (a) The natural resources fee represents fees payable to the PRC government and is calculated as a percentage of sales. (b) The staff compensation fund represents one-off cash received from the PRC government to compensate employees of Wuhu Feishang through the Group for the loss of their state-sponsored pension and post-employment benefits. The fund is to be distributed to employees upon the termination of their employment with Wuhu Feishang. Wuhu Feishang is not required to make any additional contributions to the fund. (c) The social security represents amounts payable to the PRC and Bolivia government-managed retirement insurance, medical insurance, etc. |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of asset retirement obligations [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | 12. ASSET RETIREMENT OBLIGATIONS Asset retirement obligations primarily relate to the closure of mines of Wuhu Feishang, which includes dismantlement of mining related structures and the reclamation of land upon exhaustion of coal or metal reserves. Asset retirement obligations also include the dismantlement upon the closure of the copper smelting plant of Antay Pacha. The following table describes the changes to the Group's asset retirement obligation liability: Amount Amount CNY US$ At January 1, 2016 4,967 763 Accretion expenses 311 48 Exchange adjustment 24 4 At December 31, 2016 5,302 815 Accretion expenses 60 9 Disposal of subsidiaries (Note 3) (5,338 ) (820 ) Exchange adjustment (24 ) (4 ) At December 31, 2017 — — The inflation rate, discount rate and market risk premium used for estimating provision for asset retirement obligations of Wuhu Feishang at December 31, 2016 were 2.53%, 9.91% and 6.09%, respectively. The inflation rate, discount rate and market risk premium used for estimating provision for asset retirement obligations of Antay Pacha at December 31, 2016 were 4.80%, 8.42% and 6.09%, respectively. |
LOSS BEFORE INCOME TAX FROM CON
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of loss before income tax from continuing operations [Abstract] | |
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | 13. LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS The Group's loss before tax from continuing operations is arrived at after charging/ (crediting): Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) Crediting: Interest income on bank deposits 164 75 39 6 Charging: Auditors' remuneration: - Audit fee 800 1,480 2,000 307 Employee benefit expenses (Note 14) 591 715 697 107 Foreign exchange difference, net 354 — — — Depreciation and amortization: - Property, plant and equipment 4 2 8 1 Operating lease rental: - Office properties 805 948 747 115 |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of defined benefit plans [abstract] | |
EMPLOYEE BENEFITS | 14. EMPLOYEE BENEFITS The Group’s employee benefits from continuing operations comprise the following: Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) Wages, salaries and allowances 459 565 566 87 Housing funds (a) 38 40 33 5 Contribution to pension plans (a) 92 104 79 12 Welfare and other expenses 2 6 19 3 591 715 697 107 (a) According to the PRC state regulations, the employees of the Group's subsidiaries which operate in Mainland China are required to participate in a central pension scheme operated by the local municipal government and government-sponsored housing funds. These subsidiaries are required to contribute a certain percentage of their payroll costs for those qualified urban employees to the central pension scheme as well as the housing funds. Employee benefits charged to the consolidated statements of profit or loss from continuing operations are analyzed as follows: Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) Total employee benefits accrued for the year 591 715 697 107 Amount charged to the consolidated statement of profit or loss 591 715 697 107 |
INCOME TAX EXPENSE
INCOME TAX EXPENSE | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of income tax expense [Abstract] | |
INCOME TAX EXPENSE | 15. INCOME TAX EXPENSE The Company is incorporated in the BVI and conducts its primary business operations through its subsidiaries in the PRC. 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 incomes. 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 years ended December 31, 2015, 2016 and 2017. 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”) collectively, the tax rate applicable for PRC group entities is 25% (2016: 25%). Under the prevailing CIT Law and its relevant regulations, any dividends paid by the Company’s PRC 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. Bolivia The Company’s subsidiary in Bolivia before December 29, 2017 is subject to a Bolivian enterprise income tax rate of 25% applicable to both foreign investment enterprises and domestic companies. Loss before income tax consists of: Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) PRC (1,101 ) (1,171 ) (1,071 ) (165 ) BVI (2,625 ) (3,225 ) (5,064 ) (777 ) Hong Kong (43 ) (49 ) (44 ) (7 ) Total loss before income tax for the year from continuing operations (3,769 ) (4,445 ) (6,179 ) (949 ) Total loss before income tax for the year from discontinued operations (36,176 ) (18,591 ) (23,817 ) (3,660 ) (39,945 ) (23,036 ) (29,996 ) (4,609 ) The current and deferred components of income tax expense on the consolidated statements of profit or loss are as follows: Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) Current income tax expense 1,504 — — — Deferred income tax expense — — — — Total income tax expense for the year from continuing operations 1,504 — — — Total income tax expense for the year from discontinued operations — — — — 1,504 — — — A reconciliation of the income taxes computed at the PRC and Bolivian statutory tax rate of 25% to the actual income tax expense/ (benefit) is as follows: Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) Loss before income tax for the year from continuing operations (3,769 ) (4,445 ) (6,179 ) (949 ) Loss before income tax for the year from discontinued operations (36,176 ) (18,591 ) (23,817 ) (3,660 ) (39,945 ) (23,036 ) (29,996 ) (4,609 ) Tax at the statutory tax rate 25% 25% 25% 25% Computed income tax benefit (9,986 ) (5,759 ) (7,499 ) (1,152 ) Effect of different tax rates for the Company and overseas subsidiaries 680 820 1,269 195 Effect of the deemed interest income 1,112 — — — Tax losses not recognized 4,927 4,259 6,230 957 Deferred tax assets not recognized 3,407 — — — Non-deductible expenses 972 680 — — Others 392 — — — Income tax expense 1,504 — — — Income tax expense from continuing operations at the effective rate 1,504 — — — Income tax expense from discontinued operations at the effective rate — — — — As of December 31, 2016 and 2017, the Group had no recognized deferred tax assets, or deferred tax liabilities. The total amounts of unused tax losses for which no deferred tax assets were recognized amounting to CNY10.89 million and CNY9.24 million (US$1.42 million) as of December 31, 2016 and 2017, respectively. As of December 31, 2017, unused tax losses of CNY4.82 million (US$0.74 million), CNY1.08 million (US$0.17 million), CNY1.10 million (US$0.17 million), CNY1.17 million (US$0.18 million) and CNY1.07 million (US$0.16 million), if unused, will expire by the end of 2018, 2019, 2020, 2021 and 2022 respectively. |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY | 16. LOSS PER SHARE Basic and diluted loss per share for the years ended December 31, 2015, 2016 and 2017 are calculated as follows: Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) Loss for the year: From continuing operations (5,273 ) (4,445 ) (6,179 ) (949 ) From discontinued operations (36,176 ) (18,591 ) (23,817 ) (3,660 ) Weighted average number of common shares: Basic and diluted 24,910,916 24,910,916 24,910,916 24,910,916 Loss per share Basic and diluted: From continuing operations (0.21 ) (0.18 ) (0.25 ) (0.04 ) From discontinued operations (1.45 ) (0.74 ) (0.95 ) (0.15 ) (1.66 ) (0.92 ) (1.20 ) (0.19 ) The Company did not have any potential diluted shares throughout the years. Accordingly, the diluted loss per share amounts were the same as the basic loss per share amounts. |
DIVIDEND
DIVIDEND | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of dividend [Abstract] | |
DIVIDEND | 17. DIVIDEND No dividend was paid or declared by the Company for the years ended December 31, 2015, 2016 and 2017. |
RELATED PARTY BALANCES AND TRAN
RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTY BALANCES AND TRANSACTIONS | 18. RELATED PARTY BALANCES AND TRANSACTIONS The consolidated financial statements include the financial statements of the Company and the subsidiaries listed in the following table: Place of incorporation / registration and operations Nominal value of issued ordinary / registered share capital (CNY) Percentage of equity attributable to the Company Principal activities Name Direct Indirect China Coal Mining Investment Limited Hong Kong — 100 — Investment holding FMH Corporate Services Inc. United States — 100 — Dormant Feishang Dayun Coal Mining Limited Hong Kong — — 100 Investment holding Feishang Mining Holdings Limited British Virgin Islands — 100 — Investment holding Feishang Yongfu Mining Limited Hong Kong — — 100 Investment holding Newhold Investments Limited British Virgin Islands — 100 — Investment holding Pineboom Investments Limited British Virgin Islands — 100 — Investment holding Shenzhen Feishang Management and Consulting Co., Limited (“Feishang Management”) PRC/ Mainland China 10,000 — 100 Provision for management and consulting services to other companies in the Group Silver Moon Technologies Limited British Virgin Islands 1 80 — Dormant Sunwide Capital Limited British Virgin Islands — 100 — Dormant Yangpu Lianzhong Mining Co., Limited PRC/ Mainland China 115,008 — 100 Investment holding Yangpu Shuanghu Industrial Development Co., Limited PRC/ Mainland China 1,000 — 100 Investment holding Yunnan Feishang Mining Co., Limited PRC/ Mainland China 50,000 — 100 Investment holding Bayannaoer City Feishang Mining Company PRC/ Mainland China 59,480 — 100 Exploration and development of Lead Mine In addition to the transactions detailed elsewhere in the consolidated financial statements, the Group had the following transactions and balances with related parties: (a) Commercial transactions with related parties Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ Notes CHNR's share of office rental, rates and others to Anka Consultants Limited (“Anka”) i 918 953 1,316 202 Sales of equipment to Wuhu Industrial ii — — 1,056 162 Purchase of raw ore from Empressa Minera Jacha Uru S.A. (“Jacha Uru”) iii 11 20 240 37 (i) On September 1, 2013, the Company signed an office sharing agreement with Anka, a private Hong Kong company that is owned by certain directors of the Company. Pursuant to the agreement, the Company shared 119 square meters out of the total of 368 square meters of the office premises. On April 1, 2017, the Company signed an office sharing agreement with Anka which superseded all previously signed agreements between the parties, pursuant to which the Company shares 184 square meters of the total area of the office premises. The agreement also provides that the Company shares certain costs and expenses in connection with their use of the office, in addition to some of the accounting and secretarial services and day-to-day office administration services provided by Anka. In 2016, Anka’s lease with the unrelated landlord was extended for two years, from July 1, 2016 to June 30, 2018. (ii) On February 22, 2017, Wuhu Feishang signed an agreement with Wuhu Industrial, controlled by Mr. Li Feilie, to dispose of certain equipment with the carrying amount of CNY1.06 million (US$0.16 million). The disposal gain was CNY0.05 million (US$0.01 million). (iii) In 2015, 2016 and 2017, Antay Pacha purchased copper ores from Jacha Uru, a copper mine located in Bolivia and controlled by Feishang Hesheng until December 29, 2017. (b) Balances with related parties The Group has payables with related parties, which are all unsecured and non-interest-bearing. Balances with related companies are summarized as follows: December 31, 2016 2017 2017 CNY CNY US$ Current: Payable to related companies: Jacha Uru (1) 1,298 — — Feishang Enterprise (2) 7,832 3,719 572 Feishang Hesheng (3) 11,877 10,028 1,541 21,007 13,747 2,113 Payable to the Shareholder: Feishang Group (4) 12,565 11,573 1,779 Feishang Enterprise, Feishang Group, Feishang Hesheng and Jacha Uru are controlled by Mr. Li Feilie, who is the beneficial shareholder of the Company. (1) Payable to Jacha Uru by Antay Pacha, for expenditure paid on behalf of Antay Pacha and the purchase of copper ores from Jacha Uru . The balance is repayable when funds are available. (2) Payable to Feishang Enterprise by Feishang Management and Wuhu Mining for the net amount of loans from Feishang Enterprise. The balance is unsecured and interest-free. The balance is repayable when funds are available . (3) Payable to Feishang Hesheng for the acquisition of Double Grow as well as the assumption of indebtedness due to Feishang Hesheng by Double Grow. The balance is unsecured and interest-free. The balance is repayable when funds are available. (4) Payable to Feishang Group for the acquisition of Feishang Anthracite. The balance is unsecured and interest-free. The balance is repayable when funds are available. (c) Compensation of key management personnel of the Group Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) Wages, salaries and allowances 322 479 264 41 Housing subsidies 4 — 2 — Contribution to pension plans 44 22 29 4 370 501 295 45 The amounts disclosed in the table are the amounts recognized as expenses during the years related to key management personnel. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of classes of share capital [abstract] | |
EQUITY | 19. EQUITY (a) Issued capital December 31, 2015 2016 2017 2017 CNY CNY CNY US$ Authorized: 10,000,000 preferred shares, no par — — — — 200,000,000 ordinary shares, no par — — — — Issued and fully paid: 24,910,916 (2016: 24,910,916) common shares, no par common shares, no par 312,081 312,081 312,081 47,963 (b) Other capital reserves Other capital reserves CNY At January 1, 2015 636,960 Deemed contribution from a related party* 55,558 At December 31, 2015, 2016 and 2017 692,518 At December 31, 2017 (US$) 106,432 * On December 23, 2016, Feishang Hesheng waived a payment of CNY55.56 million indebtedness owed to it by Double Grow (Note 5). (c) Dividend restrictions and reserves Due to the Group's structure, the payment of dividends is subject to numerous controls imposed under PRC law, including foreign exchange control on the conversion of the local currency into United States dollars and other currencies. In accordance with the relevant PRC regulations and the Articles of Association of Wuhu Feishang, appropriations of net income as reflected in its PRC statutory financial statements are to be allocated to each of the general reserve and enterprise expansion reserve, respectively, as determined by the resolution of the Board of Directors annually. No amounts were appropriated to the general reserve and enterprise expansion reserve in 2015, 2016 and 2017. |
FINANCIAL RISK MANAGEMENT OBJEC
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | 20. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES Financial instruments of the Group primarily include cash, certain other current assets, trade payables, other payables and certain accrued liabilities, amounts due from and due to related parties, and an amount due to the Shareholder. The Group is exposed to credit risk, foreign currency risk, business and economic risk and liquidity risk. The Group has not used any derivatives and other instruments for hedging purposes. The Group does not hold or issue derivative financial instruments for trading purposes. The Group reviews and agrees policies for managing each of these risks and they are summarized below. (a) Credit risk The carrying amounts of the Group's cash and cash equivalents and other current assets, except for prepayments, represent the Group's maximum exposure to credit risk in relation to its financial assets. Cash and cash deposits The Group maintains its cash and cash deposits 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 The 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 the CNY into foreign currencies. The value of the 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. (c) 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 30 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 PRC's political, economic and social conditions. There is also no guarantee that the PRC government's pursuit of economic reforms will be consistent or effective. (d) 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, and 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 based on contractual undiscounted payments: December 31, 2017 On demand Less than 1 year 1 to 5 years More than 5 years Total CNY CNY CNY CNY CNY Trade payables — 215 — — 215 Other payables and accrued liabilities — 2,481 — — 2,481 Due to related companies — 13,747 — — 13,747 Due to the Shareholder — 11,573 — — 11,573 — 28,016 — — 28,016 December 31, 2017 On demand Less than 1 year 1 to 5 years More than 5 years Total US$ US$ US$ US$ US$ Trade payables — 33 — — 33 Other payables and accrued liabilities — 382 — — 382 Due to related companies — 2,113 — — 2,113 Due to the Shareholder — 1,779 — — 1,779 — 4,307 — — 4,307 December 31, 2016 On demand Less than 1 year 1 to 5 years More than 5 years Total CNY CNY CNY CNY CNY Trade payables — 2,736 — — 2,736 Other payables and accrued liabilities — 12,075 — — 12,075 Due to related companies — 21,007 — — 21,007 Due to the Shareholder — 12,565 — — 12,565 — 48,383 — — 48,383 (e) Capital management There were no interest-bearing debts as at December 31, 2016 and 2017. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of commitments [Abstract] | |
COMMITMENTS | 21. COMMITMENTS (a) Operating lease At the end of the reporting period, the Group had commitments for future minimum lease payments under a non-cancellable operating lease in respect of the rented premises which fall due as follows: December 31, 2016 2017 2017 CNY CNY US$ Within the first year 1,337 476 73 After one year but not more than five years 1,542 — — Later than five years 1,063 — — 3,942 476 73 (b) Capital commitments There was no capital commitment as at December 31, 2016 and 2017. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of operating segments [abstract] | |
