Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document And Entity Information | |
Entity Registrant Name | CHINA NATURAL RESOURCES INC |
Entity Central Index Key | 0000793628 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2020 |
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 Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 33,988,082 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2020 |
Entity Interactive Data Current | Yes |
Entity Incorporation State Country Code | D8 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
NON-CURRENT ASSETS | |||
Property, plant and equipment | ¥ | ¥ 158 | ¥ 214 | |
Right-of-use Assets | ¥ | 1,079 | 616 | |
TOTAL NON-CURRENT ASSETS | ¥ | 1,237 | 830 | |
CURRENT ASSETS | |||
Prepayments | ¥ | 25 | 29 | |
Trade receivables | ¥ | 3,956 | ||
Other receivables | ¥ | 42 | 39 | |
Financial assets at fair value through profit or loss | ¥ | 138,674 | ||
Cash and cash equivalents | ¥ | 2,450 | 3,444 | |
TOTAL CURRENT ASSETS | ¥ | 141,191 | 7,468 | |
TOTAL ASSETS | ¥ | 142,428 | 8,298 | |
CURRENT LIABILITIES | |||
Trade payables | ¥ | 100 | 3,896 | |
Other payables and accrued liabilities | ¥ | 3,558 | 2,161 | |
Taxes payable | ¥ | 10,205 | 16,818 | |
Lease liabilities | ¥ | 745 | 803 | |
Due to related companies | ¥ | 9,158 | 5,077 | |
Due to the Shareholder | ¥ | 7,149 | 7,097 | |
TOTAL CURRENT LIABILITIES | ¥ | 30,915 | 35,852 | |
NON-CURRENT LIABILITIES | |||
Deferred tax liabilities | ¥ | 9,964 | ||
Lease liabilities | ¥ | 347 | ||
TOTAL NON-CURRENT LIABILITIES | ¥ | 10,311 | ||
TOTAL LIABILITIES | ¥ | 41,226 | 35,852 | |
(DEFICIENCY IN ASSETS)/EQUITY | |||
Issued capital | ¥ | 390,297 | 312,081 | |
Other capital reserves | ¥ | 716,776 | 692,518 | |
Accumulated losses | ¥ | (1,002,705) | (1,028,284) | |
Other comprehensive loss | ¥ | (3,166) | (3,869) | |
(DEFICIENCY IN ASSETS)/EQUITY | ¥ | 101,202 | (27,554) | |
TOTAL LIABILITIES AND EQUITY | ¥ | ¥ 142,428 | ¥ 8,298 | |
USD [Member] | |||
NON-CURRENT ASSETS | |||
Property, plant and equipment | $ | $ 25 | ||
Right-of-use Assets | $ | 165 | ||
TOTAL NON-CURRENT ASSETS | $ | 190 | ||
CURRENT ASSETS | |||
Prepayments | $ | 4 | ||
Trade receivables | $ | |||
Other receivables | $ | 6 | ||
Financial assets at fair value through profit or loss | $ | 21,234 | ||
Cash and cash equivalents | $ | 375 | ||
TOTAL CURRENT ASSETS | $ | 21,619 | ||
TOTAL ASSETS | $ | 21,809 | ||
CURRENT LIABILITIES | |||
Trade payables | $ | 15 | ||
Other payables and accrued liabilities | $ | 545 | ||
Taxes payable | $ | 1,563 | ||
Lease liabilities | $ | 114 | ||
Due to related companies | $ | 1,402 | ||
Due to the Shareholder | $ | 1,095 | ||
TOTAL CURRENT LIABILITIES | $ | 4,734 | ||
NON-CURRENT LIABILITIES | |||
Deferred tax liabilities | $ | 1,526 | ||
Lease liabilities | $ | 53 | ||
TOTAL NON-CURRENT LIABILITIES | $ | 1,579 | ||
TOTAL LIABILITIES | $ | 6,313 | ||
(DEFICIENCY IN ASSETS)/EQUITY | |||
Issued capital | $ | 59,764 | ||
Other capital reserves | $ | 109,756 | ||
Accumulated losses | $ | (153,539) | ||
Other comprehensive loss | $ | (485) | ||
(DEFICIENCY IN ASSETS)/EQUITY | $ | 15,496 | ||
TOTAL LIABILITIES AND EQUITY | $ | $ 21,809 |
CONSOLIDATED STATEMENTS OF PROF
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2020CNY (¥)¥ / shares | Dec. 31, 2019CNY (¥)¥ / shares | Dec. 31, 2018CNY (¥)¥ / shares | ||
ForeignCurrencyLineItems [Line Items] | |||||
Revenue | ¥ | ¥ 6,867 | ¥ 12,969 | |||
Cost of sales | ¥ | (6,854) | (12,752) | |||
Gross profit | ¥ | 13 | 217 | |||
Selling and distribution expenses | ¥ | (2) | (2) | |||
Administrative expenses | ¥ | (7,140) | (5,814) | (6,207) | ||
OPERATING LOSS | ¥ | (7,129) | (5,599) | (6,207) | ||
Fair value gain on financial assets at fair value through profit or loss | ¥ | 31,334 | ||||
Finance costs | ¥ | [1] | (60) | (62) | 5 | |
Interest income | ¥ | 18 | 16 | 26 | ||
(LOSS)/PROFIT BEFORE INCOME TAX | ¥ | 24,163 | (5,645) | (6,176) | ||
INCOME TAX BENEFIT | ¥ | 1,416 | ||||
(LOSS)/PROFIT FOR THE YEAR | ¥ | 25,579 | (5,645) | (6,176) | ||
ATTRIBUTABLE TO: | |||||
Owners of the Company | ¥ | 25,579 | (5,645) | (6,176) | ||
Non-controlling interests | ¥ | |||||
(Loss)/profit for the year | ¥ | ¥ 25,579 | ¥ (5,645) | ¥ (6,176) | ||
(LOSS)/EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY: | |||||
Basic and diluted - (Loss)/earnings per share | ¥ / shares | ¥ 0.90 | ¥ (0.23) | ¥ (0.25) | ||
USD [Member] | |||||
ForeignCurrencyLineItems [Line Items] | |||||
Revenue | $ | $ 1,052 | ||||
Cost of sales | $ | (1,050) | ||||
Gross profit | $ | 2 | ||||
Selling and distribution expenses | $ | |||||
Administrative expenses | $ | (1,093) | ||||
OPERATING LOSS | $ | (1,091) | ||||
Fair value gain on financial assets at fair value through profit or loss | $ | 4,798 | ||||
Finance costs | $ | [1] | (9) | |||
Interest income | $ | 3 | ||||
(LOSS)/PROFIT BEFORE INCOME TAX | $ | 3,701 | ||||
INCOME TAX BENEFIT | $ | 217 | ||||
(LOSS)/PROFIT FOR THE YEAR | $ | 3,918 | ||||
ATTRIBUTABLE TO: | |||||
Owners of the Company | $ | 3,918 | ||||
Non-controlling interests | $ | |||||
(Loss)/profit for the year | $ | $ 3,918 | ||||
(LOSS)/EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY: | |||||
Basic and diluted - (Loss)/earnings per share | $ / shares | $ 0.14 | ||||
[1] | Finance costs mainly represent bank charges, foreign currency exchange differences and interest on lease liabilities. The amounts of bank charges were CNY6.00, CNY2.00 and CNY7.00 (US$1.00); the foreign currency exchange differences amounted to negative CNY11.00, nil and positive CNY15.00; and interest on lease liabilities amounted to nil, CNY60.00 and CNY38.00 (US$6.00) for the years ended December 31, 2018, 2019 and 2020, respectively. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
ForeignCurrencyLineItems [Line Items] | ||||
(LOSS)/PROFIT FOR THE YEAR | ¥ | ¥ 25,579 | ¥ (5,645) | ¥ (6,176) | |
Other comprehensive (loss)/income that will be reclassified to profit or loss in subsequent periods: | ||||
Foreign currency translation adjustments of the Company | ¥ | 6,172 | (111) | (117) | |
Other comprehensive loss that will not be reclassified to profit or loss in subsequent periods: | ||||
Foreign currency translation adjustments of the subsidiaries | ¥ | (5,469) | |||
Total other comprehensive (loss)/income for the year, net of tax | ¥ | 703 | (111) | (117) | |
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR | ¥ | 26,282 | (5,756) | (6,293) | |
Attributable to: | ||||
Owners of the Company | ¥ | 26,282 | (5,756) | (6,293) | |
Non-controlling interests | ¥ | ||||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | ¥ | ¥ 26,282 | ¥ (5,756) | ¥ (6,293) | |
USD [Member] | ||||
ForeignCurrencyLineItems [Line Items] | ||||
(LOSS)/PROFIT FOR THE YEAR | $ | $ 3,918 | |||
Other comprehensive (loss)/income that will be reclassified to profit or loss in subsequent periods: | ||||
Foreign currency translation adjustments of the Company | $ | 945 | |||
Other comprehensive loss that will not be reclassified to profit or loss in subsequent periods: | ||||
Foreign currency translation adjustments of the subsidiaries | $ | (837) | |||
Total other comprehensive (loss)/income for the year, net of tax | $ | 108 | |||
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR | $ | 4,026 | |||
Attributable to: | ||||
Owners of the Company | $ | 4,026 | |||
Non-controlling interests | $ | ||||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | $ | $ 4,026 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ¥ in Thousands, $ in Thousands | Attributable to owners of the Company Issued CapitalUSD ($) | Attributable to owners of the Company Issued CapitalCNY (¥) | Attributable to owners of the Company Other Capital ReservesUSD ($) | Attributable to owners of the Company Other Capital ReservesCNY (¥) | Attributable to owners of the Company Accumulated lossesUSD ($) | Attributable to owners of the Company Accumulated lossesCNY (¥) | Attributable to owners of the Company Other Comprehensive (loss)/IncomeUSD ($) | Attributable to owners of the Company Other Comprehensive (loss)/IncomeCNY (¥) | USD ($) | CNY (¥) |
Beginning Balance at Dec. 31, 2017 | ¥ 312,081 | ¥ 692,518 | ¥ (1,016,463) | ¥ (3,641) | ¥ (15,505) | |||||
Statement Line Items [Line Items] | ||||||||||
(Loss)/profit for the year | (6,176) | (6,176) | ||||||||
Foreign currency translation adjustments | (117) | (117) | ||||||||
Total comprehensive (loss)/income | (6,176) | (117) | (6,293) | |||||||
Ending Balance at Dec. 31, 2018 | 312,081 | 692,518 | (1,022,639) | (3,758) | (21,798) | |||||
Statement Line Items [Line Items] | ||||||||||
(Loss)/profit for the year | (5,645) | (5,645) | ||||||||
Foreign currency translation adjustments | (111) | (111) | ||||||||
Total comprehensive (loss)/income | (5,645) | (111) | (5,756) | |||||||
Ending Balance at Dec. 31, 2019 | 312,081 | 692,518 | (1,028,284) | (3,869) | (27,554) | |||||
Statement Line Items [Line Items] | ||||||||||
(Loss)/profit for the year | 25,579 | 25,579 | ||||||||
Foreign currency translation adjustments | 703 | 703 | ||||||||
Total comprehensive (loss)/income | 25,579 | 703 | 26,282 | |||||||
Issuance of shares (Note 17) | 78,216 | 24,258 | 102,474 | |||||||
Ending Balance at Dec. 31, 2020 | ¥ 390,297 | ¥ 716,776 | ¥ (1,002,705) | ¥ (3,166) | ¥ 101,202 | |||||
Ending Balance at Dec. 31, 2020 | $ | $ 59,764 | $ 109,756 | $ (153,539) | $ (485) | $ 15,496 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
OPERATING ACTIVITIES | ||||
(Loss)/profit before income tax for the year | ¥ | ¥ 24,163 | ¥ (5,645) | ¥ (6,176) | |
Adjustments for: | ||||
Depreciation of property, plant and equipment (Note 11) | ¥ | 65 | 66 | 67 | |
Depreciation of right-of-use assets (Note 11) | ¥ | 976 | 1,187 | ||
Interest on lease liabilities | ¥ | 38 | 60 | ||
Fair value gains on financial assets at fair value through profit or loss (Note 11) | ¥ | (31,334) | |||
Changes in working capital: | ||||
Trade receivables | ¥ | 3,956 | (3,956) | ||
Prepayments | ¥ | 4 | 10 | ||
Other receivables | ¥ | (3) | 597 | (12) | |
Trade payables | ¥ | (3,796) | 3,796 | (115) | |
Other payables and accrued liabilities | ¥ | 1,397 | 522 | (1,287) | |
Taxes payable | ¥ | (27) | 30 | (4) | |
Net cash flows used in operating activities | ¥ | (4,561) | (3,333) | (7,527) | |
INVESTING ACTIVITIES | ||||
Proceeds from disposal of subsidiaries | ¥ | 9,377 | |||
Purchases of property, plant and equipment | ¥ | (9) | (5) | (5) | |
Net cash flows from/(used in) investing activities | ¥ | (9) | (5) | 9,372 | |
FINANCING ACTIVITIES | ||||
Payments related to issuance of shares | ¥ | (72) | |||
Repayments to the Shareholder | ¥ | (4,600) | |||
Repayments to related companies | ¥ | (5,704) | (11,392) | ||
Advances from the Shareholder | ¥ | 462 | |||
Advances from related companies | ¥ | 4,081 | 6,740 | 2,179 | |
Payment of the principal portion of lease liabilities | ¥ | (1,150) | (1,000) | ||
Interest paid | ¥ | (38) | (60) | ||
Net cash flows (used in)/from financing activities | ¥ | 3,283 | (24) | (13,813) | |
NET DECREASE IN CASH AND CASH EQUIVALENTS | ¥ | (1,287) | (3,362) | (11,968) | |
NET FOREIGN EXCHANGE DIFFERENCE | ¥ | 293 | 13 | (117) | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | ¥ | 3,444 | 6,793 | 18,878 | |
CASH AND CASH EQUIVALENTS AT END OF YEAR | ¥ | 2,450 | 3,444 | 6,793 | |
Supplementary disclosures of cash flow information: | ||||
Cash receipt of interest | ¥ | ¥ 18 | ¥ 16 | ¥ 26 | |
USD [Member] | ||||
OPERATING ACTIVITIES | ||||
(Loss)/profit before income tax for the year | $ | $ 3,701 | |||
Adjustments for: | ||||
Depreciation of property, plant and equipment (Note 11) | $ | 10 | |||
Depreciation of right-of-use assets (Note 11) | $ | 149 | |||