SEGMENT INFORMATION | 22. SEGMENT INFORMATION Prior to the disposal of Wuhu Feishang and Double Grow (Note 3) and acquisition of Bayannaoer Mining (Note 5), the Group operated in operating segments: exploration and mining-non-ferrous metals and copper smelting. As at December 31, 2017, the Company has one operating segment: exploration and mining. The accounting policies for the segment is as described in the summary of significant accounting policies. The Group evaluates performance based on operating earnings of the respective business units. The segment analysis below is provided for the Group's continuing operations, and does not include any amount for discontinued operations, namely the exploration and mining-non-ferrous metals and copper smelting. Management monitors the results of the Group's operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on reportable segment profit/loss, which is a measure of adjusted profit/loss before tax from continuing operations. The adjusted profit/loss before tax from continuing operations is measured consistently with the Group's profit/loss before tax from continuing operations except that interest income, finance costs as well as head office and corporate expenses are excluded from such measurement. As disclosed in Note 3 to the consolidated financial statements, the Group has disposed of its equity interests of Wuhu Feishang and Double Grow in the exploration and mining-non-ferrous metals segment and copper smelting segment on March 3, 2017 and December 29, 2017, respectively. Accordingly, the exploration and mining-non-ferrous metals segment and copper smelting segment have been classified as discontinued operations and were excluded from the segment information for each of the three years in the period ended December 31, 2017. For the year ended December 31, 2017, the segment results were as follows: CNY Exploration and mining Corporate activities Total From continuing operations: Depreciation and amortization 5 3 8 Operating loss 258 5,946 6,204 Interest income 1 38 39 Finance costs — 14 14 Loss for the year from continuing operations 257 5,922 6,179 Total assets 705 29,043 29,748 Total liabilities 509 44,744 45,253 US$ Exploration and mining Corporate activities Total From continuing operations: Depreciation and amortization 1 — 1 Operating loss 40 913 953 Interest income — 6 6 Finance costs — 2 2 Loss for the year from continuing operations 39 910 949 Total assets 108 4,464 4,572 Total liabilities 78 6,878 6,956 For the year ended December 31, 2016, the segment results were as follows: CNY Corporate activities Total (Restated) (Restated) From continuing operations: Depreciation and amortization 2 2 Operating loss 4,519 4,519 Interest income 75 75 Finance costs 1 1 Loss for the year from continuing operations 4,445 4,445 Total assets 94,793 94,793 Total liabilities 81,598 81,598 For the year ended December 31, 2015, the segment results were as follows: CNY Corporate activities Total (Restated) (Restated) From continuing operations: Depreciation and amortization 4 4 Operating loss 3,577 3,577 Interest income 164 164 Finance costs 2 2 Foreign exchange difference, net 354 354 Income tax expense 1,504 1,504 Loss for the year from continuing operations 5,273 5,273 Total assets 111,057 111,057 Total liabilities 128,856 128,856 The reconciliation of loss for the year from continuing operations to net loss is as follows: 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) Loss for the year from continuing operations (5,273 ) (4,445 ) (6,179 ) (949 ) Loss for the year from discontinued operations (36,176 ) (18,591 ) (23,817 ) (3,660 ) Net loss (41,449 ) (23,036 ) (29,996 ) (4,609 ) |
NOTES TO THE CONSOLIDATED STATE
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2017 | |
Notes To Consolidated Statement Of Cash Flows | |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS | 23. NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS (a) Major non-cash transactions In the year 2016, the Group received deemed contribution from a related party of the Company amounted to CNY55.56 million (Note 19(b)). No major non-cash transactions incurred in the years 2015 and 2017. (b) Changes in liabilities arising from financing activities Due to related companies CNY At January 1, 2017 21,007 Changes from financing cash flows 12,630 Decrease arising from disposal of discontinued operations (18,607 ) Changes from operating activities 271 Foreign exchange movement (1,554 ) At December 31, 2017 13,747 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS | 24. SUBSEQUENT EVENTS The Company has no material subsequent events. |
CONDENSED FINANCIAL INFORMATION
CONDENSED FINANCIAL INFORMATION OF THE COMPANY | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of condensed financial information of company [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF THE COMPANY | 25. CONDENSED FINANCIAL INFORMATION OF THE COMPANY The following is the condensed financial information of the Company on a non-consolidated basis: CONDENSED STATEMENTS OF FINANCIAL POSITION December 31, 2016 2017 2017 CNY CNY US$ ASSETS NON-CURRENT ASSETS Investments in subsidiaries 694 — — CURRENT ASSETS Amounts due from subsidiaries 26,972 9,266 1,425 Cash and cash equivalents 10,678 13,912 2,138 Other receivables (Note 9(a)) — 9,377 1,441 TOTAL CURRENT ASSETS 37,650 32,555 5,004 TOTAL ASSETS 38,344 32,555 5,004 LIABILITIES AND EQUITY CURRENT LIABILITIES Other payables and accrued liabilities 1,398 2,350 361 Due to the Shareholder 12,565 11,573 1,779 Due to a related party 10,766 10,028 1,541 TOTAL CURRENT LIABILITIES 24,729 23,951 3,681 TOTAL LIABILITIES 24,729 23,951 3,681 EQUITY Issued capital 290,179 290,179 44,597 Other capital reserves 823,581 823,581 126,574 Accumulated losses (1,089,898 ) (1,087,839 ) (167,187 ) Other comprehensive income (10,247 ) (17,317 ) (2,661 ) TOTAL EQUITY 13,615 8,604 1,323 TOTAL LIABILITIES AND EQUITY 38,344 32,555 5,004 CONDENSED STATEMENTS OF PROFIT OR LOSS December 31, 2015 2016 2017 2017 CNY CNY CNY US$ Administrative expenses (2,380 ) (3,216 ) (5,055) (777 ) Impairment of investments in subsidiaries (25,335 ) — — — Impairment of an amount due from a subsidiary (2,821 ) — — — Dividend income 31,680 — — — Interest income 130 — — — Profit on disposal of a subsidiary — — 7,114 1,093 Profit/ (loss) before income tax 1,274 (3,216 ) 2,059 316 Profit/ (loss) for the year 1,274 (3,216 ) 2,059 316 CONDENSED STATEMENTS OF CASH FLOWS December 31, 2015 2016 2017 2017 CNY CNY CNY US$ Net cash flows used in operating activities (1,851 ) (2,796 ) (3,647 ) (560 ) Net cash flows from investing activities 31,681 — 7,808 1,200 Net cash flows used in financing activities (33,210 ) (276 ) — — NET (DECREASE)/INCREASE IN CASH (3,380 ) (3,072 ) 4,161 640 CASH AT BEGINNING OF THE YEAR 14,484 13,062 10,678 1,641 Net foreign exchange difference 1,958 688 (927 ) (143 ) CASH AT END OF THE YEAR 13,062 10,678 13,912 2,138 The above financial statements have been provided pursuant to the requirements of Rule 12-04(a) and 4-08(e)(3) of Regulation S-X, which require condensed financial information as to financial position, results of operations and cash flows of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries and the parent's equity in the undistributed earnings of 50 percent or less owned persons, accounted for by the equity method, together exceed 25 percent of the consolidated net assets as of the end of the most recently completed fiscal year. As of December 31, 2017, CNY11.97 million (US$1.84 million) of the restricted capital and reserves were not available for distribution, and therefore, the condensed financial information of the Company has been presented for the years ended December 31, 2015, 2016 and 2017. In the parent-company-only financial statements, the Company's investments in subsidiaries are stated at cost. The parent-company-only financial statements should be read in conjunction with the Company's consolidated financial statements. The Company does not have any significant commitments or long-term obligations as of any of the years presented, except for those disclosed in the consolidated financial statements. During the years ended December 31, 2015, 2016 and 2017, no cash dividends were declared and paid by the Company. |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of basis of preparation [Abstract] | |
Business combinations | (a) Business combinations The acquisition of subsidiaries and businesses under common control, where applicable, has been accounted for using merger accounting. The financial statements of the combining entities or businesses under common control are prepared for the same reporting period as the Company, using consistent accounting policies. The merger method of accounting involves incorporating the financial statement items of the combining entities or businesses in which the common control combinations occurs as if they had been combined from the date when the combining entities or businesses first came under the control of the controlling shareholder. The net assets of the combining entities or businesses are combined using the existing book values from the controlling shareholder’s perspective. No amount is recognized in respect of goodwill or the excess of the acquirers’ interest in the net fair value of acquirees’ identifiable assets, liabilities and contingent liabilities over the cost of investment at the time of common control combination. The consolidated statement of profit or loss includes the results of each of the combining entities or businesses from the earliest date presented or since the date when the combining entities or businesses first came under common control or since their respective dates of incorporation/establishment, where this is a shorter period, regardless of the date of the common control combination. All intra-group balances, transactions, unrealized gains and losses resulting from intra-group transactions and dividends are eliminated on consolidation. Business combinations, other than business combinations under common control, are accounted for using the acquisition method. The consideration transferred is measured at the acquisition date fair value which is the sum of the acquisition date fair values of assets transferred by the Group, liabilities assumed by the Group to the former owner of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of net assets in the event of liquidation at fair value or at the proportionate share of the acquiree’s identifiable net assets. All other components of non-controlling interests are measured at fair value. Acquisition-related costs are expensed as incurred. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree. If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through the consolidated statement of profit or loss. Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability is measured at fair value with changes in fair value recognized in profit or loss. If the contingent consideration is not within the scope of IAS 39, it is measured in accordance with the appropriate IFRSs. Contingent consideration that is classified as equity is not remeasured and subsequent settlement is accounted for within equity. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling interests and any fair value of the Group’s previously held equity interests in the acquiree over the identifiable net assets acquired and liabilities assumed. If the sum of this consideration and other items is lower than the fair value of the net assets of the subsidiary acquired, the difference is, after reassessment, recognized in the consolidated statement of profit or loss as a gain on bargain purchase. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment test of goodwill as at December 31. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units. Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash-generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit (group of cash-generating units) is less than the carrying amount, an impairment loss is recognized. An impairment loss recognized for goodwill is not reversed in a subsequent period. Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that until is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on the disposal. Goodwill disposed of in these circumstances is measured based on the relative value of the operation disposed of and the portion of the cash-generating unit retained. |
Related parties | (b) Related parties A party is considered to be related to the Group if: (1) the party is a person or a close member of that person’s family and that person (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or of a parent of the Group; or (2) the party is an entity where any of the following conditions applies: (i) the entity and the Group are members of the same group; (ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity); (iii) the entity and the Group are joint ventures of the same third party; (iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity; (v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group; (vi) the entity is controlled or jointly controlled by a person identified in (1); (vii) a person identified in (1)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and (viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group. |
Property, plant and equipment and depreciation | (c) Property, plant and equipment and depreciation Property, plant and equipment comprize buildings, mining structures, mining rights, machinery and equipment, motor vehicles, exploration rights and construction in progress. Exploration rights are capitalized and amortized over the term of the license granted to the Group by the authorities. When proved and probable coal reserves have been determined, costs incurred to develop coal mines are capitalized as part of the cost of the mining structures. Buildings, mining structures, machinery and equipment, and motor vehicles are stated at cost less accumulated depreciation and any impairment losses. Expenditures for routine repairs and maintenance are expensed as incurred. Mining rights are stated at cost less accumulated amortization and any impairment losses. The costs of mining rights are initially capitalized when purchased. If proved and probable reserves are established for a property and it has been determined that a mineral property can be economically developed, costs are capitalized and are amortized upon production based on actual units of production over the estimated proved and probable reserves of the mines. For mining rights in which proved and probable reserves have not yet been established, the Group assesses the carrying value for impairment at the end of each reporting period. The Group’s rights to extract minerals are contractually limited by time. However, the Group believes that it will be able to extend its licenses. Mining related buildings, mining structures and mining related machinery and equipment are stated at cost less accumulated depreciation and any impairment losses. Those mining related assets for which proved and probable reserves have been established are depreciated upon production based on actual units of production over the estimated proved and probable reserves of the mines. Reserve estimates are reviewed when information becomes available that indicates a reserve change is needed, or at a minimum once a year. Any material effect from changes in estimates is considered in the period the change occurs. Depreciation for the following items is calculated on the straight-line basis over each asset’s estimated useful life down to the estimated residual value of each asset. Estimated useful lives are as follows: Non-mining related buildings 8 - 35 years Non-mining related machinery and equipment 3 - 15 years Motor vehicles 4 - 8 years Residual values, useful When properties are retired Construction in progress is carried at cost and is to be depreciated when placed into service over the estimated useful lives or units of production of those assets. Construction costs are capitalized as incurred. Interest is capitalized as incurred during the construction period. |
Fair value measurement | (d) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly Level 3 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. |
Exploration and evaluation costs | (e) Exploration and evaluation costs Exploration and evaluation assets include topographical and geological surveys, exploratory drilling, sampling and trenching and activities in relation to commercial and technical feasibility studies, and expenditure incurred to secure further mineralization in existing bodies and to expand the capacity of a mine. Expenditure incurred prior to acquiring legal rights to explore an area is expensed as incurred. Once the exploration right to explore has been acquired, exploration and evaluation expenditure is charged to the consolidated statement of profit or loss as incurred , unless a future economic benefit is more likely than not to be realized. Exploration and evaluation assets acquired in a business combination are initially recognized at fair value. They are subsequently stated at cost less accumulated impairment. When it can be reasonably ascertained that a mining property is capable of commercial production, exploration and evaluation costs are transferred to tangible or intangible assets according to the nature of the exploration and evaluation assets. If any project is abandoned during the evaluation stage, the total expenditure thereon will be written off. |
Impairment of non-financial assets | (f) Impairment of non-financial assets Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than inventories, financial assets, etc.), the asset’s recoverable amount is estimated. An impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs. The calculation of fair value less costs of disposal is based on available data from binding sales transactions in arm’s length transactions of similar assets or observable market prices less incremental costs for disposing of the asset or other appropriate valuation techniques. The value in use calculation is based on a discounted cash flow model, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to the consolidated statement of profit or loss in the period in which it arises in those categories consistent with the function of the impaired asset. An assessment is made at the end of each reporting period as to whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortization) had no impairment loss been recognized for the asset in prior years. |
Financial assets | (g) Financial assets As at December 31, 2017 and 2016, the Group’s financial assets within the scope of IAS 39 are all classified as loans and receivables. All financial assets are recognized initially at fair value plus transaction costs that are attributable to the acquisition of the financial assets. All regular way purchases and sales of financial assets are recognized on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace. Subsequent measurement of loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the reporting date, which are classified as non-current assets. Loans and receivables are included in “prepayments, deposits and other receivables”, “cash and cash equivalents” and “rehabilitation fund” in the consolidated statement of financial position. These assets are subsequently carried at amortized cost using the effective interest method (“EIR”) less any provision for impairment. Gains and losses are recognized in interest income or finance costs in the consolidated statement of profit or loss when the loans and receivables are derecognized as well as through the amortization process. Fair value of loans and receivables As at December 31, 2016, the carrying amounts of the rehabilitation fund are not materially different from their fair values. The carrying values of other financial assets approximated to their fair values due to the short-term maturities of these instruments. Impairment of loans and receivables The Group assesses at the end of each reporting date whether there is objective evidence that the loans and receivables are impaired. The Group first assesses whether impairment exists individually for loans and receivables that are individually significant, or collectively for loans and receivables that are not individually significant. If the Group determines that no objective evidence of impairment exists for an individually assessed loans and receivables, whether significant or not, it includes the asset in a group of loans and receivables with similar credit risk characteristics and collectively assesses them for impairment. Loans and receivables that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective assessment of impairment. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. Any subsequent reversal of an impairment loss is recognized in the consolidated statement of profit or loss, to the extent that the carrying value of the asset does not exceed amortized cost at the reversal date. In relation to trade and other receivables, a provision for impairment is made when there is objective evidence (such as the probability of insolvency or significant financial difficulties of the debtor and significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor) that the Group will not be able to collect all of the amounts due under the original terms of an invoice. Derecognition of loans and receivables For financial assets classified as loans and receivables, the financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: (i) the rights to receive cash flows from the asset have expired; or (ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Group's continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. |