Interest on lease liabilities | $ | 6 | |||
Fair value gains on financial assets at fair value through profit or loss (Note 11) | $ | (4,798) | |||
Changes in working capital: | ||||
Trade receivables | $ | 606 | |||
Prepayments | $ | 1 | |||
Other receivables | $ | ||||
Trade payables | $ | (581) | |||
Other payables and accrued liabilities | $ | 214 | |||
Taxes payable | $ | (4) | |||
Net cash flows used in operating activities | $ | (696) | |||
INVESTING ACTIVITIES | ||||
Proceeds from disposal of subsidiaries | $ | ||||
Purchases of property, plant and equipment | $ | (1) | |||
Net cash flows from/(used in) investing activities | $ | (1) | |||
FINANCING ACTIVITIES | ||||
Payments related to issuance of shares | $ | (11) | |||
Repayments to the Shareholder | $ | ||||
Repayments to related companies | $ | ||||
Advances from the Shareholder | $ | 69 | |||
Advances from related companies | $ | 625 | |||
Payment of the principal portion of lease liabilities | $ | (176) | |||
Interest paid | $ | (6) | |||
Net cash flows (used in)/from financing activities | $ | 501 | |||
NET DECREASE IN CASH AND CASH EQUIVALENTS | $ | (196) | |||
NET FOREIGN EXCHANGE DIFFERENCE | $ | 45 | |||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | $ | 527 | |||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | 375 | |||
Supplementary disclosures of cash flow information: | ||||
Cash receipt of interest | $ | $ 3 |
ORGANIZATION AND PRINCIPAL ACTI
ORGANIZATION AND PRINCIPAL ACTIVITIES | 12 Months Ended |
Dec. 31, 2020 | |
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 with CHNR, the Group). A list of the Company s subsidiaries is included in Note 16 to the consolidated financial statements. CHNR ' r Feishang Group Limited (Feishang Group or the Shareholder), a BVI 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 BVI corporation. The consolidated financial statements of the Group for the year ended December 31, 2020 were authorized for issuance in accordance with a resolution of the directors on April 23, 2021. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
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 thousand, except when otherwise indicated. US$ indicates U.S. dollars. Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries for the year ended December 31, 2020. 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 Groups 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. 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 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 Groups 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. 2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES The Group has adopted the Conceptual Framework for Financial Reporting 2018 Amendments to IFRS 3 Definition of a Business Amendments to IFRS 9, IAS 39 and IFRS 7 Interest Rate Benchmark Reform Amendment to IFRS 16 Covid-19-Related Rent Concessions Amendments to IAS 1 and IAS 8 Definition of Material The nature and the impact of the Conceptual Framework for Financial Reporting 2018 (a) Conceptual Framework for Financial Reporting 2018 (b) Amendments to IFRS 3 clarify and provide additional guidance on the definition of a business. The amendments clarify that for an integrated set of activities and assets to be considered a business, it must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. A business can exist without including all of the inputs and processes needed to create outputs. The amendments remove the assessment of whether market participants are capable of acquiring the business and continue to produce outputs. Instead, the focus is on whether acquired inputs and acquired substantive processes together significantly contribute to the ability to create outputs. The amendments have also narrowed the definition of outputs to focus on goods or services provided to customers, investment income or other income from ordinary activities. Furthermore, the amendments provide guidance to assess whether an acquired process is substantive and introduce an optional fair value concentration test to permit a simplified assessment of whether an acquired set of activities and assets is not a business. The Group has applied the amendments prospectively to transactions or other events that occurred on or after January 1, 2020. The amendments did not have any impact on the financial position and performance of the Group. (c) Amendments to IFRS 9, IAS 39 and IFRS 7 address issues affecting financial reporting in the period before the replacement of an existing interest rate benchmark with an alternative risk-free rate (RFR). The amendments provide temporary reliefs which enable hedge accounting to continue during the period of uncertainty before the introduction of the alternative RFR. In addition, the amendments require companies to provide additional information to investors about their hedging relationships which are directly affected by these uncertainties. The amendments did not have any impact on the financial position and performance of the Group as the Group did not have any interest rate hedging relationships. (d) Amendment to IFRS 16 provides a practical expedient for lessees to elect not to apply lease modification accounting for rent concessions arising as a direct consequence of the Covid-19 pandemic. The practical expedient applies only to rent concessions occurring as a direct consequence of the pandemic and only if (i) the change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change; (ii) any reduction in lease payments affects only payments originally due on or before June 1, 2021; and (iii) there is no substantive change to other terms and conditions of the lease. The amendment is effective for annual periods beginning on or after June 1, 2020 with earlier application permitted and shall be applied retrospectively. The Group has early adopted the amendment on January 1, 2020. During 2020, the Group had no rent concessions granted by the lessors. Therefore, the amendments did not have any impact on the financial position and performance of the Group. (e) Amendments to IAS 1 and IAS 8 provide a new definition of material. The new definition states that information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The amendments clarify that materiality will depend on the nature or magnitude of information, or both. The amendments did not have any significant impact on the financial position and performance of the Group. 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 3 Reference to the Conceptual Framework 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform - Phase 2 1 Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 4 IFRS 17 Insurance Contracts 3 Amendments to IFRS 17 Insurance Contracts 3,5 Amendments to IAS 1 Classification of Liabilities as Current or Non-current 3 Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use 2 Amendments to IAS 37 Onerous Contracts - Cost of Fulfilling a Contract 2 Amendments to IAS 8 Definition of Accounting Estimates 3 Amendments to IAS 1 Disclosure of Accounting Policies 3 Annual Improvements to IFRS Standards 2018-2020 Amendments to IFRS 1, IFRS 9, Illustrative Examples accompanying IFRS 16, and IAS 41 2 1 Effective for annual periods beginning on or after January 1, 2021 2 Effective for annual periods beginning on or after January 1, 2022 3 Effective for annual periods beginning on or after January 1, 2023 4 No mandatory effective date yet determined but available for adoption 5 As a consequence of the amendments to IFRS 17 issued in June 2020, IFRS 4 was amended to extend the temporary exemption that permits insurers to apply IAS 39 rather than IFRS 9 for annual periods beginning before January 1, 2023 Further information about those IFRSs that are expected to be applicable to the Group is described below. (a) Amendments to IFRS 3 are intended to replace a reference to the previous Framework for the Preparation and Presentation of Financial Statements Conceptual Framework for Financial Reporting (b) Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 address issues not dealt with in the previous amendments which affect financial reporting when an existing interest rate benchmark is replaced with an alternative RFR. The Phase 2 amendments provide a practical expedient to allow the effective interest rate to be updated without adjusting the carrying amount when accounting for changes in the basis for determining the contractual cash flows of financial assets and liabilities, if the change is a direct consequence of the interest rate benchmark reform and the new basis for determining the contractual cash flows is economically equivalent to the previous basis immediately preceding the change. In addition, the amendments permit changes required by the interest rate benchmark reform to be made to hedge designations and hedge documentation without the hedging relationship being discontinued. Any gains or losses that could arise on transition are dealt with through the normal requirements of IFRS 9 to measure and recognize hedge ineffectiveness. The amendments also provide a temporary relief to entities from having to meet the separately identifiable requirement when an RFR is designated as a risk component. The relief allows an entity, upon designation of the hedge, to assume that the separately identifiable requirement is met, provided the entity reasonably expects the RFR risk component to become separately identifiable within the next 24 months. Furthermore, the amendments require an entity to disclose additional information to enable users of financial statements to understand the effect of interest rate benchmark reform on an entitys financial instruments and risk management strategy. The amendments are effective for annual periods beginning on or after January 1, 2021 and shall be applied retrospectively, but entities are not required to restate the comparative information. The amendments are not expected to have any significant impact on the Groups financial statements. Amendments to IFRS 10 and IAS 28 address an inconsistency between the requirements in IFRS 10 and in IAS 28 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The amendments require a full recognition of a gain or loss when the sale or contribution of assets between an investor and its associate or joint venture constitutes a business. For a transaction involving assets that do not constitute a business, a gain or loss resulting from the transaction is recognized in the investors profit or loss only to the extent of the unrelated investors interest in that associate or joint venture. The amendments are to be applied prospectively. The previous mandatory effective date of amendments to IFRS 10 and IAS 28 was removed by the IASB in December 2015 and a new mandatory effective date will be determined after the completion of a broader review of accounting for associates and joint ventures. However, the amendments are available for adoption now. The amendments are not expected to have any significant impact on the Groups financial statements. (c) Amendments to IAS 1 clarify the requirements for classifying liabilities as current or non-current. The amendments specify that if an entitys right to defer settlement of a liability is subject to the entity complying with specified conditions, the entity has a right to defer settlement of the liability at the end of the reporting period if it complies with those conditions at that date. Classification of a liability is unaffected by the likelihood that the entity will exercise its right to defer settlement of the liability. The amendments also clarify the situations that are considered a settlement of a liability. The amendments are effective