Financial liabilities at amortized cost | (h) Financial liabilities at amortized cost Financial liabilities including trade payables, amounts due to related companies and the Shareholder, and other payables and certain accrued liabilities are initially stated at fair value less directly attributable transaction costs and are subsequently measured at amortized cost, using the effective interest rate. The related interest expense is recognized within “finance costs” in the consolidated statement of profit or loss. Gains and losses are recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as through the amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in finance costs in the statement of profit or loss. Fair value As of December 31, 2016 and 2017, the carrying values of these financial liabilities approximate their fair values due to the short-term maturities of these instruments. The Group had no financial liabilities measured at fair value on a recurring or a non-recurring basis as of December 31, 2016 and 2017. Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognized in the consolidated statement of profit or loss. Offsetting of financial instruments Financial assets and liabilities are offset and the net amount reported in the consolidated statement of financial position, if and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. |
Inventories | (i) Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined by the weighted-average method. Net realizable value is based on estimated selling prices less any estimated costs to be incurred to completion and disposal. Major types of inventories include: · Materials and supplies which consist of extracted raw ore, auxiliary materials, spare parts and other consumables; and · Finished goods. |
Cash and cash equivalents | (j) Cash and cash equivalents For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short-term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have a short-term maturity of generally within three months when acquired, less bank overdrafts which are repayable on demand and form an integral part of the Group’s cash management. For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise cash on hand and at banks, including term deposits, and assets similar in nature to cash, which are not restricted as to use. |
Employee benefits | (k) Employee benefits Pension obligations The Group contributes on a monthly basis to various defined contribution retirement benefit plans administered by the PRC government. The relevant government agencies undertake to assume the retirement benefit obligation payable to all existing and future retired employees under these plans and the Group has no further obligation for post-retirement benefits beyond the contributions made. Further information is set out in Note 14. Housing funds All full-time employees of the Group are entitled to participate in various government-sponsored housing funds. The Group contributes on a monthly basis to these funds based on certain percentages of the salaries of the employees. The Group's liability in respect of these funds is limited to the contributions payable in each year. |
Asset retirement obligations | (l) Asset retirement obligations The Group’s legal or constructive obligations associated with the retirement of non-financial assets are recognized at fair value at the time the obligations are incurred and if it is probable that an outflow of resources will be required to settle the obligation, and a reasonable estimate of fair value can be made. Upon initial recognition of a liability, a corresponding amount is capitalized as part of the carrying amount of the related property, plant and equipment. Asset retirement obligations are regularly reviewed by management and are revised for changes in future estimated costs and regulatory requirements. Changes in the estimated timing of retirement or future estimated costs are dealt prospectively by recording an adjustment against the carrying value of the provision and a corresponding adjustment to property and equipment. Depreciation of the capitalized asset retirement cost is generally determined on a units-of-production basis. Accretion of the asset retirement obligation is recognized over time and generally will escalate over the life of the producing asset, typically as production declines. Accretion is included in the finance costs in the consolidated statement of profit or loss. Any difference between the recorded obligation and the actual costs of reclamation is recorded in the consolidated statement of profit or loss in the period the obligation is settled. |
Borrowing costs | (m) Borrowing costs Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing costs directly relating to the acquisition, construction or production of a qualifying asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective assets. The capitalization of such borrowing costs ceases when the assets are substantially ready for their intended use or sale. All other borrowing costs are expensed in the period in which they are incurred. |
Revenue recognition | (n) Revenue recognition The Group sells its products pursuant to sales contracts entered into with its customers. Revenue for all products is recognized when the significant risks and rewards of ownership have passed to the customer, provided that the Group does not maintain neither managerial involvement to the degree usually associated with ownership nor effective control over the goods sold, and when collectability is reasonably assured. The passing of the significant risks and rewards of ownership to the customer is based on the terms of the sales contract, generally upon delivery and acceptance of the product by the customer. In accordance with the relevant tax laws in the PRC, value-added tax (“VAT”) is levied on the invoiced value of sales and is payable by the purchaser. The Group is required to remit the VAT it collects to the tax authority, but may deduct the VAT it has paid on eligible purchases. The difference between the amounts collected and paid is presented as VAT recoverable or payable in the consolidated statement of financial position. The Group recognizes revenues net of VAT. |
Government grants | (o) Government grants Government grants are recognized at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the period that the costs, which it is intended to compensate, are expensed. Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the consolidated statement of profit or loss over the expected useful life of the relevant asset by equal annual instalments or deducted from the carrying amount of the asset and released to the consolidated statement of profit or loss by way of a reduced depreciation charge. |
Income taxes | (p) Income taxes Income tax comprises current and deferred tax. Income tax relating to items recognized outside profit or loss is recognized outside profit or loss, either as other comprehensive income or loss, or directly in equity. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted, by the end of the reporting date, taking into consideration interpretations and practices prevailing in the countries where the Group operates and generates taxable income. Deferred tax is provided, using the liability method, on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except: · when the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and · in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized, except: · where the deferred tax assets relating to the deductible temporary differences arise from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and · in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it is probable that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. |
Foreign currencies | (q) Foreign currencies The functional currency of substantially all the operations of the Group is the CNY, the national currency of the PRC. Transactions denominated in currencies other than the CNY recorded by the entities of the Group are initially recorded using their respective functional currency rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in other currencies have been translated into CNY at the functional currency rates of exchange prevailing at the end of the reporting period. The resulting exchange gains or losses are credited or charged to the consolidated statement of profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the date of the initial transactions. The consolidated financial statements of certain overseas subsidiary operations with a functional currency other than the CNY have been translated into CNY. The assets and liabilities of these entities have been translated using the exchange rates prevailing at the reporting date and their consolidated statements of profit or loss have been translated using the weighted average exchange rate for the year. Resulting translation adjustments are reported as a separate component of other comprehensive income. On disposal of a foreign operation, the deferred cumulative amount recognized in equity relating to that particular foreign operation is recognized in the consolidated statement of profit or loss. |
Convenience translation | (r) Convenience translation The consolidated financial statements are stated in CNY. The translation of amounts from CNY into US$ is included solely for the convenience of the readers and has been made at the rate of exchange quoted by UKForex on December 31, 2017 of US$1.00 = CNY6.5067. No representation is made that the CNY amounts could have been, or could be, converted into US$ at that rate on December 31, 2017 or at any other date. |
Provisions | (s) Provisions A provision is recognized when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation. When the effect of discounting is material, the amount recognized for a provision is the present value at the end of the reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in the consolidated statement of profit or loss. |
Leases | (t) Leases Leases that transfer substantially all the rewards and risks of ownership of assets to the Group, other than legal title, are accounted for as finance leases. At the inception of a finance lease, the cost of the leased asset is capitalized at the lower of its fair value of the present value of the minimum lease payments and recorded together with the obligation, excluding the interest element, to reflect the purchase and financing. Assets held under capitalized finance leases are included in property, plant and equipment, and depreciated over the shorter of the lease terms and the estimated useful lives of the assets. The finance costs of such leases are charged to the consolidated statement of profit or loss so as to provide a constant periodic rate of charge over the lease terms. Leases where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Where the Group is the lessee, rentals payable under operating leases net of any incentives received from the lessor are charged to the consolidated statement of profit or loss on the straight-line basis over the lease terms. Prepaid land lease payments under operating leases are initially stated at cost and subsequently recognized on the straight-line basis over the lease terms. |
Dividend | (u) Dividend Final dividends are recognized as a liability when they are approved by the shareholders in a general meeting. Interim dividends are simultaneously proposed and declared, because the Company's memorandum and articles of association grant the directors the authority to declare interim dividends. Consequently, interim dividends are recognized immediately as a liability when they are proposed and declared. |
SUMMARY OF SIGNIFICANT ACCOUN33
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of basis of preparation [Abstract] | |
Schedule of Estimated Useful Life | Estimated useful lives are as follows: Non-mining related buildings 8 - 35 years Non-mining related machinery and equipment 3 - 15 years Motor vehicles 4 - 8 years |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | |
Schedule of Calculations of Basic and Diluted Earnings Per Share | The results of the above discontinued operations are presented below: 2015 2016 2017 CNY CNY CNY Loss per share from the discontinued operations (Presented in CNY per share) Basic ( 1.45 ) (0.74 ) (0.95 ) Diluted (1.45 ) (0.74 ) (0.95 ) The calculations of basic and diluted loss per share from the discontinued operations are based on: 2015 2016 2017 CNY CNY CNY Loss attributable to owners of the Company from the discontinued operations (36,176 ) (18,591 ) (23,817 ) Weighted average number of ordinary shares in issue during the period used in the loss per share calculations: Basic (Note 16) 24,910,916 24,910,916 24,910,916 Diluted (Note 16) 24,910,916 24,910,916 24,910,916 |
Discontinued operation of Wuhu Feishang [Member] | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | |
Schedule of discontinued operations | (a) Discontinued operation of Wuhu Feishang The results of Wuhu Feishang are presented below: 2015 2016 For the period from January 1, 2017 to March 3, 2017 CNY CNY CNY Revenue 18,342 — — Cost of sales (31,936 ) — — Gross Profit (13,594 ) — — Selling expenses (31 ) (23 ) — Administrative expenses (14,487 ) (6,588 ) (991 ) Losses arising from temporary suspension of production (830 ) (4,073 ) (641 ) Reversal of write-down of inventories to net realizable value 5,474 1,744 — Impairment loss on property, plant and equipment (7,542 ) — — Other operating income 412 393 61 OPERATING LOSS (30,598 ) (8,547 ) (1,571 ) Finance costs (422 ) (258 ) (30 ) Interest income 892 119 9 Non-operating income/(expenses), net (106 ) (2,267 ) 230 LOSS BEFORE INCOME TAX (30,234 ) (10,953 ) (1,362 ) LOSS FOR THE PERIOD FROM WUHU FEISHANG (30,234 ) (10,953 ) (1,362 ) Gain on disposal of Wuhu Feishang — — 12,340 (LOSS)/PROFIT FOR THE PERIOD FROM WUHU FEISHANG (30,234 ) (10,953 ) 10,978 The details of the net assets of Wuhu Feishang as at March 3, 2017 are as follows: March 3, 2017 CNY Net assets disposed of: Property, plant and equipment 7,613 Rehabilitation fund 3,983 Inventories 5,644 Prepayments 73 Other receivables 47 Cash and cash equivalents 18 Trade payables (30 ) Other payables and accrued liabilities (13,303 ) Taxes payable (5,316 ) Due to related companies (5,117 ) Asset retirement obligations (4,952 ) Net assets disposed of: (11,340 ) Gain on disposal of Wuhu Feishang 12,340 Consideration 1,000 Satisfied by: Cash received 1,000 The net cash flows incurred by Wuhu Feishang, excluding the cash consideration received from disposal of Wuhu Feishang are as follows: 2015 2016 For the period from January 1, 2017 to March 3, 2017 CNY CNY CNY Operating activities (42,785 ) (16,632 ) (2,727 ) Investing activities (5,927 ) (81 ) 60 Financing activities 35,711 1,920 1,793 Net cash outflows (13,001 ) (14,793 ) (874 ) An analysis of the cash flows of cash and cash equivalents in respect of the disposal of Wuhu Feishang is as follows: March 3, 2017 CNY Cash consideration received 1,000 Less: Cash and cash equivalents disposed of (18 ) Net cash inflows from the disposal of Wuhu Feishang 982 |
Discontinued operation of Double Grow [Member] | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | |
Schedule of discontinued operations | (b) Discontinued operation of Double Grow The results of Double Grow are presented below: 2015 2016 For the period from January 1, 2017 to December 29, 2017 CNY CNY CNY Administrative expenses (2,099 ) (3,907 ) (5,966 ) Other operating expenses, net (3,836 ) (3,575 ) — OPERATING LOSS (5,935 ) (7,482 ) (5,966 ) Finance costs (20 ) (72 ) (78 ) Non-operating income/(expenses), net 13 (84 ) (840 ) LOSS BEFORE INCOME TAX (5,942 ) (7,638 ) (6,884 ) LOSS FOR THE PERIOD FROM DOUBLE GROW (5,942 ) (7,638 ) (6,884 ) Loss on disposal of Double Grow — — (27,911 ) LOSS FOR THE PERIOD FROM DOUBLE GROW (5,942 ) (7,638 ) (34,795 ) The details of the net assets of Double Grow as at December 29, 2017 are as follows: December 29, 2017 CNY Net assets disposed of: Property, plant and equipment 45,442 Intangible assets 5 Inventories 5,659 Trade and bills receivables 340 Prepayments 572 Other receivables 5,962 Cash and cash equivalents 807 Trade payables (786 ) Other payables and accrued liabilities (2,561 ) Taxes payable (621 ) Due to related companies (21,994 ) Asset retirement obligations (386 ) Net assets disposed of: 32,439 Exchange fluctuation reserve 3,280 35,719 Loss on disposal of Double Grow (27,911 ) Consideration 7,808 Satisfied by: Cash received 7,808 The net cash flows incurred by Double Grow, excluding the cash consideration received from disposal of Double Grow are as follows: 2015 2016 For the period from January 1, 2017 to December 29, 2017 CNY CNY CNY Operating activities (4,913 ) (11,879 ) (5,796 ) Investing activities (12,061 ) (4,453 ) (5,823 ) Financing activities 25,922 5,915 10,173 Net foreign exchange difference (1,564 ) 303 (100 ) Net cash inflows/(outflows) 7,384 (10,114 ) (1,546 ) An analysis of the cash flows of cash and cash equivalents in respect of the disposal of Double Grow is as follows: December 29, 2017 CNY Cash consideration received 7,808 Less: Cash and cash equivalents disposed of (807 ) Net cash inflows from the disposal of Double Grow 7,001 |
RESTATEMENT (Tables)
RESTATEMENT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of restatement [Abstract] | |
Schedule of result of the disposal of Wuhu Feishang and Double Grow | As a result of the disposal of Wuhu Feishang and Double Grow, the relevant line items in the consolidated statements of profit or loss and comprehensive income for the years ended December 31, 2015 and 2016 have been restated as follows: The Group (as previously reported) Adjustment in relation to disposal of Double Grow Adjustment in relation to disposal of Wuhu Feishang The Group (as restated) CNY CNY CNY CNY Consolidated statement of profit or loss for the year ended December 31, 2015: Revenue 18,342 — (18,342 ) — Cost of sales (31,936 ) — 31,936 — Gross profit (13,594 ) — 13,594 — Selling expenses (31 ) — 31 — Administrative expenses (20,163 ) 2,099 14,487 (3,577 ) Losses arising from temporary suspension of production (830 ) — 830 — Reversal of write down of inventories to net realizable value, net 5,474 — (5,474 ) — Impairment loss on property, plant and equipment (7,542 ) — 7,542 — Other operating income/ (expenses) (3,424 ) 3,836 (412 ) — Operating loss (40,110 ) 5,935 30,598 (3,577 ) Finance costs (444 ) 20 422 (2 ) Foreign exchange difference, net (354 ) — — (354 ) Interest income 1,056 — (892 ) 164 Non-operating expenses, net (93 ) (13 ) 106 — Loss before income tax (39,945 ) 5,942 30,234 (3,769 ) Income tax expense (1,504 ) — — (1,504 ) Loss for the year from continuing operations (41,449 ) 5,942 30,234 (5,273 ) Loss for the year from discontinued operations — (5,942 ) (30,234 ) (36,176 ) Consolidated statement of comprehensive income for the year ended December 31, 2015: Foreign currency translation adjustments 410 — — 410 Total comprehensive income for the year (41,039 ) — — (41,039 ) Loss per share attributable to ordinary equity holders of the Company: Basic and diluted loss per share: - For loss from continuing operations (Presented in CNY per share) (1.66 ) 0.24 1.21 (0.21 ) - For loss from discontinued operations (Presented in CNY per share) — (0.24 ) (1.21 ) (1.45 ) (1.66 ) — — (1.66 ) The Group (as previously reported) Adjustment in relation to disposal of Double Grow Adjustment in relation to disposal of Wuhu Feishang The Group (as restated) CNY CNY CNY CNY Consolidated statements of profit or loss for the year ended December 31, 2016: Selling expenses (23 ) — 23 — Administrative expenses (15,014 ) 3,907 6,588 (4,519 ) Losses arising from temporary suspension of production (4,073 ) — 4,073 — Reversal of write down of inventories to net realizable value, net 1,744 — (1,744 ) — Other operating income/ (expenses) (3,182 ) 3,575 (393 ) — Operating loss (20,548 ) 7,482 8,547 (4,519 ) Finance costs (331 ) 72 258 (1 ) Interest income 194 — (119 ) 75 Non-operating expenses, net (2,351 ) 84 2,267 — Loss for the year from continuing operations (23,036 ) 7,638 10,953 (4,445 ) Loss for the year from discontinued operations — (7,638 ) (10,953 ) (18,591 ) Consolidated statement of comprehensive income for the year ended December 31, 2016: Foreign currency translation adjustments (834 ) — — (834 ) Total comprehensive income for the year (23,870 ) — — (23,870 ) Loss per share attributable to ordinary equity holders of the company: Basic and diluted loss per share: - For loss from continuing operations (Presented in CNY per share) (0.92 ) 0.31 0.43 (0.18 ) -For loss from discontinued operations (Presented in CNY per share) — (0.31 ) (0.43 ) (0.74 ) (0.92 ) — — (0.92 ) |
BUSINESS ACQUISITIONS (Tables)
BUSINESS ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Acquisitions Tables | |
Schedule of the net assets of Bayannaoer Mining | The details of the net assets of Bayannaoer Mining as at November 30, 2017 are as follows: November 30, 2017 CNY Cash and cash equivalents 631 Other current assets 361 Property, plant and equipment 336 Current liabilities (611 ) Net assets 717 |
Schedule of analysis of the cash flows in respect of the acquisition of Double Grow | An analysis of the cash flows in respect of the acquisitions of Antay Pacha by Double Grow in the year 2015 and Bayannaoer Mining in the year 2017 is as follow: December 31, 2015 2016 2017 2017 CNY CNY CNY US$ Cash consideration (9 ) — (717 ) (110 ) Cash and bank balances acquired 8,973 — 631 97 Net cash flows from acquisition of subsidiaries, net 8,964 — (86 ) (13 ) |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property Plant and Equipment | Buildings Mining structures and mining rights Machinery and equipment Motor vehicles Construction in progress Total CNY CNY CNY CNY CNY CNY Cost At January 1, 2016 22,996 33,921 7,648 7,319 34,276 106,160 Additions — — 3 — 5,020 5,023 Transfer 5,515 — — — (5,515 ) — Disposals — — — (311 ) — (311 ) Exchange adjustment 202 21 3 348 2,279 2,853 At December 31, 2016 28,713 33,942 7,654 7,356 36,060 113,725 Acquisition of Bayannaoer Mining 43 — 12 280 — 335 Additions — — 71 — 4,137 4,208 Disposals (5,781 ) (4,688 ) (786 ) (2,017 ) — (13,272 ) Exchange adjustment (104 ) (21 ) (173 ) (35 ) (2,388 ) (2,721 ) Disposal of subsidiaries (22,828 ) (29,233 ) (5,939 ) (5,305 ) (37,809 ) (101,114 ) At December 31, 2017 43 — 839 279 — 1,161 At December 31, 2017 (US$) 6 — 129 44 — 179 Accumulated depreciation and amortization and impairment losses At January 1, 2016 (13,206 ) (33,608 ) (7,485 ) (2,471 ) — (56,770 ) Depreciation charge (1,415 ) — (55 ) (1,185 ) — (2,655 ) Disposals — — — 301 — 301 Exchange adjustment 16 — (1 ) (93 ) — (78 ) At December 31, 2016 (14,605 ) (33,608 ) (7,541 ) (3,448 ) — (59,202 ) Depreciation charge (530 ) — (25 ) (1,193 ) — (1,748 ) Disposals 5,121 4,688 715 1,742 — 12,266 Exchange adjustment (84 ) — (69 ) (46 ) — (199 ) Disposal of subsidiaries 10,098 28,920 6,100 2,941 — 48,059 At December 31, 2017 — — (820 ) (4 ) — (824 ) At December 31, 2017 (US$) — — (126 ) (1 ) — (127 ) Net carrying amount At December 31, 2016 14,108 334 113 3,908 36,060 54,523 At December 31, 2017 43 — 19 275 — 337 At December 31, 2017 (US$) 6 — 3 43 — 52 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Classes of current inventories [abstract] | |
Schedule of Inventories | Inventories, net of provision for inventories, are summarized as follows: December 31, 2016 2017 2017 CNY CNY US$ Materials and supplies 8,437 — — Finished goods 2,120 — — 10,557 — — |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Receivables Tables | |
Schedule of other receivables | December 31, 2016 2017 2017 CNY CNY US$ Withholding social insurance 5 6 1 Advance to a third party — 493 76 Input VAT 5,780 597 92 Petty cash 179 — — Deposit 40 21 3 Receivables in relation to the disposal of Double Grow (a) — 9,377 1,441 Others 123 — — 6,127 10,494 1,613 (a) The amount represented receivables due from Shanghai Kangzheng Investment Management Co., Ltd. amounting to CNY9.38 million (US$1.44 million) in relation to the disposal of Double Grow on December 29, 2017 as disclosed in Note 3. |
TRADE PAYABLES (Tables)
TRADE PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of trade payables [Abstract] | |
Schedule of Trade Payables | December 31, 2016 2017 2017 CNY CNY US$ Trade payables 2,736 215 33 |
Schedule of Aging Analysis of Trade Payables | The aging analysis of trade payables as at December 31, 2016 and 2017 is as follows: December 31, 2016 2017 2017 CNY CNY US$ Within 1 year 2,696 15 3 1 to 2 years — 100 15 Over 2 years 40 100 15 2,736 215 33 |
OTHER PAYABLES AND ACCRUED LI41
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other payables and accrued liabilities [Abstract] | |
Schedule of Other Payables and Accrued Liabilities | December 31, 2016 2017 2017 CNY CNY US$ Natural resources fee (a) 8,294 — — Staff compensation fund (b) 1,547 — — Social security payable (c) 1,506 68 10 Payroll payable 1,704 376 58 Welfare payable 529 1 — Advances from customers 23 — — Accrued expenses 1,419 2,372 365 Others 2,339 109 17 17,361 2,926 450 (a) The natural resources fee represents fees payable to the PRC government and is calculated as a percentage of sales. (b) The staff compensation fund represents one-off cash received from the PRC government to compensate employees of Wuhu Feishang through the Group for the loss of their state-sponsored pension and post-employment benefits. The fund is to be distributed to employees upon the termination of their employment with Wuhu Feishang. Wuhu Feishang is not required to make any additional contributions to the fund. (c) The social security represents amounts payable to the PRC and Bolivia government-managed retirement insurance, medical insurance, etc. |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of asset retirement obligations [Abstract] | |
Schedule of Asset Retirement Obligations | The following table describes the changes to the Group's asset retirement obligation liability: Amount Amount CNY US$ At January 1, 2016 4,967 763 Accretion expenses 311 48 Exchange adjustment 24 4 At December 31, 2016 5,302 815 Accretion expenses 60 9 Disposal of subsidiaries (Note 3) (5,338 ) (820 ) Exchange adjustment (24 ) (4 ) At December 31, 2017 — — |
LOSS BEFORE INCOME TAX FROM C43
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of loss before income tax from continuing operations [Abstract] | |
Schedule of Group's Loss Before Tax from Continuing Operations | The Group's loss before tax from continuing operations is arrived at after charging/ (crediting): Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) Crediting: Interest income on bank deposits 164 75 39 6 Charging: Auditors' remuneration: - Audit fee 800 1,480 2,000 307 Employee benefit expenses (Note 14) 591 715 697 107 Foreign exchange difference, net 354 Depreciation and amortization: - Property, plant and equipment 4 2 8 1 Operating lease rental: - Office properties 805 948 747 115 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of defined benefit plans [abstract] | |
Schedule of employee benefits from Continuing Operations | The Group’s employee benefits from continuing operations comprise the following: Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) Wages, salaries and allowances 459 565 566 87 Housing funds (a) 38 40 33 5 Contribution to pension plans (a) 92 104 79 12 Welfare and other expenses 2 6 19 3 591 715 697 107 (a) According to the PRC state regulations, the employees of the Group's subsidiaries which operate in Mainland China are required to participate in a central pension scheme operated by the local municipal government and government-sponsored housing funds. These subsidiaries are required to contribute a certain percentage of their payroll costs for those qualified urban employees to the central pension scheme as well as the housing funds. |
Schedule of employee benefits charged to the consolidated statements of profit or loss from continuing operations | Employee benefits charged to the consolidated statements of profit or loss from continuing operations are analyzed as follows: Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) Total employee benefits accrued for the year 591 715 697 107 Amount charged to the consolidated statement of profit or loss 591 715 697 107 |
INCOME TAX EXPENSE (Tables)
INCOME TAX EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of income tax expense [Abstract] | |
Schedule of loss before income tax from continuing operations | Loss before income tax consists of: Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) PRC (1,101 ) (1,171 ) (1,071 ) (165 ) BVI (2,625 ) (3,225 ) (5,064 ) (777 ) Hong Kong (43 ) (49 ) (44 ) (7 ) Total loss before income tax for the year from continuing operations (3,769 ) (4,445 ) (6,179 ) (949 ) Total loss before income tax for the year from discontinued operations (36,176 ) (18,591 ) (23,817 ) (3,660 ) (39,945 ) (23,036 ) (29,996 ) (4,609 ) |
Schedule of current and deferred components of income tax expense from Continuing Operations | The current and deferred components of income tax expense on the consolidated statements of profit or loss are as follows: Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) Current income tax expense 1,504 — — — Deferred income tax expense — — — — Total income tax expense for the year from continuing operations 1,504 — — — Total income tax expense for the year from discontinued operations — — — — 1,504 — — — |
Schedule of Reconciliation of Income Taxes from Continuing Operations | A reconciliation of the income taxes computed at the PRC and Bolivian statutory tax rate of 25% to the actual income tax expense/ (benefit) is as follows: Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) Loss before income tax for the year from continuing operations (3,769 ) (4,445 ) (6,179 ) (949 ) Loss before income tax for the year from discontinued operations (36,176 ) (18,591 ) (23,817 ) (3,660 ) (39,945 ) (23,036 ) (29,996 ) (4,609 ) Tax at the statutory tax rate 25% 25% 25% 25% Computed income tax benefit (9,986 ) (5,759 ) (7,499 ) (1,152 ) Effect of different tax rates for the Company and overseas subsidiaries 680 820 1,269 195 Effect of the deemed interest income 1,112 — — — Tax losses not recognized 4,927 4,259 6,230 957 Deferred tax assets not recognized 3,407 — — — Non-deductible expenses 972 680 — — Others 392 — — — Income tax expense 1,504 — — — Income tax expense from continuing operations at the effective rate 1,504 — — — Income tax expense from discontinued operations at the effective rate — — — — |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
Schedule of Basic and Diluted Loss Per Share | Basic and diluted loss per share for the years ended December 31, 2015, 2016 and 2017 are calculated as follows: Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) Loss for the year: From continuing operations (5,273 ) (4,445 ) (6,179 ) (949 ) From discontinued operations (36,176 ) (18,591 ) (23,817 ) (3,660 ) Weighted average number of common shares: Basic and diluted 24,910,916 24,910,916 24,910,916 24,910,916 Loss per share Basic and diluted: From continuing operations (0.21 ) (0.18 ) (0.25 ) (0.04 ) From discontinued operations (1.45 ) (0.74 ) (0.95 ) (0.15 ) (1.66 ) (0.92 ) (1.20 ) (0.19 ) |
RELATED PARTY BALANCES AND TR47
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of Consolidated Financial Statements Including Financial Statements of Company and Subsidiaries | The consolidated financial statements include the financial statements of the Company and the subsidiaries listed in the following table: Place of incorporation / registration and operations Nominal value of issued ordinary / registered share capital (CNY) Percentage of equity attributable to the Company Principal activities Name Direct Indirect China Coal Mining Investment Limited Hong Kong — 100 — Investment holding FMH Corporate Services Inc. United States — 100 — Dormant Feishang Dayun Coal Mining Limited Hong Kong — — 100 Investment holding Feishang Mining Holdings Limited British Virgin Islands — 100 — Investment holding Feishang Yongfu Mining Limited Hong Kong — — 100 Investment holding Newhold Investments Limited British Virgin Islands — 100 — Investment holding Pineboom Investments Limited British Virgin Islands — 100 — Investment holding Shenzhen Feishang Management and Consulting Co., Limited (“Feishang Management”) PRC/ Mainland China 10,000 — 100 Provision for management and consulting services to other companies in the Group Silver Moon Technologies Limited British Virgin Islands 1 80 — Dormant Sunwide Capital Limited British Virgin Islands — 100 — Dormant Yangpu Lianzhong Mining Co., Limited PRC/ Mainland China 115,008 — 100 Investment holding Yangpu Shuanghu Industrial Development Co., Limited PRC/ Mainland China 1,000 — 100 Investment holding Yunnan Feishang Mining Co., Limited PRC/ Mainland China 50,000 — 100 Investment holding Bayannaoer City Feishang Mining Company PRC/ Mainland China 59,480 — 100 Exploration and development of Lead Mine |
Schedule of Commercial Transactions with Related Parties | Commercial transactions with related parties Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ Notes CHNR's share of office rental, rates and others to Anka Consultants Limited (“Anka”) i 918 953 1,316 202 Sales of equipment to Wuhu Industrial ii — — 1,056 162 Purchase of raw ore from Empressa Minera Jacha Uru S.A. (“Jacha Uru”) iii 11 20 240 37 |
Schedule of Group Payables with Related Parties | The Group has payables with related parties, which are all unsecured and non-interest-bearing. Balances with related companies are summarized as follows: December 31, 2016 2017 2017 CNY CNY US$ Current: Payable to related companies: Jacha Uru (1) 1,298 — — Feishang Enterprise (2) 7,832 3,719 572 Feishang Hesheng (3) 11,877 10,028 1,541 21,007 13,747 2,113 Payable to the Shareholder: Feishang Group (4) 12,565 11,573 1,779 Feishang Enterprise, Feishang Group, Feishang Hesheng and Jacha Uru are controlled by Mr. Li Feilie, who is the beneficial shareholder of the Company. (1) Payable to Jacha Uru by Antay Pacha, for expenditure paid on behalf of Antay Pacha and the purchase of copper ores from Jacha Uru . The balance is repayable when funds are available. (2) Payable to Feishang Enterprise by Feishang Management for the net amount of loans from Feishang Enterprise. The balance is unsecured and interest-free. The balance is repayable when funds are available . (3) Payable to Feishang Hesheng for the acquisition of Double Grow as well as the assumption of indebtedness due to Feishang Hesheng by Double Grow. The balance is unsecured and interest-free. The balance is repayable when funds are available. (4) Payable to Feishang Group for the acquisition of Feishang Anthracite. The balance is unsecured and interest-free. The balance is repayable when funds are available. |
Schedule of Compensation of Key Management Personnel of Group | Compensation of key management personnel of the Group Year Ended December 31, 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) Wages, salaries and allowances 322 479 264 41 Housing subsidies 4 — 2 — Contribution to pension plans 44 22 29 4 370 501 295 45 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Issued Capital | December 31, 2015 2016 2017 2017 CNY CNY CNY US$ Authorized: 10,000,000 preferred shares, no par — — — — 200,000,000 ordinary shares, no par — — — — Issued and fully paid: 24,910,916 (2016: 24,910,916) common shares, no par common shares, no par 312,081 312,081 312,081 47,963 |
Schedule of Other Capital Reserves | Other capital reserves CNY At January 1, 2015 636,960 Deemed contribution from a related party* 55,558 At December 31, 2015, 2016 and 2017 692,518 At December 31, 2017 (US$) 106,432 * On December 23, 2016, Feishang Hesheng waived a payment of CNY55.56 million indebtedness owed to it by Double Grow (Note 5). |
FINANCIAL RISK MANAGEMENT OBJ49
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Maturity Profile of the Group's Financial Liabilities | The table below summarizes the maturity profile of the Group's financial liabilities based on contractual undiscounted payments: December 31, 2017 On demand Less than 1 year 1 to 5 years More than 5 years Total CNY CNY CNY CNY CNY Trade payables — 215 — — 215 Other payables and accrued liabilities — 2,481 — — 2,481 Due to related companies — 13,747 — — 13,747 Due to the Shareholder — 11,573 — — 11,573 — 28,016 — — 28,016 December 31, 2017 On demand Less than 1 year 1 to 5 years More than 5 years Total US$ US$ US$ US$ US$ Trade payables — 33 — — 33 Other payables and accrued liabilities — 382 — — 382 Due to related companies — 2,113 — — 2,113 Due to the Shareholder — 1,779 — — 1,779 — 4,307 — — 4,307 December 31, 2016 On demand Less than 1 year 1 to 5 years More than 5 years Total CNY CNY CNY CNY CNY Trade payables — 2,736 — — 2,736 Other payables and accrued liabilities — 12,075 — — 12,075 Due to related companies — 21,007 — — 21,007 Due to the Shareholder — 12,565 — — 12,565 — 48,383 — — 48,383 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of commitments [Abstract] | |
Schedule of Operating Lease | At the end of the reporting period, the Group had commitments for future minimum lease payments under a non-cancellable operating lease in respect of the rented premises which fall due as follows: December 31, 2016 2017 2017 CNY CNY US$ Within the first year 1,337 476 73 After one year but not more than five years 1,542 — — Later than five years 1,063 — — 3,942 476 73 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of operating segments [abstract] | |