for annual periods beginning on or after January 1, 2023 and shall be applied retrospectively. Earlier application is permitted. The amendments are not expected to have any significant impact on the Groups financial statements. (d) Amendments to IAS 16 prohibit an entity from deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling any such items, and the cost of those items, in profit or loss. The amendments are effective for annual periods beginning on or after January 1, 2022 and shall be applied retrospectively only to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments. Earlier application is permitted. The amendments are not expected to have any significant impact on the Groups financial statements. (e) Amendments to IAS 37 clarify that for the purpose of assessing whether a contract is onerous under IAS 37, the cost of fulfilling the contract comprises the costs that relate directly to the contract. Costs that relate directly to a contract include both the incremental costs of fulfilling that contract (e.g., direct labor and materials) and an allocation of other costs that relate directly to fulfilling that contract (e.g., an allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract as well as contract management and supervision costs). General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. The amendments are effective for annual periods beginning on or after January 1, 2022 and shall be applied to contracts for which an entity has not yet fulfilled all its obligations at the beginning of the annual reporting period in which it first applies the amendments. Earlier application is permitted. Any cumulative effect of initially applying the amendments shall be recognized as an adjustment to the opening equity at the date of initial application without restating the comparative information. The amendments are not expected to have any significant impact on the Groups financial statements. (f) Amendments to IAS 8 introduce a new definition of accounting estimates. The amendments are designed to clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. An entity shall apply these amendments for annual reporting periods beginning on or after January 1, 2023. Earlier application is permitted. An entity shall apply the amendments to changes in accounting estimates and changes in accounting policies that occur on or after the beginning of the first annual reporting period in which it applies the amendments. The amendments are not expected to have any significant impact on the Groups financial statements. (g) Amendments to IAS 1 require an entity to disclose its material accounting policy information rather than its significant accounting policies. To help entities to apply the amendments to IAS 1, the IASB also amended IFRS Practice Statement 2 Making Materiality Judgements to illustrate how an entity can judge whether accounting policy information is material to its financial statements. The IASB added guidance and examples to IFRS Practice Statement 2 to help an entity apply the four-step materiality process to accounting policy information. An entity shall apply the amendments to IAS 1 for annual reporting periods beginning on or after January 1, 2023. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact. The amendments are not expected to have any significant impact on the Groups financial statements. (h) Annual Improvements to IFRS Standards 2018-2020 · IFRS 9 Financial Instruments · IFRS 16 Leases 2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Business combinations Business combinations 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 acquirees identifiable net assets. All other components of non-controlling interests are measured at fair value. Acquisition-related costs are expensed as incurred. The Group determines that it has acquired a business when the acquired set of activities and assets includes an input and a substantive process that together significantly contribute to the ability to create outputs. 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 of 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 acquirers 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 Groups 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 of December 31. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Groups 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 unit 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 persons 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 comprise buildings, machinery and equipment and motor vehicles. Buildings, 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. Depreciation for the following items is calculated on the straight-line basis over each assets estimated useful life down to the estimated residual value of each asset. Estimated useful lives are as follows: Buildings 8 - 35 years Machinery and equipment 3 - 15 years Motor vehicles 4 - 8 years Residual values, useful lives and the depreciation method are reviewed and, adjusted if appropriate, at each reporting date. When properties are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts and any profit or loss on disposal is recognized in the statement of profit or loss. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to the statement of profit or loss in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the statement of profit or loss in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. (d) Fair value measurement The Group measures equity investments at fair value at the end of each reporting period. 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 participants 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 are expensed as incurred. Once the exploration right 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 and financial assets), the asset's recoverable amount is estimated. An asset's recoverable amount is the higher of the asset's or cash-generating unit's value in use and its fair value less costs of disposal, 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. An impairment loss is recognized only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value 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 statement of profit or loss in the period in which it arises in those expense 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. A reversal of such an impairment loss is credited to the statement of profit or loss in the period in which it arises. (g) Investments and other financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income, and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial assets contractual cash flow characteristics and the Groups business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 in accordance with the policies set out in Note 2.4(p) Revenue recognition below. In order for a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Groups business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through other comprehensive income are held within a business model with the objective of both holding to collect contractual cash |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 3. PROPERTY, PLANT AND EQUIPMENT Buildings Machinery and Motor Total CNY CNY CNY CNY Cost At January 1, 2019 43 889 279 1,211 Additions 3 2 5 Exchange adjustment 14 14 At December 31, 2019 and January 1, 2020 46 905 279 1,230 Additions 9 9 Exchange adjustment (51 ) (51 ) At December 31, 2020 46 863 279 1,188 At December 31, 2020 (US$) 7 132 43 182 Accumulated depreciation and amortization and impairment losses At January 1, 2019 (3 ) (870 ) (63 ) (936 ) Depreciation charge (3 ) (5 ) (58 ) (66 ) Exchange adjustment (14 ) (14 ) At December 31, 2019 and January 1, 2020 (6 ) (889 ) (121 ) (1,016 ) Depreciation charge (3 ) (4 ) (58 ) (65 ) Exchange adjustment 51 51 At December 31, 2020 (9 ) (842 ) (179) (1,030 ) At December 31, 2020 (US$) (1 ) (129 ) (27) (157 ) Net carrying amount At December 31, 2019 40 16 158 214 At December 31, 2020 37 21 100 158 At December 31, 2020 (US$) 6 3 16 25 There was no impairment loss on property, plant and equipment for the years ended December 31, 2019 and 2020. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2020 | |
Presentation of leases for lessee [abstract] | |
LEASES | 4. LEASES (a) Right-of-use assets The carrying amounts of the Groups right-of-use assets and the movements during the year are as follows: Buildings Total Total CNY CNY US$ As of January 1, 2019 1,803 1,803 276 Depreciation charge (1,187 ) (1,187 ) (182 ) As of December 31, 2019 and January 1, 2020 616 616 94 Addition 1,439 1,439 220 Depreciation charge (976 ) (976 ) (149 ) As of December 31, 2020 1,079 1,079 165 (b) Lease liabilities The carrying amount of lease liabilities and the movements during the year are as follows: 2019 2020 2020 CNY CNY US$ Carrying amount at January 1, 1,803 803 123 Addition 1,439 220 Accretion of interest recognized during the year 60 38 6 Payments (1,060 ) (1,188 ) (182 ) Carrying amount at December 31, 803 1,092 167 Analyzed into: Current portion 803 745 114 Non-current portion 347 53 (c) The amounts recognized in profit or loss in relation to leases are as follows: 2019 2020 2020 CNY CNY US$ Interest on lease liabilities 60 38 6 Depreciation charge of right-of-use assets (Note 11) 1,187 976 149 Expense relating to short-term leases (included in administrative expenses) (Note 11) 46 97 15 Total amount recognized in profit or loss 1,293 1,111 170 (d) The total cash outflow for leases is disclosed in Note 23(b) to the financial statements. |
TRADE RECEIVABLES
TRADE RECEIVABLES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Trade receivables [Abstract] | |
TRADE RECEIVABLES | 5. TRADE RECEIVABLES December 31, 2019 2020 2020 CNY CNY US$ Trade receivables 3,956 Less: Provision for impairment 3,956 A credit period of up to three months is granted to the customer. Trade receivables are non-interest-bearing. An aging analysis of the trade receivables as of the end of the year, based on the invoice date and net of loss allowance, is as follows: December 31, 2019 2020 2020 CNY CNY US$ Within 3 months 3,956 3,956 An impairment analysis is performed on trade receivables at each reporting date and expected credit losses are estimated by applying a loss rate approach with reference to the historical credit records of the Groups customers. The loss rate is adjusted to reflect the current conditions and forecasts of future economic conditions, as appropriate. According to historical experience, all of the proceeds have been received before their due date, and therefore, and management considers that the probability of default was minimal as of December 31, 2020. |
OTHER RECEIVABLES
OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2020 | |
Other Receivables | |
OTHER RECEIVABLES | 6. OTHER RECEIVABLES December 31, 2019 2020 2020 CNY CNY US$ Withholding social insurance 6 6 1 Input value-added tax 4 1 Staff advances 13 12 2 Deposit 20 20 2 39 42 6 For the financial assets included above, an impairment analysis is performed at each reporting date by considering the probability of default by applying a loss rate with reference to the historical loss record of the Group. The loss rate is adjusted to reflect the current conditions and forecasts of future economic conditions, as appropriate. For staff advances and deposits, management considers the probability of default to be minimal. The financial assets included in the above balances relate to receivables for which there was no recent history of default or expectation of future losses and no impairment was provided for the years ended December 31, 2019 and 2020. |
FINANCIAL ASSETS AT FAIR VALUE
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of fair value measurement of assets [abstract] | |