Schedule of Segment Results | For the year ended December 31, 2017, the segment results were as follows: CNY Exploration and mining Corporate activities Total From continuing operations: Depreciation and amortization 5 3 8 Operating loss 258 5,946 6,204 Interest income 1 38 39 Finance costs — 14 14 Loss for the year from continuing operations 257 5,922 6,179 Total assets 705 29,043 29,748 Total liabilities 509 44,744 45,253 US$ Exploration and mining Corporate activities Total From continuing operations: Depreciation and amortization 1 — 1 Operating loss 40 913 953 Interest income — 6 6 Finance costs — 2 2 Loss for the year from continuing operations 39 910 949 Total assets 108 4,464 4,572 Total liabilities 78 6,878 6,956 For the year ended December 31, 2016, the segment results were as follows: CNY Corporate activities Total (Restated) (Restated) From continuing operations: Depreciation and amortization 2 2 Operating loss 4,519 4,519 Interest income 75 75 Finance costs 1 1 Loss for the year from continuing operations 4,445 4,445 Total assets 94,793 94,793 Total liabilities 81,598 81,598 For the year ended December 31, 2015, the segment results were as follows: CNY Corporate activities Total (Restated) (Restated) From continuing operations: Depreciation and amortization 4 4 Operating loss 3,577 3,577 Interest income 164 164 Finance costs 2 2 Foreign exchange difference, net 354 354 Income tax expense 1,504 1,504 Loss for the year from continuing operations 5,273 5,273 Total assets 111,057 111,057 Total liabilities 128,856 128,856 |
Schedule of Reconciliation of Loss for the year from Continuing Operations to Net Loss | The reconciliation of loss for the year from continuing operations to net loss is as follows: 2015 2016 2017 2017 CNY CNY CNY US$ (Restated) (Restated) Loss for the year from continuing operations (5,273 ) (4,445 ) (6,179 ) (949 ) Loss for the year from discontinued operations (36,176 ) (18,591 ) (23,817 ) (3,660 ) Net loss (41,449 ) (23,036 ) (29,996 ) (4,609 ) |
NOTES TO THE CONSOLIDATED STA52
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes To Consolidated Statement Of Cash Flows Tables | |
Schedule of changes in liabilities arising from financing activities | Changes in liabilities arising from financing activities Due to related companies CNY At January 1, 2017 21,007 Changes from financing cash flows 12,630 Decrease arising from disposal of discontinued operations (18,607 ) Changes from operating activities 271 Foreign exchange movement (1,554 ) At December 31, 2017 13,747 |
CONDENSED FINANCIAL INFORMATI53
CONDENSED FINANCIAL INFORMATION OF THE COMPANY (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information Of Company Tables | |
Schedule of non-consolidated basis | The following is the condensed financial information of the Company on a non-consolidated basis: CONDENSED STATEMENTS OF FINANCIAL POSITION December 31, 2016 2017 2017 CNY CNY US$ ASSETS NON-CURRENT ASSETS Investments in subsidiaries 694 — — CURRENT ASSETS Amounts due from subsidiaries 26,972 9,266 1,425 Cash and cash equivalents 10,678 13,912 2,138 Other receivables (Note 9(a)) — 9,377 1,441 TOTAL CURRENT ASSETS 37,650 32,555 5,004 TOTAL ASSETS 38,344 32,555 5,004 LIABILITIES AND EQUITY CURRENT LIABILITIES Other payables and accrued liabilities 1,398 2,350 361 Due to the Shareholder 12,565 11,573 1,779 Due to a related party 10,766 10,028 1,541 TOTAL CURRENT LIABILITIES 24,729 23,951 3,681 TOTAL LIABILITIES 24,729 23,951 3,681 EQUITY Issued capital 290,179 290,179 44,597 Other capital reserves 823,581 823,581 126,574 Accumulated losses (1,089,898 ) (1,087,839 ) (167,187 ) Other comprehensive income (10,247 ) (17,317 ) (2,661 ) TOTAL EQUITY 13,615 8,604 1,323 TOTAL LIABILITIES AND EQUITY 38,344 32,555 5,004 |
Schedule of profit or loss | CONDENSED STATEMENTS OF PROFIT OR LOSS December 31, 2015 2016 2017 2017 CNY CNY CNY US$ Administrative expenses (2,380 ) (3,216 ) (5,055) (777 ) Impairment of investments in subsidiaries (25,335 ) — — — Impairment of an amount due from a subsidiary (2,821 ) — — — Dividend income 31,680 — — — Interest income 130 — — — Profit on disposal of a subsidiary — — 7,114 1,093 Profit/ (loss) before income tax 1,274 (3,216 ) 2,059 316 Profit/ (loss) for the year 1,274 (3,216 ) 2,059 316 |
Schedule of cash flows | CONDENSED STATEMENTS OF CASH FLOWS December 31, 2015 2016 2017 2017 CNY CNY CNY US$ Net cash flows used in operating activities (1,851 ) (2,796 ) (3,647 ) (560 ) Net cash flows from investing activities 31,681 — 7,808 1,200 Net cash flows used in financing activities (33,210 ) (276 ) — — NET (DECREASE)/INCREASE IN CASH (3,380 ) (3,072 ) 4,161 640 CASH AT BEGINNING OF THE YEAR 14,484 13,062 10,678 1,641 Net foreign exchange difference 1,958 688 (927 ) (143 ) CASH AT END OF THE YEAR 13,062 10,678 13,912 2,138 |
ORGANIZATION AND PRINCIPAL AC54
ORGANIZATION AND PRINCIPAL ACTIVITIES (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Disclosure of detailed information about business combination [line items] | |||
Net current liabilities | ¥ | ¥ 15,840 | ¥ 40,050 | |
Total assets less current liabilities | ¥ | ¥ (15,510) | ¥ 18,500 | |
USD [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Net current liabilities | $ | $ 2,440 | ||
Total assets less current liabilities | $ | $ (2,380) |
SUMMARY OF SIGNIFICANT ACCOUN55
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Life) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Non-mining related buildings [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 8 - 35 years |
Non-mining related machinery and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 - 15 years |
Motor vehicles [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 4 - 8 years |
SUMMARY OF SIGNIFICANT ACCOUN56
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
ForeignCurrencyLineItems [Line Items] | |||
Net current liabilities | ¥ | ¥ 15,840 | ¥ 40,050 | |
USD [Member] | |||
ForeignCurrencyLineItems [Line Items] | |||
Net current liabilities | $ | $ 2,440 |
DISCONTINUED OPERATIONS (Schedu
DISCONTINUED OPERATIONS (Schedule of Results of Wuhu Feishang) (Details) - CNY (¥) ¥ in Thousands | 2 Months Ended | 12 Months Ended | ||
Mar. 03, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of subsidiaries [line items] | ||||
Administrative expense | ¥ (6,204) | ¥ (4,519) | ¥ (3,577) | |
Impairment loss on property, plant and equipment | (7,542) | |||
OPERATING LOSS | (6,204) | (4,519) | (3,577) | |
Finance costs | (14) | (1) | (2) | |
Interest income | 39 | 75 | 164 | |
Loss for the year from discontinued operations, net of tax | ¥ (23,817) | (18,591) | (36,176) | |
Discontinued operation of Wuhu Feishang [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Revenue | 18,342 | |||
Cost of sales | (31,936) | |||
Gross profit | (13,594) | |||
Selling expenses | (23) | (31) | ||
Administrative expense | (991) | (6,588) | (14,487) | |
Losses arising from temporary suspension of production | (641) | (4,073) | (830) | |
Reversal of write-down of inventories to net realizable value | 1,744 | 5,474 | ||
Impairment loss on property, plant and equipment | (7,542) | |||
Other operating income | 61 | 393 | 412 | |
OPERATING LOSS | (1,571) | (8,547) | (30,598) | |
Finance costs | (30) | (258) | (422) | |
Interest income | 9 | 119 | 892 | |
Non-operating expense, net | 230 | (2,267) | (106) | |
LOSS BEFORE INCOME TAX | (1,362) | (10,953) | (30,234) | |
Loss for the year from discontinued operations, net of tax | (1,362) | (10,953) | (30,234) | |
Gain on disposal of Wuhu Feishang | 12,340 | |||
(Loss)/Profit for the period | ¥ 10,978 | ¥ (10,953) | ¥ (30,234) |
DISCONTINUED OPERATIONS (Sche58
DISCONTINUED OPERATIONS (Schedule of The Net Assets of Wuhu Feishang) (Details) - CNY (¥) ¥ in Thousands | 2 Months Ended | 12 Months Ended | |||
Mar. 03, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2014 | |
Net assets disposed of: | |||||
Property, plant and equipment | ¥ 54,523 | ¥ 337 | |||
Rehabilitation fund | 3,972 | ||||
Inventories | 10,557 | ||||
Prepayments | 330 | 39 | |||
Other receivables | 6,127 | 10,494 | |||
Cash and cash equivalents | 19,228 | ¥ 45,307 | 18,878 | ¥ 48,263 | |
Trade payables | (2,736) | (215) | |||
Other payables and accrued liabilities | (17,361) | (2,926) | |||
Taxes payable | (22,627) | (16,792) | |||
Due to related companies | (21,007) | (13,747) | |||
Asset retirement obligations | (5,302) | (4,967) | |||
Discontinued operation of Wuhu Feishang [Member] | |||||
Net assets disposed of: | |||||
Property, plant and equipment | ¥ 7,613 | ||||
Rehabilitation fund | 3,983 | ||||
Inventories | 5,644 | ||||
Prepayments | 73 | ||||
Other receivables | 47 | ||||
Cash and cash equivalents | 18 | ||||
Trade payables | (30) | ||||
Other payables and accrued liabilities | (13,303) | ||||
Taxes payable | (5,316) | ||||
Due to related companies | (5,117) | ||||
Asset retirement obligations | (4,952) | ||||
Net assets disposed of | (11,340) | ||||
Gain on disposal of Wuhu Feishang | 12,340 | ||||
Consideration | 1,000 | ||||
Satisfied by: | |||||
Cash received | ¥ 1,000 |
DISCONTINUED OPERATIONS (Sche59
DISCONTINUED OPERATIONS (Schedule of net cash flows Wuhu Feishang) (Details) - CNY (¥) ¥ in Thousands | 2 Months Ended | 12 Months Ended | ||
Mar. 03, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | ||||
Operating activities | ¥ (14,746) | ¥ (28,269) | ¥ (21,569) | |
Investing activities | 2,868 | (4,936) | (435) | |
Financing activities | 12,630 | 5,581 | 12,369 | |
Net cash outflows | ¥ 752 | (27,624) | (9,635) | |
Discontinued operation of Wuhu Feishang [Member] | ||||
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | ||||
Operating activities | ¥ (2,727) | (16,632) | (42,785) | |
Investing activities | 60 | (81) | (5,927) | |
Financing activities | 1,793 | 1,920 | 35,711 | |
Net cash outflows | ¥ (874) | ¥ (14,793) | ¥ (13,001) |
DISCONTINUED OPERATIONS (Sche60
DISCONTINUED OPERATIONS (Schedule of cash flows of cash and cash equivalents Wuhu Feishang) (Details) - Discontinued operation of Wuhu Feishang [Member] ¥ in Thousands | 2 Months Ended |
Mar. 03, 2017CNY (¥) | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | |
Cash consideration received | ¥ 1,000 |
Less: Cash and cash equivalents disposed of | (18) |
Net cash inflows from the disposal of discontinued operation | ¥ 982 |
DISCONTINUED OPERATIONS (Sche61
DISCONTINUED OPERATIONS (Schedule of result of Double Grow) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 29, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | ||||
Administrative expenses | ¥ (6,204) | ¥ (4,519) | ¥ (3,577) | |
OPERATING LOSS | (6,204) | (4,519) | (3,577) | |
Finance costs | (14) | (1) | (2) | |
LOSS BEFORE INCOME TAX | (6,179) | (4,445) | (3,769) | |
Loss for the year from discontinued operations, net of tax | ¥ (23,817) | (18,591) | (36,176) | |
Discontinued operation of Double Grow [Member] | ||||
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | ||||
Administrative expenses | ¥ (5,966) | (3,907) | (2,099) | |
Other operating income/(expense), net | (3,575) | (3,836) | ||
OPERATING LOSS | (5,966) | (7,482) | (5,935) | |
Finance costs | (78) | (72) | (20) | |
Non-operating income/(expenses), net | (840) | (84) | 13 | |
LOSS BEFORE INCOME TAX | (6,884) | (7,638) | (5,942) | |
Loss for the year from discontinued operations, net of tax | (6,884) | (7,638) | (5,942) | |
Loss on disposal of Double Grow | (27,911) | |||
Loss for the period | ¥ (34,795) | ¥ (7,638) | ¥ (5,942) |
DISCONTINUED OPERATIONS (Sche62
DISCONTINUED OPERATIONS (Schedule of The net assets of Double Grow) (Details) - CNY (¥) ¥ in Thousands | Dec. 29, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Net assets disposed of: | |||||
Property, plant and equipment | ¥ 337 | ¥ 54,523 | |||
Inventories | 10,557 | ||||
Prepayments | 39 | 330 | |||
Other receivables | 10,494 | 6,127 | |||
Cash and cash equivalents | 18,878 | 19,228 | ¥ 45,307 | ¥ 48,263 | |
Trade payables | (215) | (2,736) | |||
Other payables and accrued liabilities | (2,926) | (17,361) | |||
Taxes payable | (16,792) | (22,627) | |||
Due to related companies | (13,747) | (21,007) | |||
Asset retirement obligations | (5,302) | ¥ (4,967) | |||
Net assets | ¥ (15,840) | ¥ (40,050) | |||
Discontinued operation of Double Grow [Member] | |||||
Net assets disposed of: | |||||
Property, plant and equipment | ¥ 45,442 | ||||
Intangible assets | 5 | ||||
Inventories | 5,659 | ||||
Trade and bills receivables | 340 | ||||
Prepayments | 572 | ||||
Other receivables | 5,962 | ||||
Cash and cash equivalents | 807 | ||||
Trade payables | (786) | ||||
Other payables and accrued liabilities | (2,561) | ||||
Taxes payable | (621) | ||||
Due to related companies | (21,994) | ||||
Asset retirement obligations | (386) | ||||
Net assets disposed of | 32,439 | ||||
Exchange fluctuation reserve | 3,280 | ||||
Net assets | 35,719 | ||||
Loss on disposal of Double Grow | (27,911) | ||||
Consideration | 7,808 | ||||
Satisfied by: | |||||
Cash received | ¥ 7,808 |
DISCONTINUED OPERATIONS (Sche63
DISCONTINUED OPERATIONS (Schedule of net cash flows Double Grow) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 29, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | ||||
Operating activities | ¥ (14,746) | ¥ (28,269) | ¥ (21,569) | |
Investing activities | 2,868 | (4,936) | (435) | |
Financing activities | 12,630 | 5,581 | 12,369 | |
Net cash (outflows)/inflows | ¥ 752 | (27,624) | (9,635) | |
Discontinued operation of Double Grow [Member] | ||||
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | ||||
Operating activities | ¥ (5,796) | (11,879) | (4,913) | |
Investing activities | (5,823) | (4,453) | (12,061) | |
Financing activities | 10,173 | 5,915 | 25,922 | |
Net foreign exchange difference | (100) | 303 | (1,564) | |
Net cash (outflows)/inflows | ¥ (1,546) | ¥ (10,114) | ¥ 7,384 |
DISCONTINUED OPERATIONS (Sche64
DISCONTINUED OPERATIONS (Schedule of cash flows of cash and cash equivalents Double Grow ) (Details) - Discontinued operation of Double Grow [Member] ¥ in Thousands | 12 Months Ended |
Dec. 29, 2017CNY (¥) | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | |
Cash consideration received | ¥ 7,808 |
Less: Cash and cash equivalents disposed of | (807) |
Net cash inflows from the disposal of discontinued operation | ¥ 7,001 |
DISCONTINUED OPERATIONS (Sche65
DISCONTINUED OPERATIONS (Schedule of Loss Per Share From The Discontinued Operations) (Details) - ¥ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss per share from the discontinued operations (Presented in CNY per share) | |||
Basic | ¥ (0.95) | ¥ (0.74) | ¥ (1.45) |
Diluted | ¥ (0.95) | ¥ (0.74) | ¥ (1.45) |
DISCONTINUED OPERATIONS (Sche66
DISCONTINUED OPERATIONS (Schedule of loss from discontinued operations and number of ordinary shares) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Discontinued Operations Schedule Of Loss From Discontinued Operations And Number Of Ordinary Shares Details | |||
Loss attributable to owners of the Company from the discontinued operations | ¥ (23,817) | ¥ (18,591) | ¥ (36,176) |
Basic (in shares) | 24,910,916 | 24,910,916 | 24,910,916 |
Diluted (in shares) | 24,910,916 | 24,910,916 | 24,910,916 |
RESTATEMENT (Schedule of Result
RESTATEMENT (Schedule of Result of Disposal of Discontinued Operations) (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated statement of profit or loss | |||
Administrative expenses | ¥ (6,204) | ¥ (4,519) | ¥ (3,577) |
Impairment loss on property, plant and equipment | (7,542) | ||
Operating loss | (6,204) | (4,519) | (3,577) |
Finance costs | (14) | (1) | (2) |
Foreign exchange difference, net | (354) | ||
Interest income | 39 | 75 | 164 |
Loss before income tax | (6,179) | (4,445) | (3,769) |
Income tax expense | (1,504) | ||
Loss for the year from continuing operations | (6,179) | (4,445) | (5,273) |
Loss for the year from discontinued operations | (23,817) | (18,591) | (36,176) |
Consolidated statement of comprehensive income for the year: | |||
Total other comprehensive income for the year, net of tax | 1,296 | (834) | 410 |
Total comprehensive income for the year | ¥ (28,700) | ¥ (23,870) | ¥ (41,039) |
Loss per share attributable to ordinary equity holders of the Company: Basic and diluted loss per share: | |||
- For loss from continuing operations (Presented in CNY per share) | ¥ (0.25) | ¥ (0.18) | ¥ (0.21) |
- For loss from discontinued operations (Presented in CNY per share) | (0.95) | (0.74) | (1.45) |
Total | ¥ (1.20) | ¥ (0.92) | ¥ (1.66) |
The Group (as previously reported) [Member] | |||
Consolidated statement of profit or loss | |||
Revenue | ¥ 18,342 | ||
Cost of sales | (31,936) | ||
Gross profit | (13,594) | ||
Selling expenses | ¥ (23) | (31) | |
Administrative expenses | (15,014) | (20,163) | |
Losses arising from temporary suspension of production | (4,073) | (830) | |
Reversal of write down of inventories to net realizable value, net | 1,744 | 5,474 | |
Impairment loss on property, plant and equipment | (7,542) | ||
Other operating income/ (expenses) | (3,182) | (3,424) | |
Operating loss | (20,548) | (40,110) | |
Finance costs | (331) | (444) | |
Foreign exchange difference, net | (354) | ||
Interest income | 194 | 1,056 | |
Non-operating expenses, net | (2,351) | (93) | |
Loss before income tax | (39,945) | ||
Income tax expense | (1,504) | ||
Loss for the year from continuing operations | (23,036) | (41,449) | |
Loss for the year from discontinued operations | |||
Consolidated statement of comprehensive income for the year: | |||
Total other comprehensive income for the year, net of tax | (834) | 410 | |
Total comprehensive income for the year | ¥ (23,870) | ¥ (41,039) | |
Loss per share attributable to ordinary equity holders of the Company: Basic and diluted loss per share: | |||
- For loss from continuing operations (Presented in CNY per share) | ¥ (0.92) | ¥ (1.66) | |
- For loss from discontinued operations (Presented in CNY per share) | |||
Total | ¥ (0.92) | ¥ (1.66) | |
Adjustment in relation to disposal of Double Grow [Member] | |||
Consolidated statement of profit or loss | |||
Revenue | |||
Cost of sales | |||
Gross profit | |||
Selling expenses | |||
Administrative expenses | 3,907 | 2,099 | |
Losses arising from temporary suspension of production | |||
Reversal of write down of inventories to net realizable value, net | |||
Impairment loss on property, plant and equipment | |||
Other operating income/ (expenses) | 3,575 | 3,836 | |
Operating loss | 7,482 | 5,935 | |
Finance costs | 72 | 20 | |
Foreign exchange difference, net | |||
Interest income | |||
Non-operating expenses, net | 84 | (13) | |
Loss before income tax | 5,942 | ||
Income tax expense | |||
Loss for the year from continuing operations | 7,638 | 5,942 | |
Loss for the year from discontinued operations | (7,638) | (5,942) | |
Consolidated statement of comprehensive income for the year: | |||
Total other comprehensive income for the year, net of tax | |||
Total comprehensive income for the year | |||
Loss per share attributable to ordinary equity holders of the Company: Basic and diluted loss per share: | |||
- For loss from continuing operations (Presented in CNY per share) | ¥ 0.31 | ¥ 0.24 | |
- For loss from discontinued operations (Presented in CNY per share) | (0.31) | (0.24) | |
Total | |||
Adjustment in relation to disposal of Wuhu Feishang [Member] | |||
Consolidated statement of profit or loss | |||
Revenue | ¥ (18,342) | ||
Cost of sales | 31,936 | ||
Gross profit | 13,594 | ||
Selling expenses | ¥ 23 | 31 | |
Administrative expenses | 6,588 | 14,487 | |
Losses arising from temporary suspension of production | 4,073 | 830 | |
Reversal of write down of inventories to net realizable value, net | (1,744) | (5,474) | |
Impairment loss on property, plant and equipment | 7,542 | ||
Other operating income/ (expenses) | (393) | (412) | |
Operating loss | 8,547 | 30,598 | |
Finance costs | 258 | 422 | |
Foreign exchange difference, net | |||
Interest income | (119) | (892) | |
Non-operating expenses, net | 2,267 | 106 | |
Loss before income tax | 30,234 | ||
Income tax expense | |||
Loss for the year from continuing operations | 10,953 | 30,234 | |
Loss for the year from discontinued operations | (10,953) | (30,234) | |
Consolidated statement of comprehensive income for the year: | |||
Total other comprehensive income for the year, net of tax | |||
Total comprehensive income for the year | |||
Loss per share attributable to ordinary equity holders of the Company: Basic and diluted loss per share: | |||
- For loss from continuing operations (Presented in CNY per share) | ¥ 0.43 | ¥ 1.21 | |
- For loss from discontinued operations (Presented in CNY per share) | (0.43) | (1.21) | |
Total | |||
The Group (as restated) [Member] | |||
Consolidated statement of profit or loss | |||
Revenue | |||
Cost of sales | |||
Gross profit | |||
Selling expenses | |||
Administrative expenses | (4,519) | (3,577) | |
Losses arising from temporary suspension of production | |||
Reversal of write down of inventories to net realizable value, net | |||
Impairment loss on property, plant and equipment | |||
Other operating income/ (expenses) | |||
Operating loss | (4,519) | (3,577) | |
Finance costs | (1) | (2) | |
Foreign exchange difference, net | (354) | ||
Interest income | 75 | 164 | |
Non-operating expenses, net | |||
Loss before income tax | (3,769) | ||
Income tax expense | (1,504) | ||
Loss for the year from continuing operations | (4,445) | (5,273) | |
Loss for the year from discontinued operations | (18,591) | (36,176) | |
Consolidated statement of comprehensive income for the year: | |||
Total other comprehensive income for the year, net of tax | (834) | 410 | |
Total comprehensive income for the year | ¥ (23,870) | ¥ (41,039) | |
Loss per share attributable to ordinary equity holders of the Company: Basic and diluted loss per share: | |||
- For loss from continuing operations (Presented in CNY per share) | ¥ (0.18) | ¥ (0.21) | |
- For loss from discontinued operations (Presented in CNY per share) | (0.74) | (1.45) | |
Total | ¥ (0.92) | ¥ (1.66) |
BUSINESS ACQUISITIONS (Schedule
BUSINESS ACQUISITIONS (Schedule of net assets of Bayannaoer Mining) (Details) - Bayannaoer Mining [Member] ¥ in Thousands | Nov. 30, 2017CNY (¥) |
Statement Line Items [Line Items] | |
Cash and cash equivalents | ¥ 631 |
Other current assets | 361 |
Property, plant and equipment | 336 |
Current liabilities | (611) |
Net assets | ¥ 717 |
BUSINESS ACQUISITIONS (Schedu69
BUSINESS ACQUISITIONS (Schedule of An analysis of the cash flows in respect of the acquisitions) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017CNY (¥) | |
ForeignCurrencyLineItems [Line Items] | |||||
Cash consideration | ¥ | ¥ (9) | ¥ (717) | |||
Cash and bank balances acquired | ¥ | 8,973 | ¥ 631 | |||
Net cash flows from acquisition of subsidiaries, net | ¥ | ¥ (86) | ¥ 8,964 | |||
USD [Member] | |||||
ForeignCurrencyLineItems [Line Items] | |||||
Cash consideration | $ | $ (110) | ||||
Cash and bank balances acquired | $ | 97 | ||||
Net cash flows from acquisition of subsidiaries, net | $ | $ (13) |
PROPERTY, PLANT AND EQUIPMENT70
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2015CNY (¥) | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Impairment loss on property, plant and equipment | ¥ (7,542) |
Pre-tax rate to CGU | 16.00% |
Yangchong Mine [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Impairment loss on property, plant and equipment | ¥ 7,542 |
PROPERTY, PLANT AND EQUIPMENT71
PROPERTY, PLANT AND EQUIPMENT (Schedule of Property Plant and Equipment) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | ¥ 54,523 | |||
Depreciation charge | (1,748) | ¥ (2,655) | ¥ (2,472) | |
At December 31 | 337 | 54,523 | ||
USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation charge | $ | $ (269) | |||
At December 31 | $ | $ 52 | |||
Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | 113,725 | 106,160 | ||
Acquisition of Bayannaoer Mining | 335 | |||
Additions | 4,208 | 5,023 | ||
Transfer | ||||
Disposals | (13,272) | (311) | ||
Exchange adjustment | (2,721) | 2,853 | ||
Disposal of subsidiaries | (101,114) | |||
At December 31 | 1,161 | 113,725 | 106,160 | |
Cost [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | 179 | |||
Cost [Member] | Buildings [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | 28,713 | 22,996 | ||
Acquisition of Bayannaoer Mining | 43 | |||
Additions | ||||
Transfer | 5,515 | |||
Disposals | (5,781) | |||
Exchange adjustment | (104) | 202 | ||
Disposal of subsidiaries | (22,828) | |||
At December 31 | 43 | 28,713 | 22,996 | |
Cost [Member] | Buildings [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | 6 | |||
Cost [Member] | Mining structures and mining rights [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | 33,942 | 33,921 | ||
Acquisition of Bayannaoer Mining | ||||
Additions | ||||
Transfer | ||||
Disposals | (4,688) | |||
Exchange adjustment | (21) | 21 | ||
Disposal of subsidiaries | (29,233) | |||
At December 31 | 33,942 | 33,921 | ||
Cost [Member] | Mining structures and mining rights [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | ||||
Cost [Member] | Machinery and equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | 7,654 | 7,648 | ||
Acquisition of Bayannaoer Mining | 12 | |||
Additions | 71 | 3 | ||
Transfer | ||||
Disposals | (786) | |||
Exchange adjustment | (173) | 3 | ||
Disposal of subsidiaries | (5,939) | |||
At December 31 | 839 | 7,654 | 7,648 | |
Cost [Member] | Machinery and equipment [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | 129 | |||
Cost [Member] | Motor vehicles [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | 7,356 | 7,319 | ||
Acquisition of Bayannaoer Mining | 280 | |||
Additions | ||||
Transfer | ||||
Disposals | (2,017) | (311) | ||
Exchange adjustment | (35) | 348 | ||
Disposal of subsidiaries | (5,305) | |||
At December 31 | 279 | 7,356 | 7,319 | |
Cost [Member] | Motor vehicles [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | 44 | |||
Cost [Member] | Construction in progress [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | 36,060 | 34,276 | ||
Acquisition of Bayannaoer Mining | ||||
Additions | 4,137 | 5,020 | ||
Transfer | (5,515) | |||
Disposals | ||||
Exchange adjustment | (2,388) | 2,279 | ||
Disposal of subsidiaries | (37,809) | |||
At December 31 | 36,060 | 34,276 | ||
Cost [Member] | Construction in progress [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | ||||
Accumulated depreciation and amortization and impairment losses [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | (59,202) | (56,770) | ||
Depreciation charge | (1,748) | (2,655) | ||
Disposals | 12,266 | 301 | ||
Exchange adjustment | (199) | (78) | ||
Disposal of subsidiaries | 48,059 | |||
At December 31 | (824) | (59,202) | (56,770) | |
Accumulated depreciation and amortization and impairment losses [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | (127) | |||
Accumulated depreciation and amortization and impairment losses [Member] | Buildings [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | (14,605) | (13,206) | ||
Depreciation charge | (530) | (1,415) | ||
Disposals | 5,121 | |||
Exchange adjustment | (84) | 16 | ||
Disposal of subsidiaries | 10,098 | |||
At December 31 | (14,605) | (13,206) | ||
Accumulated depreciation and amortization and impairment losses [Member] | Buildings [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | ||||
Accumulated depreciation and amortization and impairment losses [Member] | Mining structures and mining rights [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | (33,608) | (33,608) | ||
Depreciation charge | ||||
Disposals | 4,688 | |||
Exchange adjustment | ||||
Disposal of subsidiaries | 28,920 | |||
At December 31 | (33,608) | (33,608) | ||
Accumulated depreciation and amortization and impairment losses [Member] | Mining structures and mining rights [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | ||||
Accumulated depreciation and amortization and impairment losses [Member] | Machinery and equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | (7,541) | (7,485) | ||
Depreciation charge | (25) | (55) | ||
Disposals | 715 | |||
Exchange adjustment | (69) | (1) | ||
Disposal of subsidiaries | 6,100 | |||
At December 31 | (820) | (7,541) | (7,485) | |
Accumulated depreciation and amortization and impairment losses [Member] | Machinery and equipment [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | (126) | |||
Accumulated depreciation and amortization and impairment losses [Member] | Motor vehicles [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | (3,448) | (2,471) | ||
Depreciation charge | (1,193) | (1,185) | ||
Disposals | 1,742 | 301 | ||
Exchange adjustment | (46) | (93) | ||
Disposal of subsidiaries | 2,941 | |||
At December 31 | (4) | (3,448) | (2,471) | |
Accumulated depreciation and amortization and impairment losses [Member] | Motor vehicles [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | (1) | |||
Accumulated depreciation and amortization and impairment losses [Member] | Construction in progress [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | ||||
Depreciation charge | ||||
Disposals | ||||
Exchange adjustment | ||||
Disposal of subsidiaries | ||||
At December 31 | ||||
Accumulated depreciation and amortization and impairment losses [Member] | Construction in progress [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 |
PROPERTY, PLANT AND EQUIPMENT72
PROPERTY, PLANT AND EQUIPMENT (Net Carrying Amount) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | ¥ 337 | ¥ 54,523 | |
USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | $ | $ 52 | ||
Net carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | 337 | 54,523 | |
Net carrying amount [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | $ | 52 | ||
Net carrying amount [Member] | Buildings [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | 43 | 14,108 | |
Net carrying amount [Member] | Buildings [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | $ | 6 | ||
Net carrying amount [Member] | Mining structures and mining rights [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | 334 | ||
Net carrying amount [Member] | Mining structures and mining rights [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | $ | |||
Net carrying amount [Member] | Machinery and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | 19 | 113 | |
Net carrying amount [Member] | Machinery and equipment [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | $ | 3 | ||
Net carrying amount [Member] | Motor vehicles [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | 275 | 3,908 | |
Net carrying amount [Member] | Motor vehicles [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | $ | 43 | ||
Net carrying amount [Member] | Construction in progress [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | ¥ 36,060 | ||
Net carrying amount [Member] | Construction in progress [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | $ |
INVENTORIES (Schedule of Invent
INVENTORIES (Schedule of Inventories) (Details) ¥ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
ForeignCurrencyLineItems [Line Items] | |||
Materials and supplies | ¥ | ¥ 8,437 | ||
Finished goods | ¥ | 2,120 | ||
Inventories | ¥ | ¥ 10,557 | ||
USD [Member] | |||
ForeignCurrencyLineItems [Line Items] | |||
Materials and supplies | $ | |||
Finished goods | $ | |||
Inventories | $ |
OTHER RECEIVABLES (Details)
OTHER RECEIVABLES (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
ForeignCurrencyLineItems [Line Items] | ||||
Withholding social insurance | ¥ | ¥ 6 | ¥ 5 | ||
Advance to a third party | ¥ | 493 | |||
Input VAT | ¥ | 597 | 5,780 | ||
Petty cash | ¥ | 179 | |||
Deposit | ¥ | 21 | 40 | ||
Receivables in relation to the disposal of Double Grow | ¥ | [1] | 9,377 | ||
Others | ¥ | 123 | |||
Total other receivables | ¥ | ¥ 10,494 | ¥ 6,127 | ||
USD [Member] | ||||
ForeignCurrencyLineItems [Line Items] | ||||
Withholding social insurance | $ | $ 1 | |||
Advance to a third party | $ | 76 | |||
Input VAT | $ | 92 | |||
Petty cash | $ | ||||
Deposit | $ | 3 | |||
Receivables in relation to the disposal of Double Grow | $ | [1] | 1,441 | ||
Others | $ | ||||
Total other receivables | $ | $ 1,613 | |||
[1] | The amount represented receivables due from Shanghai Kangzheng Investment Management Co., Ltd. amounting to CNY9.38 million (US$1.44 million) in relation to the disposal of Double Grow on December 29, 2017 as disclosed in Note 3. |
TRADE PAYABLES (Schedule of Tra
TRADE PAYABLES (Schedule of Trade Payables) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
ForeignCurrencyLineItems [Line Items] | |||
Trade payables | ¥ | ¥ 215 | ¥ 2,736 | |
USD [Member] | |||
ForeignCurrencyLineItems [Line Items] | |||
Trade payables | $ | $ 33 |
TRADE PAYABLES (Schedule of Agi
TRADE PAYABLES (Schedule of Aging Analysis of Trade Payables) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
AgingAnalysisOfTradePayablesLineItems [Line Items] | |||
Trade payables | ¥ | ¥ 215 | ¥ 2,736 | |
USD [Member] | |||
AgingAnalysisOfTradePayablesLineItems [Line Items] | |||
Trade payables | $ | $ 33 | ||
Within 1 year [Member] | |||
AgingAnalysisOfTradePayablesLineItems [Line Items] | |||
Trade payables | ¥ | 15 | 2,696 | |
Within 1 year [Member] | USD [Member] | |||
AgingAnalysisOfTradePayablesLineItems [Line Items] | |||
Trade payables | $ | 3 | ||
Later Than One Year And Not Later Than Two Years [Member] | |||
AgingAnalysisOfTradePayablesLineItems [Line Items] | |||
Trade payables | ¥ | 100 | ||
Later Than One Year And Not Later Than Two Years [Member] | USD [Member] | |||
AgingAnalysisOfTradePayablesLineItems [Line Items] | |||
Trade payables | $ | 15 | ||
Later Than Two Years [Member] | |||
AgingAnalysisOfTradePayablesLineItems [Line Items] | |||
Trade payables | ¥ | ¥ 100 | ¥ 40 | |
Later Than Two Years [Member] | USD [Member] | |||
AgingAnalysisOfTradePayablesLineItems [Line Items] | |||
Trade payables | $ | $ 15 |
OTHER PAYABLES AND ACCRUED LI77
OTHER PAYABLES AND ACCRUED LIABILITIES (Schedule of Other Payables and Accrued Liabilities) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
ForeignCurrencyLineItems [Line Items] | ||||
Natural resources fee | [1] | ¥ 8,294 | ||
Staff compensation fund | [2] | 1,547 | ||
Social security payable | [3] | 68 | 1,506 | |
Payroll payable | 376 | 1,704 | ||
Welfare payable | 1 | 529 | ||
Advances from customers | 23 | |||
Accrued expenses | 2,372 | 1,419 | ||
Others | 109 | 2,339 | ||
Other payables and accrued liabilities | 2,926 | ¥ 17,361 | ||
USD [Member] | ||||
ForeignCurrencyLineItems [Line Items] | ||||
Natural resources fee | $ | [1] | |||
Staff compensation fund | [2] | |||
Social security payable | $ | [3] | 10 | ||
Payroll payable | $ | 58 | |||
Welfare payable | $ | ||||
Advances from customers | $ | ||||
Accrued expenses | $ | 365 | |||
Others | $ | 17 | |||
Other payables and accrued liabilities | $ | $ 450 | |||
[1] | The natural resources fee represents fees payable to the PRC government and is calculated as a percentage of sales. | |||
[2] | The staff compensation fund represents one-off cash received from the PRC government to compensate employees of Wuhu Feishang through the Group for the loss of their state-sponsored pension and post-employment benefits. The fund is to be distributed to employees upon the termination of their employment with Wuhu Feishang. Wuhu Feishang is not required to make any additional contributions to the fund. | |||
[3] | The social security represents amounts payable to the PRC and Bolivia government-managed retirement insurance, medical insurance, etc. |
ASSET RETIREMENT OBLIGATIONS (N
ASSET RETIREMENT OBLIGATIONS (Narrative) (Details) | Dec. 31, 2016 |
Wuhu Feishang [Member] | |
DisclosureOfAssetRetirementObligationsLineItems [Line Items] | |
Inflation rate | 2.53% |
Discount rate | 9.91% |
Market risk premium rate | 6.09% |
Antay Pacha [Member] | |
DisclosureOfAssetRetirementObligationsLineItems [Line Items] | |
Inflation rate | 4.80% |
Discount rate | 8.42% |
Market risk premium rate | 6.09% |
ASSET RETIREMENT OBLIGATIONS (S
ASSET RETIREMENT OBLIGATIONS (Schedule of Asset Retirement Obligations) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | |
ForeignCurrencyLineItems [Line Items] | ||||
At January 1, | ¥ | ¥ 5,302 | ¥ 4,967 | ||
Accretion expenses | ¥ | 60 | 311 | ||
Exchange adjustment | ¥ | (24) | 24 | ||
Disposal of subsidiaries | ¥ | (5,338) | |||
At December 31, | ¥ | ¥ 5,302 | |||
USD [Member] | ||||
ForeignCurrencyLineItems [Line Items] | ||||
At January 1, | $ | $ 815 | $ 763 | ||
Accretion expenses | $ | 9 | 48 | ||
Exchange adjustment | $ | (4) | 4 | ||
Disposal of subsidiaries | $ | (820) | |||
At December 31, | $ | $ 815 |
LOSS BEFORE INCOME TAX FROM C80
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS (Schedule of Group's Loss Before Tax from Continuing Operations) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Crediting: | ||||
Interest income on bank deposits | ¥ | ¥ 39 | ¥ 75 | ¥ 164 | |
Auditors' remuneration: | ||||
- Audit fee | ¥ | 2,000 | 1,480 | 800 | |
Employee benefit expenses (Note 14) | ¥ | 697 | 715 | 591 | |
Foreign exchange difference, net | ¥ | 354 | |||
Depreciation and amortization: | ||||
- Property, plant and equipment | ¥ | 8 | 2 | 4 | |
Operating lease rental: | ||||
- Office properties | ¥ | ¥ 747 | ¥ 948 | ¥ 805 | |
USD [Member] | ||||
Crediting: | ||||
Interest income on bank deposits | $ | $ 6 | |||
Auditors' remuneration: | ||||
- Audit fee | $ | 307 | |||
Employee benefit expenses (Note 14) | $ | 107 | |||
Foreign exchange difference, net | $ | ||||
Depreciation and amortization: | ||||
- Property, plant and equipment | $ | 1 | |||
Operating lease rental: | ||||
- Office properties | $ | $ 115 |
EMPLOYEE BENEFITS (Schedule of
EMPLOYEE BENEFITS (Schedule of Employee Benefits from Continuing Operations) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | ||
Disclosure of defined benefit plans [line items] | |||||
Wages, salaries and allowances | ¥ | ¥ 566 | ¥ 565 | ¥ 459 | ||
Housing funds | ¥ | [1] | 33 | 40 | 38 | |
Contribution to pension plans | ¥ | [1] | 79 | 104 | 92 | |
Welfare and other expenses | ¥ | 19 | 6 | 2 | ||
Total employee benefits from continuing operations | ¥ | ¥ 697 | ¥ 715 | ¥ 591 | ||
USD [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Wages, salaries and allowances | $ | $ 87 | ||||
Housing funds | $ | [1] | 5 | |||
Contribution to pension plans | $ | [1] | 12 | |||
Welfare and other expenses | $ | 3 | ||||
Total employee benefits from continuing operations | $ | $ 107 | ||||