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS | 7. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS On August 17, 2020, the Company entered into a definitive share purchase agreement with Feishang Group to acquire 120,000,000 shares, or 8.69% of the equity interest in, Feishang Anthracite Resources Limited (FARL), a company listed on the Main Board of the Hong Kong Stock Exchange (Equity Investments). In exchange, the Company agreed to issue 9,077,166 common shares to Feishang Group at a total transaction price amounting to approximately CNY78,288 (US$11,988). The total transaction price of the exchange is based on the average closing price of FARL for the five trading days before August 17, 2020, adjusted for a 27.5% discount by considering the impact of a lack of marketability due to the low trading volume of FARL on the Hong Kong Stock Exchange. Upon the completion of above-mentioned acquisition of shares of FARL and the issuance of the shares of the Company on August 17, 2020, the Company recognized financial assets at fair value through profit or loss amounting to CNY107,340 (US$16,436). The difference between the fair value of 120,000,000 shares of FARL acquired and the total transaction price of CNY78,288 (US$11,988), further adjusted by the related deferred income tax effect, is recorded as other capital reserves (Note 17(b)). The aforementioned Equity Investment was a non-cash transaction. The FARL shares comprising the Equity Investment were recognized as financial assets at fair value through profit or loss as they were held for trading at December 31, 2020. 2019 2020 2020 CNY CNY US$ Listed equity investments, at fair value 138,674 21,234 The movements of financial assets at fair value through profit or loss are as follows: 2019 2020 2020 CNY CNY US$ As of January 1 Upon initial recognition of the Equity Investment 107,340 16,436 Fair value adjustment (Note 11) 31,334 4,798 As of December 31 138,674 21,234 |
TRADE PAYABLES
TRADE PAYABLES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of trade payables [Abstract] | |
TRADE PAYABLES | 8. TRADE PAYABLES December 31, 2019 2020 2020 CNY CNY US$ Trade payables 3,896 100 15 The aging analysis of trade payables as of December 31, 2019 and 2020 is as follows: December 31, 2019 2020 2020 CNY CNY US$ Within 1 year 3,796 1 to 2 years Over 2 years 100 100 15 3,896 100 15 The trade payables are non-interest-bearing and are normally settled within six months. |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of other payables and accrued liabilities [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 9. OTHER PAYABLES AND ACCRUED LIABILITIES December 31, 2019 2020 2020 CNY CNY US$ Contract deposit 102 102 16 Social security payable (a) 104 96 15 Payroll payable 433 423 65 Welfare payable 24 10 2 Accrued expenses 1,484 2,909 445 Others 14 18 2 2,161 3,558 545 (a) The social security payable represents the amounts payable for the PRC government-managed retirement insurance, medical insurance, etc. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2020 | |
Revenue [abstract] | |
REVENUE FROM CONTINUING OPERATIONS | 10. REVENUE Revenue represents the following: Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Revenue from contracts with a customer 12,969 6,867 1,052 Revenue from contracts with a customer (a) Disaggregated revenue information Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Type of goods Sale of copper ores 12,969 6,867 1,052 Geographic market Mainland China 12,969 6,867 1,052 Timing of revenue recognition Goods transferred at a point in time 12,969 6,867 1,052 All revenue was generated from the exploration and mining segment (Note 22). No revenue was recognized in the current reporting period that was included in contract liabilities at the beginning of the reporting period and recognized from performance obligations satisfied in previous periods. (b) Performance obligation Information about the Groups performance obligation is summarized below: Trading of copper ores The performance obligation is satisfied upon delivery of the copper ores and payment is generally due within 3 months from delivery. |
(LOSS)_PROFIT BEFORE INCOME TAX
(LOSS)/PROFIT BEFORE INCOME TAX | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of loss before income tax from continuing operations [Abstract] | |
(LOSS)/PROFIT BEFORE INCOME TAX | 11. (LOSS)/PROFIT BEFORE INCOME TAX The Group's (loss)/profit before tax is arrived at after charging/(crediting): Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Crediting: Interest income on bank deposits (26 ) (16 ) (18 ) (3 ) Charging: Cost of sales 12,752 6,854 1,050 Finance costs* (5 ) 62 60 9 Auditors' remuneration: - Audit fee 1,000 1,000 1,000 153 - Audit related fee 48 50 8 Sub-total 1,000 1,048 1,050 161 Employee benefit expenses (Note 12) 1,878 1,733 1,327 203 Depreciation and amortization: - Property, plant and equipment (Note 3) 67 66 65 10 - Right-of-use assets (Note 4(c)) 1,187 976 149 Fair value gain, net: Fair value gain on financial assets at fair value through profit or loss (Note 7) (31,334 ) (4,798 ) Expense relating to short-term leases (included in administrative expenses) (Note 4(c)) 46 97 15 Operating lease rental: - Office properties 1,189 * Finance costs mainly represent bank charges, foreign currency exchange differences and interest on lease liabilities. The amounts of bank charges were CNY6.00, CNY2.00 and CNY7.00 (US$1.00); the foreign currency exchange differences amounted to negative CNY11.00, nil and positive CNY15.00; and interest on lease liabilities amounted to nil, CNY60.00 and CNY38.00 (US$6.00) for the years ended December 31, 2018, 2019 and 2020, respectively. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of defined benefit plans [abstract] | |
EMPLOYEE BENEFITS | 12. EMPLOYEE BENEFITS The Groups employee benefits comprise the following: Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Wages, salaries and allowances 1,513 1,460 1,203 184 Housing funds (a) 67 38 41 6 Contribution to pension plans (a) 76 166 25 4 Welfare and other expenses 222 69 58 9 1,878 1,733 1,327 203 (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. |
INCOME TAX BENEFIT AND DEFERRED
INCOME TAX BENEFIT AND DEFERRED TAX LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of income tax expense [Abstract] | |
INCOME TAX BENEFIT AND DEFERRED TAX LIABILITIES | 13. INCOME TAX BENEFIT AND DEFERRED TAX LIABILITIES 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 income. The latter is not subject to Hong Kong Profits Tax and the related expenses are non-tax-deductible. For the Hong Kong-sourced income, no provision for Hong Kong Profits Tax was made as such operations sustained tax losses during the years ended December 31, 2018, 2019 and 2020. 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%. 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. Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Current income tax benefit — — (6,586 ) (1,009 ) Deferred income tax expense — — 5,170 792 — — (1,416 ) (217 ) (Loss)/profit before income tax consists of the following: Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ PRC (2,321 ) (1,775 ) (1,235 ) (189 ) BVI (3,805 ) (3,824 ) 25,442 3,897 Hong Kong (50 ) (46 ) (44 ) (7 ) Total (loss)/profit before income tax for the year (6,176 ) (5,645 ) 24,163 3,701 A reconciliation of the income taxes computed at the PRC statutory tax rate of 25% to the actual income tax benefit is as follows: Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ (Loss)/profit before income tax for the year (6,176 ) (5,645 ) 24,163 3,701 Tax at the statutory tax rate 25% 25% 25% 25% Computed income tax (benefit)/expense (1,544 ) (1,411 ) 6,041 925 Effect of different tax rates for the Company and overseas subsidiaries 955 965 (1,187 ) (182 ) Tax losses not recognized 588 444 373 57 Non-deductible expenses 1 2 4 1 Utilization of previously unrecognized deductible temporary differences — — (50 ) (8 ) Others* — — (6,597 ) (1,010 ) Income tax benefit — — (1,416 ) (217 ) ——————— * It mainly represents the reversal of a prior withholding CIT payable which is no longer required to be paid according to the prevailing Regulations for the Implementing of the Corporate Income Tax Law of the PRC. The total amounts of unused tax losses for which no deferred tax assets were recognized amounted to CNY7.41 million and CNY7.80 million (US$1.20 million) as of December 31, 2019 and 2020, respectively. As of December 31, 2020, unused tax losses of CNY1.17 million (US$0.18 million), CNY1.07 million (US$0.16 million), CNY2.32 million (US$0.36 million), CNY1.75 million (US$0.27 million) and CNY1.49 million (US$0.23 million), if unused, will expire by the end of 2021, 2022, 2023, 2024 and 2025, respectively. Deferred tax liabilities The movements in deferred tax liabilities during the year are as follows: Fair value adjustments of equity investments at fair value through profit or loss CNY US$ As of January 1, 2020 — — Upon initial recognition of the Equity Investment* 4,794 734 Charged to the consolidated statement of profit or loss during the year 5,170 792 As of December 31, 2020 9,964 1,526 ——————— * Upon the completion of the Equity Investment (Note 7), the Company recognized deferred tax liabilities amounting to CNY4,794 (US$734), which represents the deferred income tax effect associated with the difference between the fair value of 120,000,000 shares of FARL acquired and the total transaction price based on the statutory tax rate of 16.5%. |
(LOSS)_EARNINGS PER SHARE
(LOSS)/EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share [abstract] | |
(LOSS)/EARNINGS PER SHARE | 14. (LOSS)/EARNINGS PER SHARE Basic and diluted (loss)/earnings per share for the years ended December 31, 2018, 2019 and 2020 are calculated as follows: Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ (Loss)/profit for the year: (6,176 ) (5,645 ) 25,579 3,918 Weighted average number of common shares: Basic and diluted 24,910,916 24,910,916 28,308,653 28,308,653 (Loss)/earnings per share: Basic and diluted: (0.25 ) (0.23 ) 0.90 0.14 (0.25 ) (0.23 ) 0.90 0.14 The Company did not have any potential diluted shares throughout the years presented above. Accordingly, the diluted (loss)/earnings per share amounts are the same as the basic (loss)/earnings per share amounts. |
DIVIDEND
DIVIDEND | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of dividend [Abstract] | |
DIVIDEND | 15. DIVIDEND No dividend was paid or declared by the Company for the years ended December 31, 2018, 2019 and 2020. |
RELATED PARTY BALANCES AND TRAN
RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTY BALANCES AND TRANSACTIONS | 16. 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 registration and Nominal value Percentage of equity 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 BVI * 100 Investment holding Feishang Yongfu Mining Limited Hong Kong * 100 Investment holding Newhold Investments Limited BVI * 100 Investment holding Pineboom Investments Limited BVI * 100 Investment holding Shenzhen Feishang Management and Consulting Co., Limited (Feishang Management) PRC/Mainland China 10,000 100 Provision of management and consulting services to other companies in the Group Silver Moon Technologies Limited BVI 1 80 Dormant Sunwide Capital Limited BVI * 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 Limited PRC/Mainland China 59,480 100 Exploration and development of lead mine *Insignificant In addition to the transactions detailed elsewhere in the consolidated financial statements, the Group had the following transactions and balances with related companies: (a) Commercial transactions with related companies Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Notes CHNR's share of office rental, rates and others to Anka Consultants Limited (Anka) i 1,442 1,506 1,368 209 Feishang Management's share of office rental to Feishang Enterprise Group Co., Ltd. (Feishang Enterprise) ii 166 166 166 25 (i) On April 1, 2017, the Company signed an office sharing agreement with Anka, a private Hong Kong company that is owned by two directors of the Company, which superseded all previously signed agreements between the companies, 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 2018, Ankas lease with the unrelated landlord was extended for two years, from July 1, 2018 to June 30, 2020. Anka signed a new contract with the unrelated landlord in July 2020 for two years, to June 30, 2022. (ii) On January 1, 2018, Feishang Management signed an office sharing agreement with Feishang Enterprise. Pursuant to the agreement, Feishang Management will share 40 square meters of the office premises for 33 months. Feishang Management signed a new contract with Feishang Enterprise in October 2020, which will expire on September 30, 2021. (b) Balances with related companies The Companys balances with related companies are unsecured and non-interest bearing. Feishang Enterprise and the Shareholder have provided letters stating their continuous financial support to the Group and that they will not recall any amounts due to them until the Group has sufficient liquidity to finance its operations. The balances are summarized as follows: December 31, 2019 2020 2020 CNY CNY US$ Notes Current: Payable to related companies: Feishang Enterprise (a) i 5,077 6,378 977 Anka Capital Limited (Anka Capital) (b) iii 2,780 425 5,077 9,158 1,402 Payable to the Shareholder: Feishang Group (a) ii 7,097 7,149 1,095 7,097 7,149 1,095 Lease liabilities to related companies: Feishang Enterprise (a) 287 Anka (b) 516 1,092 167 803 1,092 167 (a) Feishang Enterprise and Feishang Group are controlled by Mr. Li Feilie, who is the beneficial shareholder of the Company. (b) Anka Capital and Anka are each jointly owned by Wong Wah On Edward and Tam Cheuk Ho, who are officers of the Company. (i) The payable to Feishang Enterprise by Feishang Management represents the net amount of advance from Feishang Enterprise. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. (ii) The payable to Feishang Group represents the net amount of advance from Feishang Group. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. (iii) The payable to Anka Capital by CHNR represents the net amount of advance from Anka Capital. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. (c) Compensation of key management personnel of the Group Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Wages, salaries and allowances 580 629 552 85 Housing subsidies 16 16 15 2 Contribution to pension plans 75 75 71 11 671 720 638 98 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, 2020 | |
Disclosure of classes of share capital [abstract] | |
EQUITY | 17. EQUITY (a) Issued capital Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Authorized: 10,000,000 preferred shares, no par value 200,000,000 common shares, no par value Issued and fully paid: 33,988,082 (2018 and 2019: 24,910,916) common shares, no par 312,081 312,081 390,297 59,764 A summary of movements in the Companys share capital is as follows: Number of Share capital CNY US$ At January 1, 2020 24,910,916 312,081 47,787 Issuance of shares (Note 7) 9,077,166 78,216 11,977 At December 31, 2020 33,988,082 390,297 59,764 (b) Other capital reserves Other capital reserves of the Group are mainly for issuance of shares, equity-settled share-based compensation, the exercise of stock options, the exercise of warrants, and deemed contribution from the Shareholder of the Company and related companies. Upon the completion of the acquisition of shares of FARL and the issuance of the shares of the Company (Note 7) on August 17, 2020, the Company recognized other capital reserves amounting to CNY24,258 (US$3,714). (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, 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 for the years ended December 31, 2018, 2019 and 2020. |
FINANCIAL RISK MANAGEMENT OBJEC
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | 18. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The financial instruments of the Group primarily include cash, trade receivables, certain other current assets, trade payables, other payables and certain accrued liabilities, lease liabilities, amounts due to related companies, 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 Maximum exposure and year-end staging The tables below show the credit quality and the maximum exposure to credit risk based on the Group's credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and year-end staging classification as of December 31, 2019 and 2020. The amounts presented are gross carrying amounts for financial assets. December 31, 2019 12-month ECLs Lifetime ECLs Stage 1 Stage 2 Stage 3 Total CNY CNY CNY CNY Trade receivables 3,956 3,956 Financial assets included in other receivables - Normal* 33 33 - Doubtful* Cash and cash equivalents - Not yet past due 3,444 3,444 Total 7,433 7,433 December 31, 2020 12-month ECLs Lifetime ECLs Stage 1 Stage 2 Stage 3 Total CNY CNY CNY CNY Financial assets included in other receivables - Normal* 32 32 - Doubtful* Cash and cash equivalents - Not yet past due 2,450 2,450 Total 2,482 2,482 December 31, 2020 12-month ECLs Lifetime ECLs Stage 1 Stage 2 Stage 3 Total US$ US$ US$ US$ Financial assets included in other receivables - Normal* 5 5 - Doubtful* Cash and cash equivalents - Not yet past due 375 375 Total 380 380 * The credit quality of the financial assets included in other receivables is considered to be normal when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be doubtful. Cash and cash equivalents The Group maintains its cash and cash equivalents primarily with various PRC state-owned banks and Hong Kong based financial institutions, which management believes are of high credit quality. The Group performs periodic evaluations of the relative credit standing of those financial institutions. Trade receivables The Group trades only with recognized and creditworthy third parties. The Group sells copper ores to one customer in Mainland China. Trade receivables are typically unsecured and are mainly derived from revenue earned from the customer in Mainland China. The risk with respect to trade receivables is mitigated by credit evaluations that the Group performs on its customer and its ongoing monitoring of outstanding balances. The Group provides impairment for trade receivables primarily based on the aging of the balances and factors surrounding the customers creditworthiness. There was no balance of trade receivables as of December 31, 2020. No provision for impairment of trade receivables was made during the year ended December 31, 2019, since all the trade receivables were within the credit period. (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 40 years, no assurance can be given that the PRC government will continue to pursue such policies or that such policies may not be significantly altered, especially in the event of a change in leadership, social or political disruption or unforeseen circumstances affecting the political, economic and social conditions in the PRC. There is also no guarantee that the PRC government's pursuit of economic reforms will be consistent or effective. (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, 2019 On demand Less than 1 to 5 years More than Total CNY CNY CNY CNY CNY Trade payables 3,896 3,896 Other payables and accrued liabilities 1,600 1,600 Due to related companies 5,077 5,077 Due to the Shareholder 7,097 7,097 Lease liabilities 812 812 18,482 18,482 December 31, 2020 On demand Less than 1 to 5 years More than Total CNY CNY CNY CNY CNY Trade payables 100 100 Other payables and accrued liabilities 3,029 3,029 Due to related companies 9,158 9,158 Due to the Shareholder 7,149 7,149 Lease liabilities 753 376 1,129 20,189 376 20,565 December 31, 2020 On demand Less than 1 to 5 years More than Total US$ US$ US$ US$ US$ Trade payables 15 15 Other payables and accrued liabilities 463 463 Due to related companies 1,402 1,402 Due to the Shareholder 1,095 1,095 Lease liabilities 115 58 173 3,090 58 3,148 (e) Equity price risk Equity price risk is the risk that the fair values of equity securities decrease as a result of changes in the levels of equity indices and the value of individual securities. The Group is exposed to equity price risk arising from individual equity investments included in financial assets at fair value through profit or loss (Note 7) as of December 31, 2020. The Groups listed investment is listed on the Hong Kong Stock Exchange and is valued at quoted market prices at the end of the reporting period. The market equity indices for the following stock exchanges, at the close of business of the nearest trading day in the year to the end of the reporting period, and their respective highest and lowest points during the year were as follows: December 31, High/low 2020 2020 Hong Kong Hang Seng Index 27,231 29,175/ The following table demonstrates the sensitivity to every 1% change in the fair values of the equity investments, with all other variables held constant and before any impact on tax, based on their carrying amounts at the end of the reporting period. Carrying Increase/ Increase/ 2020 CNY CNY CNY Investments listed in: Hong Kong Financial assets at fair value through profit or loss 138,674 1,387/ * Excluding retained profits Carrying Increase/ Increase/ 2020 US$ US$ US$ Investments listed in: Hong Kong Financial assets at fair value through profit or loss 21,234 212/ (f) Capital management The Group monitors capital on the basis of the debt to capital ratio (gearing ratio), which is calculated as interest-bearing debt divided by total capital. Interest-bearing debt mainly includes lease liabilities. Capital includes total equity and interest-bearing debt. The gearing ratio was 1.1% as of December 31, 2020 (2019: minus 3.0%). |
FINANCIAL INSTRUMENTS BY CATEGO
FINANCIAL INSTRUMENTS BY CATEGORY | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENTS BY CATEGORY | 19. FINANCIAL INSTRUMENTS BY CATEGORY The carrying amounts of each of the categories of financial instruments as of the end of the reporting period are as follows: Financial assets December 31, 2019 Financial Total CNY CNY Trade receivables 3,956 3,956 Financial assets included in other receivables 33 33 Cash and cash equivalents 3,444 3,444 7,433 7,433 December 31, 2020 Financial Financial Total Designated CNY CNY CNY Financial assets included in other receivables 32 32 Financial assets at fair value through profit or loss 138,674 138,674 Cash and cash equivalents 2,450 2,450 138,674 2,482 141,156 December 31, 2020 Financial Financial Total Designated US$ US$ US$ Financial assets included in other receivables 5 5 Financial assets at fair value through profit or loss 21,234 21,234 Cash and cash equivalents 375 375 21,234 380 21,614 Financial liabilities December 31, 2019 Financial Total CNY CNY Trade payables 3,896 3,896 Financial liabilities in other payables and accruals 1,600 1,600 Lease liabilities - current 803 803 Due to related companies 5,077 5,077 Due to the Shareholder 7,097 7,097 18,473 18,473 December 31, 2020 Financial Total CNY CNY Trade payables 100 100 Financial liabilities in other payables and accruals 3,029 3,029 Lease liabilities - current 745 745 Lease liabilities - non-current 347 347 Due to related companies 9,158 9,158 Due to the Shareholder 7,149 7,149 20,528 20,528 December 31, 2020 Financial Total US$ US$ Trade payables 15 15 Financial liabilities in other payables and accruals 463 463 Lease liabilities - current 114 114 Lease liabilities - non-current 53 53 Due to related companies 1,402 1,402 Due to the Shareholder 1,095 1,095 3,142 3,142 |