[1] | According to the PRC state regulations, the employees of the Group's subsidiaries which operate in Mainland China are required to participate in a central pension scheme operated by the local municipal government and government-sponsored housing funds. These subsidiaries are required to contribute a certain percentage of their payroll costs for those qualified urban employees to the central pension scheme as well as the housing funds. |
EMPLOYEE BENEFITS (Schedule o82
EMPLOYEE BENEFITS (Schedule of Employee Benefits Charged to Profit Loss from Continuing Operations) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Disclosure of defined benefit plans [line items] | ||||
Total employee benefits accrued for the year | ¥ | ¥ 697 | ¥ 715 | ¥ 591 | |
Amount charged to the consolidated statements of profit or loss | ¥ | ¥ 697 | ¥ 715 | ¥ 591 | |
USD [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Total employee benefits accrued for the year | $ | $ 107 | |||
Amount charged to the consolidated statements of profit or loss | $ | $ 107 |
INCOME TAX EXPENSE (Schedule of
INCOME TAX EXPENSE (Schedule of Loss before income tax) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Disclosure of geographical areas [line items] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | ¥ | ¥ (6,179) | ¥ (4,445) | ¥ (3,769) | |
Loss for the year from discontinued operations, net of tax | ¥ | (23,817) | (18,591) | (36,176) | |
Total loss before income tax for the year | ¥ | (29,996) | (23,036) | (39,945) | |
USD [Member] | ||||
Disclosure of geographical areas [line items] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | $ (949) | |||
Loss for the year from discontinued operations, net of tax | $ | (3,660) | |||
Total loss before income tax for the year | $ | (4,609) | |||
PRC | ||||
Disclosure of geographical areas [line items] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | ¥ | (1,071) | (1,171) | (1,101) | |
PRC | USD [Member] | ||||
Disclosure of geographical areas [line items] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | (165) | |||
VIRGIN ISLANDS, BRITISH | ||||
Disclosure of geographical areas [line items] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | ¥ | (5,064) | (3,225) | (2,625) | |
VIRGIN ISLANDS, BRITISH | USD [Member] | ||||
Disclosure of geographical areas [line items] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | (777) | |||
HONG KONG | ||||
Disclosure of geographical areas [line items] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | ¥ | ¥ (44) | ¥ (49) | ¥ (43) | |
HONG KONG | USD [Member] | ||||
Disclosure of geographical areas [line items] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | $ (7) |
INCOME TAX EXPENSE (Schedule 84
INCOME TAX EXPENSE (Schedule of current and deferred components of income tax expense) (Details 1) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Current income tax expense | ¥ | ¥ 1,504 | |||
Deferred income tax expense | ¥ | ||||
Total income tax expense for the year from continuing operations | ¥ | 1,504 | |||
Total income tax expense for the year from discontinued operations | ¥ | ||||
Income tax expense | ¥ | ¥ 1,504 | |||
USD [Member] | ||||
Current income tax expense | $ | ||||
Deferred income tax expense | $ | ||||
Total income tax expense for the year from continuing operations | $ | ||||
Total income tax expense for the year from discontinued operations | $ | ||||
Income tax expense | $ |
INCOME TAX EXPENSE (Schedule 85
INCOME TAX EXPENSE (Schedule of reconciliation of the income taxes computed) (Details 2) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | ¥ | ¥ (6,179) | ¥ (4,445) | ¥ (3,769) | |
Loss for the year from discontinued operations, net of tax | ¥ | (23,817) | (18,591) | (36,176) | |
Total loss before income tax for the year | ¥ | ¥ (29,996) | ¥ (23,036) | ¥ (39,945) | |
Tax at the statutory tax rate | 25.00% | 25.00% | 25.00% | 25.00% |
Computed income tax benefit | ¥ | ¥ (7,499) | ¥ (5,759) | ¥ (9,986) | |
Effect of different tax rates for the Company and overseas subsidiaries | ¥ | 1,269 | 820 | 680 | |
Effect of the deemed interest income | ¥ | 1,112 | |||
Tax losses not recognized | ¥ | 6,230 | 4,259 | 4,927 | |
Deferred tax assets not recognized | ¥ | 3,407 | |||
Non-deductible expenses | ¥ | 680 | 972 | ||
Others | ¥ | 392 | |||
Income tax expense | ¥ | 1,504 | |||
Income tax expense from continuing operations at the effective rate | ¥ | 1,504 | |||
Income tax expense from discontinued operations at the effective rate | ¥ | ||||
USD [Member] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | $ (949) | |||
Loss for the year from discontinued operations, net of tax | $ | (3,660) | |||
Total loss before income tax for the year | $ | $ (4,609) | |||
Tax at the statutory tax rate | 25.00% | 25.00% | ||
Computed income tax benefit | $ | $ (1,152) | |||
Effect of different tax rates for the Company and overseas subsidiaries | $ | 195 | |||
Effect of the deemed interest income | $ | ||||
Tax losses not recognized | $ | 957 | |||
Deferred tax assets not recognized | $ | ||||
Non-deductible expenses | $ | ||||
Others | $ | ||||
Income tax expense | $ | ||||
Income tax expense from continuing operations at the effective rate | $ | ||||
Income tax expense from discontinued operations at the effective rate | $ |
INCOME TAX EXPENSE (Details Nar
INCOME TAX EXPENSE (Details Narrative) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 29, 2017 | Dec. 31, 2016CNY (¥) | Dec. 31, 2015 | Dec. 31, 2017CNY (¥) | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Applicable tax rate | 25.00% | 25.00% | 25.00% | ||
USD [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Applicable tax rate | 25.00% | ||||
Unused tax losses [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Unused tax losses for which no deferred tax assets were recognized | ¥ | ¥ 10,890 | ¥ 9,240 | |||
Unused tax losses [Member] | Later Than One Year And Not Later Than Two Years [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Unused tax losses | ¥ | 4,820 | ||||
Expiry date description | Unused tax losses if unused, will expire by the end of 2018 | ||||
Unused tax losses [Member] | Later Than Two Years And Not Later Than Three Years [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Unused tax losses | ¥ | 1,080 | ||||
Expiry date description | Unused tax losses if unused, will expire by the end of 2019 | ||||
Unused tax losses [Member] | Later Than Three Years And Not Later Than Four Years [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Unused tax losses | ¥ | 1,100 | ||||
Expiry date description | Unused tax losses if unused, will expire by the end of 2020 | ||||
Unused tax losses [Member] | Later Than Four Years And Not Later Than Five Year [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Unused tax losses | ¥ | 1,170 | ||||
Expiry date description | Unused tax losses if unused, will expire by the end of 2021 | ||||
Unused tax losses [Member] | Later Than Five Years [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Unused tax losses | ¥ | ¥ 1,070 | ||||
Expiry date description | Unused tax losses if unused, will expire by the end of 2022 | ||||
Unused tax losses [Member] | USD [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Unused tax losses for which no deferred tax assets were recognized | $ | $ 1,420 | ||||
Unused tax losses [Member] | USD [Member] | Later Than One Year And Not Later Than Two Years [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Unused tax losses | $ | $ 740 | ||||
Expiry date description | Unused tax losses if unused, will expire by the end of 2018 | ||||
Unused tax losses [Member] | USD [Member] | Later Than Two Years And Not Later Than Three Years [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Unused tax losses | $ | $ 170 | ||||
Expiry date description | Unused tax losses if unused, will expire by the end of 2019 | ||||
Unused tax losses [Member] | USD [Member] | Later Than Three Years And Not Later Than Four Years [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Unused tax losses | $ | $ 170 | ||||
Expiry date description | Unused tax losses if unused, will expire by the end of 2020 | ||||
Unused tax losses [Member] | USD [Member] | Later Than Four Years And Not Later Than Five Year [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Unused tax losses | $ | $ 180 | ||||
Expiry date description | Unused tax losses if unused, will expire by the end of 2021 | ||||
Unused tax losses [Member] | USD [Member] | Later Than Five Years [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Unused tax losses | $ | $ 160 | ||||
Expiry date description | Unused tax losses if unused, will expire by the end of 2022 | ||||
HONG KONG | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Applicable tax rate | 16.50% | ||||
PRC | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Applicable tax rate | 25.00% | 25.00% | |||
Bolivia | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Applicable tax rate | 25.00% |
LOSS PER SHARE (Schedule of Bas
LOSS PER SHARE (Schedule of Basic and Diluted Loss Per Share) (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | Dec. 31, 2016CNY (¥)¥ / sharesshares | Dec. 31, 2015CNY (¥)¥ / sharesshares | |
Loss for the year attributable to owners of the Company: | ||||
From continuing operations | ¥ | ¥ (6,179) | ¥ (4,445) | ¥ (5,273) | |
From discontinued operations | ¥ | ¥ (23,817) | ¥ (18,591) | ¥ (36,176) | |
Weighted average number of common shares: | ||||
Basic and diluted | shares | 24,910,916 | 24,910,916 | 24,910,916 | 24,910,916 |
Loss per share - Basic and diluted: | ||||
From continuing operations | ¥ / shares | ¥ (0.25) | ¥ (0.18) | ¥ (0.21) | |
From discontinued operations | ¥ / shares | (0.95) | (0.74) | (1.45) | |
Loss per share - Basic and diluted | ¥ / shares | ¥ (1.20) | ¥ (0.92) | ¥ (1.66) | |
USD [Member] | ||||
Loss for the year attributable to owners of the Company: | ||||
From continuing operations | $ | $ (949) | |||
From discontinued operations | $ | $ (3,660) | |||
Weighted average number of common shares: | ||||
Basic and diluted | shares | 24,910,916 | 24,910,916 | ||
Loss per share - Basic and diluted: | ||||
From continuing operations | $ / shares | $ (0.04) | |||
From discontinued operations | $ / shares | (0.15) | |||
Loss per share - Basic and diluted | $ / shares | $ (0.19) |
RELATED PARTY BALANCES AND TR88
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Consolidated Financial Statements of Company and Subsidiaries) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | ||
Nominal value of issued ordinary/ registered share capital | ¥ 312,081 | ¥ 312,081 |
China Coal Mining Investment Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | Hong Kong | |
Nominal value of issued ordinary/ registered share capital | ||
Percentage of equity attributable to company direct | 100.00% | |
Percentage of equity attributable to company indirect | ||
Principal activities | Investment holding | |
FMH Corporate Services Inc. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | United States | |
Nominal value of issued ordinary/ registered share capital | ||
Percentage of equity attributable to company direct | 100.00% | |
Percentage of equity attributable to company indirect | ||
Principal activities | Dormant | |
Feishang Dayun Coal Mining Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | Hong Kong | |
Nominal value of issued ordinary/ registered share capital | ||
Percentage of equity attributable to company direct | ||
Percentage of equity attributable to company indirect | 100.00% | |
Principal activities | Investment holding | |
Feishang Mining Holdings Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | British Virgin Islands | |
Nominal value of issued ordinary/ registered share capital | ||
Percentage of equity attributable to company direct | 100.00% | |
Percentage of equity attributable to company indirect | ||
Principal activities | Investment holding | |
Feishang Yongfu Mining Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | Hong Kong | |
Nominal value of issued ordinary/ registered share capital | ||
Percentage of equity attributable to company direct | ||
Percentage of equity attributable to company indirect | 100.00% | |
Principal activities | Investment holding | |
Newhold Investments Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | British Virgin Islands | |
Nominal value of issued ordinary/ registered share capital | ||
Percentage of equity attributable to company direct | 100.00% | |
Percentage of equity attributable to company indirect | ||
Principal activities | Investment holding | |
Pineboom Investments Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | British Virgin Islands | |
Nominal value of issued ordinary/ registered share capital | ||
Percentage of equity attributable to company direct | 100.00% | |
Percentage of equity attributable to company indirect | ||
Principal activities | Investment holding | |
Shenzhen Feishang Management and Consulting Co., Limited ("Feishang Management") [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | Mainland China | |
Nominal value of issued ordinary/ registered share capital | ¥ 10,000 | |
Percentage of equity attributable to company direct | ||
Percentage of equity attributable to company indirect | 100.00% | |
Principal activities | Provision for management and consulting services to other companies in the Group | |
Silver Moon Technologies Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | British Virgin Islands | |
Nominal value of issued ordinary/ registered share capital | ¥ 1 | |
Percentage of equity attributable to company direct | 80.00% | |
Percentage of equity attributable to company indirect | ||
Principal activities | Dormant | |
Sunwide Capital Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | ||
Nominal value of issued ordinary/ registered share capital | ||
Percentage of equity attributable to company direct | 100.00% | |
Percentage of equity attributable to company indirect | ||
Principal activities | Dormant | |
Yangpu Lianzhong Mining Co., Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | Mainland China | |
Nominal value of issued ordinary/ registered share capital | ¥ 115,008 | |
Percentage of equity attributable to company direct | ||
Percentage of equity attributable to company indirect | 100.00% | |
Principal activities | Investment holding | |
Yangpu Shuanghu Industrial Development Co., Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | Mainland China | |
Nominal value of issued ordinary/ registered share capital | ¥ 1,000 | |
Percentage of equity attributable to company direct | ||
Percentage of equity attributable to company indirect | 100.00% | |
Principal activities | Investment holding | |
Yunnan Feishang Mining Co., Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | Mainland China | |
Nominal value of issued ordinary/ registered share capital | ¥ 50,000 | |
Percentage of equity attributable to company direct | ||
Percentage of equity attributable to company indirect | 100.00% | |
Principal activities | Investment holding | |
Bayannaoer City Feishang Mining Company [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | Mainland China | |
Nominal value of issued ordinary/ registered share capital | ¥ 59,480 | |
Percentage of equity attributable to company direct | ||
Percentage of equity attributable to company indirect | 100.00% | |
Principal activities | Exploration and development of Lead Mine |
RELATED PARTY BALANCES AND TR89
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Commercial Transactions with Related Parties) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | ||
Disclosure of transactions between related parties [line items] | |||||
CHNR's share of office rental, rates and others to Anka Consultants Limited ('Anka') | ¥ | [1] | ¥ 1,316 | ¥ 953 | ¥ 918 | |
Sales of equipment to Wuhu Industrial | ¥ | [2] | 1,056 | |||
Purchase of raw ore from Empressa Minera Jacha Uru S.A. ('Jacha Uru') | ¥ | [3] | ¥ 240 | ¥ 20 | ¥ 11 | |
USD [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
CHNR's share of office rental, rates and others to Anka Consultants Limited ('Anka') | $ | [1] | $ 202 | |||
Sales of equipment to Wuhu Industrial | $ | [2] | 162 | |||
Purchase of raw ore from Empressa Minera Jacha Uru S.A. ('Jacha Uru') | $ | [3] | $ 37 | |||
[1] | On September 1, 2013, the Company signed an office sharing agreement with Anka, a private Hong Kong company that is owned by certain directors of the Company. Pursuant to the agreement, the Company shared 119 square meters out of the total of 368 square meters of the office premises. On April 1, 2017, the Company signed an office sharing agreement with Anka which superseded all previously signed agreements between the parties, pursuant to which the Company shares 184 square meters of the total area of the office premises. The agreement also provides that the Company shares certain costs and expenses in connection with their use of the office, in addition to some of the accounting and secretarial services and day-to-day office administration services provided by Anka. In 2016, Anka's lease with the unrelated landlord was extended for two years, from July 1, 2016 to June 30, 2018. | ||||
[2] | On February 22, 2017, Wuhu Feishang signed an agreement with Wuhu Industrial, controlled by Mr. Li Feilie, to dispose of certain equipment with the carrying amount of CNY1.06 million (US$0.16 million). The disposal gain was CNY0.05 million (US$0.01 million). | ||||
[3] | In 2015, 2016 and 2017, Antay Pacha purchased copper ores from Jacha Uru, a copper mine located in Bolivia and controlled by Feishang Hesheng until December 29, 2017. |
RELATED PARTY BALANCES AND TR90
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Group Payables with Related Parties) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Current: | ||||
Payable to related companies: | ¥ | ¥ 13,747 | ¥ 21,007 | ||
Payable to the Shareholder: | ¥ | 11,573 | 12,565 | ||
Jacha Uru [Member] | ||||
Current: | ||||
Payable to related companies: | ¥ | [1] | 1,298 | ||
Feishang Enterprise [Member] | ||||
Current: | ||||
Payable to related companies: | ¥ | [2] | 3,719 | 7,832 | |
Feishang Hesheng [Member] | ||||
Current: | ||||
Payable to related companies: | ¥ | [3] | 10,028 | 11,877 | |
Feishang Group [Member] | ||||
Current: | ||||
Payable to the Shareholder: | ¥ | [4] | ¥ 11,573 | ¥ 12,565 | |
USD [Member] | ||||
Current: | ||||
Payable to related companies: | $ | $ 2,113 | |||
Payable to the Shareholder: | $ | 1,779 | |||
USD [Member] | Jacha Uru [Member] | ||||
Current: | ||||
Payable to related companies: | $ | [1] | |||
USD [Member] | Feishang Enterprise [Member] | ||||
Current: | ||||
Payable to related companies: | $ | [2] | 572 | ||
USD [Member] | Feishang Hesheng [Member] | ||||
Current: | ||||
Payable to related companies: | $ | [3] | 1,541 | ||
USD [Member] | Feishang Group [Member] | ||||
Current: | ||||
Payable to the Shareholder: | $ | [4] | $ 1,779 | ||
[1] | Payable to Jacha Uru by Antay Pacha, for expenditure paid on behalf of Antay Pacha and the purchase of copper ores from Jacha Uru. The balance is repayable when funds are available. | |||
[2] | Payable to Feishang Enterprise by Feishang Management for the net amount of loans from Feishang Enterprise. The balance is unsecured and interest-free. The balance is repayable when funds are available. | |||
[3] | Payable to Feishang Hesheng for the acquisition of Double Grow as well as the assumption of indebtedness due to Feishang Hesheng by Double Grow. The balance is unsecured and interest-free. The balance is repayable when funds are available. | |||
[4] | Payable to Feishang Group for the acquisition of Feishang Anthracite. The balance is unsecured and interest-free. The balance is repayable when funds are available. |
RELATED PARTY BALANCES AND TR91
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Compensation of Key Management Personnel of Group) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Disclosure of transactions between related parties [line items] | ||||
Wages, salaries and allowances | ¥ | ¥ 264 | ¥ 479 | ¥ 322 | |
Housing subsidies | ¥ | 2 | 4 | ||
Contribution to pension plans | ¥ | 29 | 22 | 44 | |
Total Compensation of key management personnel | ¥ | ¥ 295 | ¥ 501 | ¥ 370 | |
USD [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Wages, salaries and allowances | $ | $ 41 | |||
Housing subsidies | $ | ||||
Contribution to pension plans | $ | 4 | |||
Total Compensation of key management personnel | $ | $ 45 |
EQUITY (Narrative) (Details)
EQUITY (Narrative) (Details) ¥ in Thousands | Dec. 23, 2016CNY (¥) |
Feishang Hesheng [Member] | |
Waived payment due to indebtedness | ¥ 55,558 |
EQUITY (Schedule of Issued Capi
EQUITY (Schedule of Issued Capital) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
Authorized: | ||||
Authorized 10,000,000 preferred shares, no par | ¥ | ||||
Authorized 200,000,000 ordinary shares, no par | ¥ | ||||
Issued and fully paid: | ||||
24,910,916 (2016: 24,910,916) common shares, no par Common shares, no par | ¥ | ¥ 312,081 | ¥ 312,081 | ¥ 312,081 | |
USD [Member] | ||||
Authorized: | ||||
Authorized 10,000,000 preferred shares, no par | $ | ||||
Authorized 200,000,000 ordinary shares, no par | $ | ||||
Issued and fully paid: | ||||
24,910,916 (2016: 24,910,916) common shares, no par Common shares, no par | $ | $ 47,963 |
EQUITY (Schedule of Other Capit
EQUITY (Schedule of Other Capital Reserve) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)shares | Dec. 31, 2017CNY (¥)shares | Dec. 31, 2016CNY (¥)shares | ||
Beginning Balance | ¥ 13,195 | ¥ (17,799) | ||
Ending Balance | (15,505) | 13,195 | ||
USD [Member] | ||||
Ending Balance | $ | $ (2,384) | |||
Attributable to owners of the Company Other Capital Reserves [Member] | ||||
Beginning Balance | ¥ 692,518 | ¥ 636,960 | ||
Beginning Balance, shares | shares | 24,910,916 | 24,910,916 | 24,910,916 | |
Deemed contribution from related party | [1] | ¥ 55,558 | ||
Deemed contribution from related party, shares | shares | ||||
Ending Balance | ¥ 692,518 | ¥ 692,518 | ||
Ending Balance, shares | shares | 24,910,916 | |||
Attributable to owners of the Company Other Capital Reserves [Member] | USD [Member] | ||||
Deemed contribution from related party, shares | shares | ||||
Ending Balance | $ | $ 106,432 | |||
[1] | On December 23, 2016, Feishang Hesheng waived a payment of CNY55.56 million (US$8.00 million) indebtedness owed to it by Double Grow (Note 5). |
FINANCIAL RISK MANAGEMENT OBJ95
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Schedule of Maturity Profile of the Group's Financial Liabilities) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | ¥ | ¥ 215 | ¥ 2,736 | |
Other payables and accrued liabilities | ¥ | 2,481 | 12,075 | |
Due to related companies | ¥ | 13,747 | 21,007 | |
Due to the Shareholder | ¥ | 11,573 | 12,565 | |
Trade and other payables, total | ¥ | 28,016 | 48,383 | |
USD [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | $ | $ 33 | ||
Other payables and accrued liabilities | $ | 382 | ||
Due to related companies | $ | 2,113 | ||
Due to the Shareholder | $ | 1,779 | ||
Trade and other payables, total | $ | 4,307 | ||
On demand [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | ¥ | |||
Other payables and accrued liabilities | ¥ | |||
Due to related companies | ¥ | |||
Due to the Shareholder | ¥ | |||
Trade and other payables, total | ¥ | |||
On demand [Member] | USD [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | $ | |||
Other payables and accrued liabilities | $ | |||
Due to related companies | $ | |||
Due to the Shareholder | $ | |||
Trade and other payables, total | $ | |||
Within 1 year [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | ¥ | 215 | 2,736 | |
Other payables and accrued liabilities | ¥ | 2,481 | 12,075 | |
Due to related companies | ¥ | 13,747 | 21,007 | |
Due to the Shareholder | ¥ | 11,573 | 12,565 | |
Trade and other payables, total | ¥ | 28,016 | 48,383 | |
Within 1 year [Member] | USD [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | $ | 33 | ||
Other payables and accrued liabilities | $ | 382 | ||
Due to related companies | $ | 2,113 | ||
Due to the Shareholder | $ | 1,779 | ||
Trade and other payables, total | $ | 4,307 | ||
After one year but not more than five years [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | ¥ | |||
Other payables and accrued liabilities | ¥ | |||
Due to related companies | ¥ | |||
Due to the Shareholder | ¥ | |||
Trade and other payables, total | ¥ | |||
After one year but not more than five years [Member] | USD [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | $ | |||
Other payables and accrued liabilities | $ | |||
Due to related companies | $ | |||
Due to the Shareholder | $ | |||
Trade and other payables, total | $ | |||
Later Than Five Years [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | ¥ | |||
Other payables and accrued liabilities | ¥ | |||
Due to related companies | ¥ | |||
Due to the Shareholder | ¥ | |||
Trade and other payables, total | ¥ | |||
Later Than Five Years [Member] | USD [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | $ | |||
Other payables and accrued liabilities | $ | |||
Due to related companies | $ | |||
Due to the Shareholder | $ | |||
Trade and other payables, total | $ |
COMMITMENTS (Schedule of Operat
COMMITMENTS (Schedule of Operating Lease) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Disclosure of finance lease and operating lease by lessor [line items] | |||
Operating lease | ¥ | ¥ 476 | ¥ 3,942 | |
USD [Member] | |||
Disclosure of finance lease and operating lease by lessor [line items] | |||
Operating lease | $ | $ 73 | ||
Within 1 year [Member] | |||
Disclosure of finance lease and operating lease by lessor [line items] | |||
Operating lease | ¥ | 476 | 1,337 | |
Within 1 year [Member] | USD [Member] | |||
Disclosure of finance lease and operating lease by lessor [line items] | |||
Operating lease | $ | 73 | ||
After one year but not more than five years [Member] | |||
Disclosure of finance lease and operating lease by lessor [line items] | |||
Operating lease | ¥ | 1,542 | ||
After one year but not more than five years [Member] | USD [Member] | |||
Disclosure of finance lease and operating lease by lessor [line items] | |||
Operating lease | $ | |||
Later Than Five Years [Member] | |||
Disclosure of finance lease and operating lease by lessor [line items] | |||
Operating lease | ¥ | ¥ 1,063 | ||
Later Than Five Years [Member] | USD [Member] | |||
Disclosure of finance lease and operating lease by lessor [line items] | |||
Operating lease | $ |
SEGMENT INFORMATION (Schedule o
SEGMENT INFORMATION (Schedule of Segment Results) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disclosure of operating segments [line items] | |||||
Depreciation and amortization | ¥ 8 | ¥ 2 | ¥ 4 | ||
Operating loss | 6,204 | 4,519 | 3,577 | ||
Interest income | 39 | 75 | 164 | ||
Finance costs | 14 | 1 | 2 | ||
Foreign exchange difference, net | 354 | ||||
Income tax expense | 1,504 | ||||
Loss for the year from continuing operations | 6,179 | 4,445 | 5,273 | ||
Total assets | 94,793 | 111,057 | ¥ 29,748 | ||
Total liabilities | 81,598 | 128,856 | 45,253 | ||
USD [Member] | |||||
Disclosure of operating segments [line items] | |||||
Depreciation and amortization | $ | $ 1 | ||||
Operating loss | $ | 953 | ||||
Interest income | $ | 6 | ||||
Finance costs | $ | 2 | ||||
Foreign exchange difference, net | $ | |||||
Income tax expense | $ | |||||
Loss for the year from continuing operations | $ | 949 | ||||
Total assets | $ | 4,572 | ||||
Total liabilities | $ | 6,956 | ||||
Exploration and Mining [Member] | |||||
Disclosure of operating segments [line items] | |||||
Depreciation and amortization | 5 | ||||
Operating loss | 258 | ||||
Interest income | 1 | ||||
Finance costs | |||||
Loss for the year from continuing operations | 257 | ||||
Total assets | 705 | ||||
Total liabilities | 509 | ||||
Exploration and Mining [Member] | USD [Member] | |||||
Disclosure of operating segments [line items] | |||||
Depreciation and amortization | $ | 1 | ||||
Operating loss | $ | 40 | ||||
Interest income | $ | |||||
Finance costs | $ | |||||
Loss for the year from continuing operations | $ | 39 | ||||
Total assets | $ | 108 | ||||
Total liabilities | $ | 78 | ||||
Corporate Activity [Member] | |||||
Disclosure of operating segments [line items] | |||||
Depreciation and amortization | 3 | 2 | 4 | ||
Operating loss | 5,946 | 4,519 | 3,577 | ||
Interest income | 38 | 75 | 164 | ||
Finance costs | 14 | 1 | 2 | ||
Foreign exchange difference, net | 354 | ||||
Income tax expense | 1,504 | ||||
Loss for the year from continuing operations | ¥ 5,922 | 4,445 | 5,273 | ||
Total assets | 94,793 | 111,057 | 29,043 | ||
Total liabilities | ¥ 81,598 | ¥ 128,856 | ¥ 44,744 | ||
Corporate Activity [Member] | USD [Member] | |||||
Disclosure of operating segments [line items] | |||||
Depreciation and amortization | $ | |||||
Operating loss | $ | 913 | ||||
Interest income | $ | 6 | ||||
Finance costs | $ | 2 | ||||
Loss for the year from continuing operations | $ | 910 | ||||
Total assets | $ | 4,464 | ||||
Total liabilities | $ | $ 6,878 |
SEGMENT INFORMATION (Schedule98
SEGMENT INFORMATION (Schedule of Reconciliation of Loss for the Year from Continuing Operations to Net Loss) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Disclosure of operating segments [line items] | ||||
Loss for the year from continuing operations | ¥ | ¥ (6,179) | ¥ (4,445) | ¥ (5,273) | |
Loss for the year from discontinued operations, net of tax | ¥ | (23,817) | (18,591) | (36,176) | |
Loss for the year | ¥ | ¥ (29,996) | ¥ (23,036) | ¥ (41,449) | |
USD [Member] | ||||
Disclosure of operating segments [line items] | ||||
Loss for the year from continuing operations | $ | $ (949) | |||
Loss for the year from discontinued operations, net of tax | $ | (3,660) | |||
Loss for the year | $ | $ (4,609) |
NOTES TO THE CONSOLIDATED STA99
NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2017CNY (¥) | |
Notes To Consolidated Statements Of Cash Flows Details | |
At 1 January 2017 | ¥ 21,007 |
Changes from financing cash flows | 12,630 |
Decrease arising from disposal of discontinued operations | (18,607) |
Changes from operating activities | 271 |
Foreign exchange movement | (1,554) |
At December 31, 2017 | ¥ 13,747 |
NOTES TO THE CONSOLIDATED ST100
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (Details Narrative) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2016CNY (¥) | ||
Attributable to owners of the Company Other Capital Reserves [Member] | ||
Deemed contribution from related party | ¥ 55,558 | [1] |
[1] | On December 23, 2016, Feishang Hesheng waived a payment of CNY55.56 million (US$8.00 million) indebtedness owed to it by Double Grow (Note 5). |
CONDENSED FINANCIAL INFORMAT101
CONDENSED FINANCIAL INFORMATION OF THE COMPANY (Narrative) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
CondensedFinancialInformationOfCompanyLineItems [Line Items] | ||||
Restricted capital and reserves | ¥ | ¥ 63,180 | |||
USD [Member] | ||||
CondensedFinancialInformationOfCompanyLineItems [Line Items] | ||||
Restricted capital and reserves | $ | ||||
Condensed [Member] | ||||
CondensedFinancialInformationOfCompanyLineItems [Line Items] | ||||
Restricted capital and reserves | ¥ | 11,970 | |||
Dividend Payables | ¥ | ||||
Condensed [Member] | USD [Member] | ||||
CondensedFinancialInformationOfCompanyLineItems [Line Items] | ||||
Restricted capital and reserves | $ | 1,840 | |||
Dividend Payables | $ |
CONDENSED FINANCIAL INFORMAT102
CONDENSED FINANCIAL INFORMATION OF THE COMPANY (Schedule of Condensed Statements of FInancial Position) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) |
CURRENT ASSETS | ||||||
Cash and cash equivalents | ¥ | ¥ 18,878 | ¥ 19,228 | ¥ 45,307 | ¥ 48,263 | ||
Other receivables | ¥ | 10,494 | 6,127 | ||||
TOTAL CURRENT ASSETS | ¥ | 29,411 | 36,242 | ||||
TOTAL ASSETS | ¥ | 29,748 | 94,793 | 111,057 | |||
CURRENT LIABILITIES | ||||||
Other payables and accrued liabilities | ¥ | 2,926 | 17,361 | ||||
Due to the Shareholder | ¥ | 11,573 | 12,565 | ||||
Due to a related party | ¥ | 13,747 | 21,007 | ||||
TOTAL CURRENT LIABILITIES | ¥ | 45,253 | 76,296 | ||||
TOTAL LIABILITIES | ¥ | 45,253 | 81,598 | 128,856 | |||
EQUITY | ||||||
Issued capital | ¥ | 312,081 | 312,081 | ||||
Other capital reserves | ¥ | 692,518 | 692,518 | ||||
Accumulated losses | ¥ | (1,016,463) | (1,049,647) | ||||
Other comprehensive income | ¥ | (3,641) | (4,937) | ||||
TOTAL EQUITY | ¥ | (15,505) | 13,195 | (17,799) | 23,240 | ||
TOTAL LIABILITIES AND EQUITY | ¥ | 29,748 | 94,793 | ||||
USD [Member] | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | $ | $ 2,901 | $ 2,955 | ||||
Other receivables | $ | 1,613 | |||||
TOTAL CURRENT ASSETS | $ | 4,520 | |||||
TOTAL ASSETS | $ | 4,572 | |||||
CURRENT LIABILITIES | ||||||
Other payables and accrued liabilities | $ | 450 | |||||
Due to the Shareholder | $ | 1,779 | |||||
Due to a related party | $ | 2,113 | |||||
TOTAL CURRENT LIABILITIES | $ | 6,956 | |||||
TOTAL LIABILITIES | $ | 6,956 | |||||
EQUITY | ||||||
Issued capital | $ | 47,963 | |||||
Other capital reserves | $ | 106,432 | |||||
Accumulated losses | $ | (156,219) | |||||
Other comprehensive income | $ | (560) | |||||
TOTAL EQUITY | $ | (2,384) | |||||
TOTAL LIABILITIES AND EQUITY | $ | 4,572 | |||||
Condensed [Member] | ||||||
NON-CURRENT ASSETS | ||||||
Investments in subsidiaries | ¥ | 694 | |||||
CURRENT ASSETS | ||||||
Amounts due from subsidiaries | ¥ | 9,266 | 26,972 | ||||
Cash and cash equivalents | ¥ | 13,912 | 10,678 | ¥ 13,062 | ¥ 14,484 | ||
Other receivables | ¥ | 9,377 | |||||
TOTAL CURRENT ASSETS | ¥ | 32,555 | 37,650 | ||||
TOTAL ASSETS | ¥ | 32,555 | 38,344 | ||||
CURRENT LIABILITIES | ||||||
Other payables and accrued liabilities | ¥ | 2,350 | 1,398 | ||||
Due to the Shareholder | ¥ | 11,573 | 12,565 | ||||
Due to a related party | ¥ | 10,028 | 10,766 | ||||
TOTAL CURRENT LIABILITIES | ¥ | 23,951 | 24,729 | ||||
TOTAL LIABILITIES | ¥ | 23,951 | 24,729 | ||||
EQUITY | ||||||
Issued capital | ¥ | 290,179 | 290,179 | ||||
Other capital reserves | ¥ | 823,581 | 823,581 | ||||
Accumulated losses | ¥ | (1,087,839) | (1,089,898) | ||||
Other comprehensive income | ¥ | (17,317) | (10,247) | ||||
TOTAL EQUITY | ¥ | 8,604 | 13,615 | ||||
TOTAL LIABILITIES AND EQUITY | ¥ | ¥ 32,555 | ¥ 38,344 | ||||
Condensed [Member] | USD [Member] | ||||||
NON-CURRENT ASSETS | ||||||
Investments in subsidiaries | $ | ||||||
CURRENT ASSETS | ||||||
Amounts due from subsidiaries | $ | 1,425 | |||||
Cash and cash equivalents | $ | 2,138 | $ 1,641 | ||||
Other receivables | $ | 1,441 | |||||
TOTAL CURRENT ASSETS | $ | 5,004 | |||||
TOTAL ASSETS | $ | 5,004 | |||||
CURRENT LIABILITIES | ||||||
Other payables and accrued liabilities | $ | 361 | |||||
Due to the Shareholder | $ | 1,779 | |||||
Due to a related party | $ | 1,541 | |||||
TOTAL CURRENT LIABILITIES | $ | 3,681 | |||||
TOTAL LIABILITIES | $ | 3,681 | |||||
EQUITY | ||||||
Issued capital | $ | 44,597 | |||||
Other capital reserves | $ | 126,574 | |||||
Accumulated losses | $ | (167,187) | |||||
Other comprehensive income | $ | (2,661) | |||||
TOTAL EQUITY | $ | 1,323 | |||||
TOTAL LIABILITIES AND EQUITY | $ | $ 5,004 |
CONDENSED FINANCIAL INFORMAT103
CONDENSED FINANCIAL INFORMATION OF THE COMPANY (Schedule of Condensed Statements of Profit or Loss) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Statement Line Items [Line Items] | ||||
Administrative expenses | ¥ | ¥ 6,204 | ¥ 4,519 | ¥ 3,577 | |
Profit/ (loss) before income tax | ¥ | (6,179) | (4,445) | (3,769) | |
Profit/ (loss) for the year | ¥ | (29,996) | (23,036) | (41,449) | |
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Administrative expenses | $ | $ 953 | |||
Profit/ (loss) before income tax | $ | (949) | |||
Profit/ (loss) for the year | $ | (4,609) | |||
Condensed [Member] | ||||
Statement Line Items [Line Items] | ||||
Administrative expenses | ¥ | (5,055) | (3,216) | (2,380) | |
Impairment of investments in subsidiaries | ¥ | (25,335) | |||
Impairment of an amount due from a subsidiary | ¥ | (2,821) | |||
Dividend income | ¥ | 31,680 | |||
Interest income | ¥ | 130 | |||
Profit on disposal of a subsidiary | ¥ | 7,114 | |||
Profit/ (loss) before income tax | ¥ | 2,059 | (3,216) | 1,274 | |
Profit/ (loss) for the year | ¥ | ¥ 2,059 | ¥ (3,216) | ¥ 1,274 | |
Condensed [Member] | USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Administrative expenses | $ | (777) | |||
Impairment of investments in subsidiaries | $ | ||||
Impairment of an amount due from a subsidiary | $ | ||||
Dividend income | $ | ||||
Interest income | $ | ||||
Profit on disposal of a subsidiary | $ | 1,093 | |||
Profit/ (loss) before income tax | $ | 316 | |||
Profit/ (loss) for the year | $ | $ 316 |
CONDENSED FINANCIAL INFORMAT104
CONDENSED FINANCIAL INFORMATION OF THE COMPANY (Schedule of Condensed Statements of Cash Flow) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2014CNY (¥) | |
Statement Line Items [Line Items] | ||||||||
Net cash flows used in operating activities | ¥ | ¥ (14,746) | ¥ (28,269) | ¥ (21,569) | |||||
Net cash flows from investing activities | ¥ | 2,868 | (4,936) | (435) | |||||
Net cash flows from financing activities | ¥ | 12,630 | 5,581 | 12,369 | |||||
NET (DECREASE)/INCREASE IN CASH | ¥ | 752 | (27,624) | (9,635) | |||||
CASH AT BEGINNING OF THE YEAR | ¥ | 45,307 | ¥ 18,878 | ¥ 19,228 | ¥ 48,263 | ||||
Net foreign exchange difference | ¥ | (1,102) | 1,545 | 6,679 | |||||
CASH AT END OF THE YEAR | ¥ | 45,307 | 18,878 | 19,228 | 48,263 | ||||
USD [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Net cash flows used in operating activities | $ | $ (2,267) | |||||||
Net cash flows from investing activities | $ | 441 | |||||||
Net cash flows from financing activities | $ | 1,941 | |||||||
NET (DECREASE)/INCREASE IN CASH | $ | 115 | |||||||
CASH AT BEGINNING OF THE YEAR | $ | 2,901 | $ 2,955 | ||||||
Net foreign exchange difference | $ | (169) | |||||||
CASH AT END OF THE YEAR | $ | 2,901 | 2,955 | ||||||
Condensed [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Net cash flows used in operating activities | ¥ | (3,647) | (2,796) | (1,851) | |||||
Net cash flows from investing activities | ¥ | 7,808 | 31,681 | ||||||
Net cash flows from financing activities | ¥ | (276) | (33,210) | ||||||
NET (DECREASE)/INCREASE IN CASH | ¥ | 4,161 | (3,072) | (3,380) | |||||
CASH AT BEGINNING OF THE YEAR | ¥ | 13,062 | 13,912 | 10,678 | 14,484 | ||||
Net foreign exchange difference | ¥ | ¥ (927) | ¥ 688 | 1,958 | |||||
CASH AT END OF THE YEAR | ¥ | ¥ 13,062 | ¥ 13,912 | ¥ 10,678 | ¥ 14,484 | ||||
Condensed [Member] | USD [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Net cash flows used in operating activities | $ | (560) | |||||||
Net cash flows from investing activities | $ | 1,200 | |||||||
Net cash flows from financing activities | $ | ||||||||
NET (DECREASE)/INCREASE IN CASH | $ | 640 | |||||||
CASH AT BEGINNING OF THE YEAR | $ | 2,138 | 1,641 | ||||||
Net foreign exchange difference | $ | (143) | |||||||
CASH AT END OF THE YEAR | $ | $ 2,138 | $ 1,641 |