FAIR VALUE AND FAIR VALUE HIERA
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS | 20. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS Fair value hierarchy The following tables illustrate the fair value measurement hierarchy of the Groups financial instruments: Assets measured at fair value As of December 31, 2020 Fair value measurement using Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Total CNY CNY CNY CNY Financial assets at fair value through profit or loss 138,674 138,674 Total 138,674 138,674 As of December 31, 2020 Fair value measurement using Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Total US$ US$ US$ US$ Financial assets at fair value through profit or loss 21,234 21,234 Total 21,234 21,234 During the year, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 for both financial assets and financial liabilities (2019: Nil). |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of commitments [Abstract] | |
COMMITMENTS | 21. COMMITMENTS (a) There was no capital commitment as of December 31, 2019 and 2020. (b) The Group has lease commitments in respect of premises under non-cancellable lease agreements for short-term leases with a lease term of less than 12 months. The future lease payments for the lease contracts are CNY124 (US$ 19) due within one year. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of operating segments [abstract] | |
SEGMENT INFORMATION | 22. SEGMENT INFORMATION As of December 31, 2020, the Company had one operating segment: exploration and mining. 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. The adjusted profit/loss before tax is measured consistently with the Group's profit/loss before tax except that head office and corporate expenses are excluded from such measurement. For the year ended December 31, 2018, the segment results were as follows: CNY Exploration and mining Corporate activities Total Depreciation of property, plant and equipment (63 ) (4 ) (67 ) Operating loss (1,523 ) (4,684 ) (6,207 ) Interest income 1 25 26 Finance costs (1 ) 6 5 Loss for the year (1,523 ) (4,653 ) (6,176 ) Capital expenditure (5 ) (5 ) Total assets 527 7,216 7,743 Total liabilities 1,854 27,687 29,541 For the year ended December 31, 2019, the segment results were as follows: CNY Exploration and mining Corporate activities Total Revenues from external customers 12,969 12,969 Depreciation of property, plant and equipment (62 ) (4 ) (66 ) Depreciation of right-of-use assets (34 ) (1,153 ) (1,187 ) Operating loss (963 ) (4,636 ) (5,599 ) Interest income 1 15 16 Finance costs (2 ) (60 ) (62 ) Loss for the year (964 ) (4,681 ) (5,645 ) Capital expenditure (5 ) (5 ) Total assets 4,268 4,030 8,298 Total liabilities 6,560 29,292 35,852 For the year ended December 31, 2020, the segment results were as follows: CNY Exploration and mining Corporate activities Total Revenues from external customers 6,867 6,867 Depreciation of property, plant and equipment (62 ) (3 ) (65 ) Depreciation of right-of-use assets (976 ) (976 ) Operating loss (682 ) (6,447 ) (7,129 ) Fair value gains on financial asset at fair value through profit or loss 31,334 31,334 Finance costs (1 ) (59 ) (60 ) Interest income 1 17 18 Income tax benefit 1,416 1,416 (Loss)/profit for the year (682 ) 26,261 25,579 Capital expenditure (9 ) (9 ) Total assets 39 142,389 142,428 Total liabilities 3,013 38,213 41,226 US$ Exploration and mining Corporate activities Total Revenues from external customers 1,052 1,052 Depreciation of property, plant and equipment (9 ) (1 ) (10 ) Depreciation of right-of-use assets (149 ) (149 ) Operating loss (104 ) (987 ) (1,091 ) Fair value gains on financial asset at fair value through profit or loss 4,798 4,798 Finance costs (9 ) (9 ) Interest income 3 3 Income tax benefit 217 217 (Loss)/profit for the year (105 ) 4,023 3,918 Capital expenditure (1 ) (1 ) Total assets 6 21,803 21,809 Total liabilities 461 5,852 6,313 |
NOTES TO THE CONSOLIDATED STATE
NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2020 | |
Notes To Consolidated Statements Of Cash Flows | |
NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS | 23. NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS (a) Changes in liabilities arising from financing activities Year ended December 31, 2019 Due to related companies Due to the Shareholder Lease liabilities CNY CNY CNY At January 1, 2019 4,041 6,973 1,803 Changes from financing cash flows 1,036 (1,060 ) Foreign exchange movement 124 Interest expense 60 At December 31, 2019 5,077 7,097 803 Year ended December 31, 2020 Due to related companies Due to the Shareholder Lease liabilities CNY CNY CNY At January 1, 2020 5,077 7,097 803 Changes from financing cash flows 4,081 462 (1,188 ) New leases 1,439 Foreign exchange movement (410 ) Interest expense 38 At December 31, 2020 9,158 7,149 1,092 Year ended December 31, 2020 Due to related companies Due to the Shareholder Lease liabilities US$ US$ US$ At January 1, 2020 777 1,087 123 Changes from financing cash flows 625 69 (182 ) New leases 220 Foreign exchange movement (61 ) Interest expense 6 At December 31, 2020 1,402 1,095 167 (b) Total cash outflow for leases 2019 2020 2020 CNY CNY US$ Within operating activities (46 ) (56 ) (9 ) Within financing activities (1,060 ) (1,188 ) (182 ) (1,106 ) (1,244 ) (191 ) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS | 24. SUBSEQUENT EVENTS On January 20, 2021, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company agreed to issue and sell, (i) in a registered direct offering, up to an aggregate of 3,960,000 of common shares with no par value of the Company at a per share purchase price of US$1.85 (the Registered Offering), and (ii) in a concurrent private placement, warrants initially exercisable for the purchase of an aggregate of 1,584,000 common shares of the Company, for gross proceeds of approximately US$7.3 million, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. The Registered Offering was closed on January 22, 2021. |
CONDENSED FINANCIAL INFORMATION
CONDENSED FINANCIAL INFORMATION OF THE COMPANY | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of condensed financial information of company [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF THE COMPANY | 25. CONDENSED FINANCIAL INFORMATION OF THE COMPANY The following is the condensed financial information of the Company on a non-consolidated basis: CONDENSED STATEMENTS OF FINANCIAL POSITION December 31, 2019 2020 2020 CNY CNY US$ ASSETS NON-CURRENT ASSETS Right-of-use assets 1,079 165 CURRENT ASSETS Amounts due from subsidiaries 15,816 9,404 1,441 Cash and cash equivalents 811 58 9 Financial assets at fair value through profit or loss 138,674 21,234 TOTAL CURRENT ASSETS 16,627 148,136 22,684 TOTAL ASSETS 16,627 149,215 22,849 December 31, 2019 2020 2020 CNY CNY US$ LIABILITIES AND EQUITY NON-CURRENT LIABILITIES Lease liabilities 347 53 Deferred tax liabilities 9,964 1,526 TOTAL NON-CURRENT LIABILITIES 10,311 1,579 CURRENT LIABILITIES Other payables and accrued liabilities 1,462 2,273 347 Lease liabilities 745 114 Due to the Shareholder 7,097 7,149 1,095 Due to related companies 2,780 425 TOTAL CURRENT LIABILITIES 8,559 12,947 1,981 TOTAL LIABILITIES 8,559 23,258 3,560 EQUITY Issued capital 290,179 368,395 56,411 Other capital reserves 823,581 847,839 129,826 Accumulated losses (1,095,446 ) (1,074,563 ) (164,543 ) Other comprehensive loss (10,246 ) (15,714 ) (2,405 ) TOTAL EQUITY 8,068 125,957 19,289 TOTAL LIABILITIES AND EQUITY 16,627 149,215 22,849 CONDENSED STATEMENTS OF PROFIT OR LOSS December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Administrative expenses (3,794 ) (3,814 ) (5,243 ) (803 ) Finance costs (38 ) (6 ) Interest income 1 Fair value gains on financial asset at fair value through profit or loss 31,334 4,798 (Loss)/profit before income tax (3,794 ) (3,813 ) 26,053 3,989 Income tax expense (5,170 ) (792 ) (Loss)/profit for the year (3,794 ) (3,813 ) 20,883 3,197 CONDENSED STATEMENTS OF CASH FLOWS December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Net cash flows used in operating activities (5,200 ) (3,294 ) (3,269 ) (501 ) Net cash flows from/(used in) investing activities 10,243 (21 ) (216 ) (33 ) Net cash flows (used in)/from financing activities (15,811 ) 1,982 303 NET DECREASE IN CASH (10,768 ) (3,315 ) (1,503 ) (231 ) CASH AT BEGINNING OF THE YEAR 13,912 4,122 811 124 Net foreign exchange differences 978 4 750 116 CASH AT END OF THE YEAR 4,122 811 58 9 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 the presentation of condensed financial information as to the 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, 2020, CNY12.99 million (US$1.99 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, 2018, 2019 and 2020. In the parent-company-only financial statements, the Company's investments in subsidiaries are stated at cost less accumulated impairment. The carrying amount of the investment in subsidiaries as of December 31, 2019 and 2020 was nil. 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, 2018, 2019 and 2020, no cash dividends were declared and paid by the Company. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of basis of preparation [Abstract] | |
Business combinations | (a) Business combinations Business combinations 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 acquirees identifiable net assets. All other components of non-controlling interests are measured at fair value. Acquisition-related costs are expensed as incurred. The Group determines that it has acquired a business when the acquired set of activities and assets includes an input and a substantive process that together significantly contribute to the ability to create outputs. 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 of 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 acquirers 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 Groups 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 of December 31. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Groups 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 unit 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 persons 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 comprise buildings, machinery and equipment and motor vehicles. Buildings, 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. Depreciation for the following items is calculated on the straight-line basis over each assets estimated useful life down to the estimated residual value of each asset. Estimated useful lives are as follows: Buildings 8 - 35 years Machinery and equipment 3 - 15 years Motor vehicles 4 - 8 years Residual values, useful lives and the depreciation method are reviewed and, adjusted if appropriate, at each reporting date. When properties are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts and any profit or loss on disposal is recognized in the statement of profit or loss. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to the statement of profit or loss in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the statement of profit or loss in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. |
Fair value measurement | (d) Fair value measurement The Group measures equity investments at fair value at the end of each reporting period. 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 participants 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 are expensed as incurred. Once the exploration right 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 and financial assets), the asset's recoverable amount is estimated. An asset's recoverable amount is the higher of the asset's or cash-generating unit's value in use and its fair value less costs of disposal, 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. An impairment loss is recognized only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value 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 statement of profit or loss in the period in which it arises in those expense 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. A reversal of such an impairment loss is credited to the statement of profit or loss in the period in which it arises. |
Investments and other financial assets | (g) Investments and other financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income, and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial assets contractual cash flow characteristics and the Groups business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 in accordance with the policies set out in Note 2.4(p) Revenue recognition below. In order for a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Groups business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through other comprehensive income are held within a business model with the objective of both holding to collect contractual cash flows and selling. Financial assets which are not held within the aforementioned business models are classified and measured at fair value through profit or loss. 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 The subsequent measurement of financial assets depends on their classification as follows: Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in the statement of profit or loss when the asset is derecognized, modified or impaired. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. This category includes derivative instruments and equity investments which the Group had not irrevocably elected to classify at fair value through other comprehensive income. Dividends on equity investments classified as financial assets at fair value through profit or loss are also recognized as other income in consolidated the statement of profit or loss when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably. |
Derecognition of financial assets | (h) Derecognition of financial assets A 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 Groups consolidated statement of financial position) when: the rights to receive cash flows from the asset have expired; or 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) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group 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 risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all 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. |
Impairment of financial assets | (i) Impairment of financial assets The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. General approach ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group compares the risk of a default occurring on the financial instrument as of the reporting date with the risk of a default occurring on the financial instrument as of the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for trade receivables which apply the simplified approach as detailed below: Stage 1 Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs Stage 2 Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs Stage 3 Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs Simplified approach For trade receivables that do not contain a significant financing component or when the Group applies the practical expedient of not adjusting the effect of a significant financing component, the Group applies the simplified approach in calculating ECLs. Under the simplified approach, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. |
Financial liabilities | (j) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Groups financial liabilities include trade payables, and financial liabilities included in other payables and accrued liabilities. Subsequent measurement The subsequent measurement of financial liabilities depends on their classification as follows: Financial liabilities at amortized cost After initial recognition, lease liabilities are subsequently measured at amortized cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognized in the statement of profit or loss when the liabilities are derecognized as well as through the effective interest rate 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. |
Derecognition of financial liabilities | (k) 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 statement of profit or loss. |
Offsetting of financial instruments | (l) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position 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. |
Cash and cash equivalents | (m) 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 Groups 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 | (n) Employee benefits Pension obligations The Group contributes on a monthly basis to various defined contribution retirement benefit plans administered by the Peoples Republic of China (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 12 to the consolidated financial statements. 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. |
Borrowing costs | (o) 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 asset. The capitalization of such borrowing costs ceases when the asset is substantially ready for their intended use or sale. All other borrowing costs are expensed in the period in which they are incurred. Borrowing costs consist of interest and other costs that an entity incur in connection with the borrowing funds. |
Revenue recognition | (p) Revenue recognition Revenue from contracts with a customer Revenue from contracts with a customer is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. When the consideration in a contract includes a variable amount, the amount of consideration to which the Group will be entitled in exchange for transferring the goods or services to the customer is estimated. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. When the contract contains a financing component which provides the customer with the significant benefit of financing the transfer of goods or services to the customer for more than one year, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction between the Group and the customer at contract inception. When the contract contains a financing component which provides the Group with a significant financial benefit for more than one year, revenue recognized under the contract includes the interest expense accreted on the contract liability under the effective interest method. For a contract where the period between the payment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted for the effects of a significant financing component, using the practical expedient in IFRS 15. Trading of copper ores The Group purchases copper ores from third-party suppliers and then resells to a third-party trading company. Revenue is recognized on a gross basis, and at a point in time when control of the asset is transferred to the customer, upon delivery of the copper ores to the customers. Other income Interest income is recognized on an accrual basis using the effective interest method by applying the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the financial asset. |
Government grants | (q) 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 in which the costs, for which it is intended to compensate, are expensed. |
Income taxes | (r) 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 in which the Group operates. 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, and the carryforward 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 carryforward 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 | (s) 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 functional currency of the Company is Hong Kong dollars. 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 | (t) Convenience translation The consolidated financial statements are stated in CNY. The translation of amounts from CNY into US$ is supplementary information and is included solely for the convenience of the readers and has been made at the rate of exchange quoted by www.ofx.com on December 31, 2020 of US$1.00 = CNY6.5306. No representation is made that the CNY amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or at any other date. |
Provisions | (u) 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 | (v) Leases The Group adopted IFRS 16 using the modified retrospective method on January 1, 2019. Under this method, the standard has been applied retrospectively with the cumulative effect of initial adoption recognized as an adjustment to the opening balance of retained profit at January 1, 2019, and the comparative information for 2018 was not restated and continued to be reported under IAS 17 and related interpretation. The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities for obligations to make lease payments and right-of-use assets representing the right to use the underlying assets. At inception or on reassessment of a contract that contains a lease component and a non-lease component, the Group adopts the practical expedient not to separate the non-lease component and to account for the lease component and the associated non-lease component (e.g., property management services for leases of properties) as a single lease component. (1) Right-of-use assets Right-of-use assets are recognized at the commencement date of the lease (that is, the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and any impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease terms and the estimated useful lives of the assets as follows: Buildings 2 - 5 years If ownership of the leased asset transfers to the Group by the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. (2) Lease liabilities Lease liabilities are recognized at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for termination of a lease, if the lease term reflects the Group exercising the option to terminate the lease. The variable lease payments that do not depend on an index or a rate are recognized as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate) or a change in assessment of an option to purchase the underlying asset. (3) Short-term leases The Group applies the short-term lease recognition exemption to its short-term leases of buildings (that is those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognized as an expense on a straight-line basis over the lease term. |
Dividends | (w) Dividends Final dividends are recognized as a liability when they are approved by the directors 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 ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of basis of preparation [Abstract] | |
Schedule of Estimated Useful Life | Estimated useful lives are as follows: Buildings 8 - 35 years Machinery and equipment 3 - 15 years Motor vehicles 4 - 8 years |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property Plant and Equipment | Buildings Machinery and Motor Total CNY CNY CNY CNY Cost At January 1, 2019 43 889 279 1,211 Additions 3 2 5 Exchange adjustment 14 14 At December 31, 2019 and January 1, 2020 46 905 279 1,230 Additions 9 9 Exchange adjustment (51 ) (51 ) At December 31, 2020 46 863 279 1,188 At December 31, 2020 (US$) 7 132 43 182 Accumulated depreciation and amortization and impairment losses At January 1, 2019 (3 ) (870 ) (63 ) (936 ) Depreciation charge (3 ) (5 ) (58 ) (66 ) Exchange adjustment (14 ) (14 ) At December 31, 2019 and January 1, 2020 (6 ) (889 ) (121 ) (1,016 ) Depreciation charge (3 ) (4 ) (58 ) (65 ) Exchange adjustment 51 51 At December 31, 2020 (9 ) (842 ) (179) (1,030 ) At December 31, 2020 (US$) (1 ) (129 ) (27) (157 ) Net carrying amount At December 31, 2019 40 16 158 214 At December 31, 2020 37 21 100 158 At December 31, 2020 (US$) 6 3 16 25 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Presentation of leases for lessee [abstract] | |
Schedule of Associated Lease Liabilities | The carrying amounts of the Groups right-of-use assets and the movements during the year are as follows: Buildings Total Total CNY CNY US$ As of January 1, 2019 1,803 1,803 276 Depreciation charge (1,187 ) (1,187 ) (182 ) As of December 31, 2019 and January 1, 2020 616 616 94 Addition 1,439 1,439 220 Depreciation charge (976 ) (976 ) (149 ) As of December 31, 2020 1,079 1,079 165 |
Schedule of Lease Liabilities | The carrying amount of lease liabilities and the movements during the year are as follows: 2019 2020 2020 CNY CNY US$ Carrying amount at January 1, 1,803 803 123 Addition 1,439 220 Accretion of interest recognized during the year 60 38 6 Payments (1,060 ) (1,188 ) (182 ) Carrying amount at December 31, 803 1,092 167 Analyzed into: Current portion 803 745 114 Non-current portion 347 53 |
Schedule of Maturity Analysis of Operating Lease Payments | The amounts recognized in profit or loss in relation to leases are as follows: 2019 2020 2020 CNY CNY US$ Interest on lease liabilities 60 38 6 Depreciation charge of right-of-use assets (Note 11) 1,187 976 149 Expense relating to short-term leases (included in administrative expenses) (Note 11) 46 97 15 Total amount recognized in profit or loss 1,293 1,111 170 |
TRADE RECEIVABLES (Tables)
TRADE RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Trade receivables [Abstract] | |
Schedule of Trade Receivables | December 31, 2019 2020 2020 CNY CNY US$ Trade receivables 3,956 Less: Provision for impairment 3,956 |
Schedule of Aging Analysis of Trade Receivables | An aging analysis of the trade receivables as of the end of the year, based on the invoice date and net of loss allowance, is as follows: December 31, 2019 2020 2020 CNY CNY US$ Within 3 months 3,956 3,956 |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Receivables Tables Abstract | |
Schedule of Other Receivables | December 31, 2019 2020 2020 CNY CNY US$ Withholding social insurance 6 6 1 Input value-added tax 4 1 Staff advances 13 12 2 Deposit 20 20 2 39 42 6 |
FINANCIAL ASSETS AT FAIR VALU_2
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of fair value measurement of assets [abstract] | |
Schedule of Financial Assets at Fair Value Profit or Loss | The FARL shares comprising the Equity Investment were recognized as financial assets at fair value through profit or loss as they were held for trading at December 31, 2020. 2019 2020 2020 CNY CNY US$ Listed equity investment, at fair value 138,674 21,234 |
Schedule of Movements of Financial Assets at Fair Value | The movements of financial assets at fair value through profit or loss are as follows: 2019 2020 2020 CNY CNY US$ As of January 1 Upon initial recognition of the Equity Investment 107,340 16,436 Fair value adjustment (Note 11) 31,334 4,798 As of December 31 138,674 21,234 |
TRADE PAYABLES (Tables)
TRADE PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of trade payables [Abstract] | |
Schedule of Trade Payables | December 31, 2019 2020 2020 CNY CNY US$ Trade payables 3,896 100 15 |
Schedule of Aging Analysis of Trade Payables | The aging analysis of trade payables as of December 31, 2019 and 2020 is as follows: December 31, 2019 2020 2020 CNY CNY US$ Within 1 year 3,796 1 to 2 years Over 2 years 100 100 15 3,896 100 15 |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of other payables and accrued liabilities [Abstract] | |
Schedule of Other Payables and Accrued Liabilities | December 31, 2019 2020 2020 CNY CNY US$ Contract deposit 102 102 16 Social security payable (a) 104 96 15 Payroll payable 433 423 65 Welfare payable 24 10 2 Accrued expenses 1,484 2,909 445 Others 14 18 2 2,161 3,558 545 (a) The social security payable represents the amounts payable for the PRC government-managed retirement insurance, medical insurance, etc. |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue [abstract] | |
Schedule of Revenue from Contracts with Customers | Revenue represents the following: Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Revenue from contracts with a customer 12,969 6,867 1,052 |
Schedule of Disaggregated Revenue Information | Disaggregated revenue information Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Type of goods Sale of copper ores 12,969 6,867 1,052 Geographic market Mainland China 12,969 6,867 1,052 Timing of revenue recognition Goods transferred at a point in time 12,969 6,867 1,052 |
(LOSS)_PROFIT BEFORE INCOME T_2
(LOSS)/PROFIT BEFORE INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of loss before income tax from continuing operations [Abstract] | |
Schedule of Group's Loss Before Tax | The Group's (loss)/profit before tax is arrived at after charging/(crediting): Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Crediting: Interest income on bank deposits (26 ) (16 ) (18 ) (3 ) Charging: Cost of sales 12,752 6,854 1,050 Finance costs* (5 ) 62 60 9 Auditors' remuneration: - Audit fee 1,000 1,000 1,000 153 - Audit related fee 48 50 8 Sub-total 1,000 1,048 1,050 161 Employee benefit expenses (Note 12) 1,878 1,733 1,327 203 Depreciation and amortization: - Property, plant and equipment (Note 3) 67 66 65 10 - Right-of-use assets (Note 4(c)) 1,187 976 149 Fair value gain, net: Fair value gain on financial assets at fair value through profit or loss (Note 7) (31,334 ) (4,798 ) Expense relating to short-term leases (included in administrative expenses) (Note 4(c)) 46 97 15 Operating lease rental: - Office properties 1,189 * Finance costs mainly represent bank charges, foreign currency exchange differences and interest on lease liabilities. The amounts of bank charges were CNY6.00, CNY2.00 and CNY7.00 (US$1.00); the foreign currency exchange differences amounted to negative CNY11.00, nil and positive CNY15.00; and interest on lease liabilities amounted to nil, CNY60.00 and CNY38.00 (US$6.00) for the years ended December 31, 2018, 2019 and 2020, respectively. |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of defined benefit plans [abstract] | |
Schedule of Employee Benefits | The Groups employee benefits comprise the following: Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Wages, salaries and allowances 1,513 1,460 1,203 184 Housing funds (a) 67 38 41 6 Contribution to pension plans (a) 76 166 25 4 Welfare and other expenses 222 69 58 9 1,878 1,733 1,327 203 (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. |
INCOME TAX BENEFIT AND DEFERR_2
INCOME TAX BENEFIT AND DEFERRED TAX LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of income tax expense [Abstract] | |
Schedule of Current and Deferred Components of Income Tax | The current and deferred components of income tax (benefit)/expense are as follows: Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Current income tax benefit (6,586 ) (1,009 ) Deferred income tax expense 5,170 792 (1,416 ) (217 ) |
Schedule of Loss Before Income Tax from Continuing Operations | (Loss)/profit before income tax consists of the following: Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ PRC (2,321 ) (1,775 ) (1,235 ) (189 ) BVI (3,805 ) (3,824 ) 25,442 3,897 Hong Kong (50 ) (46 ) (44 ) (7 ) Total (loss)/profit before income tax for the year (6,176 ) (5,645 ) 24,163 3,701 |
Schedule of Reconciliation of Income Taxes from Continuing Operations | A reconciliation of the income taxes computed at the PRC statutory tax rate of 25% to the actual income tax benefit is as follows: Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ (Loss)/profit before income tax for the year (6,176 ) (5,645 ) 24,163 3,701 Tax at the statutory tax rate 25% 25% 25% 25% Computed income tax (benefit)/expense (1,544 ) (1,411 ) 6,041 925 Effect of different tax rates for the Company and overseas subsidiaries 955 965 (1,187 ) (182 ) Tax losses not recognized 588 444 373 57 Non-deductible expenses 1 2 4 1 Utilization of previously unrecognized deductible temporary differences (50 ) (8 ) Others* (6,597 ) (1,010 ) Income tax benefit (1,416 ) (217 ) * It mainly represents the reversal of a prior withholding CIT payable which is no longer required to be paid according to the prevailing Regulations for the Implementing of the Corporate Income Tax Law of the PRC. |
Schedule of Deferred Tax Liabilities | The movements in deferred tax liabilities during the year are as follows: Fair value adjustments of equity investments at fair value through profit or loss CNY US$ As of January 1, 2020 Upon initial recognition of the Equity Investments* 4,794 734 Charged to the consolidated statement of profit or loss during the year 5,170 792 As of December 31, 2020 9,964 1,526 * Upon the completion of the Equity Investments (Note 7), the Company recognized deferred tax liabilities amounting to CNY4,794 (US$734), which represents the deferred income tax effect associated with the difference between the fair value of 120,000,000 shares of FARL acquired and the total transaction price based on the statutory tax rate of 16.5%. |
(LOSS)_EARNINGS PER SHARE (Tabl
(LOSS)/EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share [abstract] | |
Schedule of Basic and Diluted Loss Per Share | Basic and diluted (loss)/earnings per share for the years ended December 31, 2018, 2019 and 2020 are calculated as follows: Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ (Loss)/profit for the year: (6,176 ) (5,645 ) 25,579 3,918 Weighted average number of common shares: Basic and diluted 24,910,916 24,910,916 28,308,653 28,308,653 (Loss)/earnings per share: Basic and diluted: (0.25 ) (0.23 ) 0.90 0.14 (0.25 ) (0.23 ) 0.90 0.14 |
RELATED PARTY BALANCES AND TR_2
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 registration and Nominal value Percentage of equity 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 BVI * 100 Investment holding Feishang Yongfu Mining Limited Hong Kong * 100 Investment holding Newhold Investments Limited BVI * 100 Investment holding Pineboom Investments Limited BVI * 100 Investment holding Shenzhen Feishang Management and Consulting Co., Limited (Feishang Management) PRC/Mainland China 10,000 100 Provision of management and consulting services to other companies in the Group Silver Moon Technologies Limited BVI 1 80 Dormant Sunwide Capital Limited BVI * 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 Limited PRC/Mainland China 59,480 100 Exploration and development of lead mine *Insignificant |
Schedule of Commercial Transactions with Related Parties | Commercial transactions with related companies Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Notes CHNR's share of office rental, rates and others to Anka Consultants Limited (Anka) i 1,442 1,506 1,368 209 Feishang Management's share of office rental to Feishang Enterprise Group Co., Ltd. (Feishang Enterprise) ii 166 166 166 25 (i) On April 1, 2017, the Company signed an office sharing agreement with Anka, a private Hong Kong company that is owned by two directors of the Company, which superseded all previously signed agreements between the companies, 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 2018, Ankas lease with the unrelated landlord was extended for two years, from July 1, 2018 to June 30, 2020. Anka signed a new contract with the unrelated landlord in July 2020 for two years, to June 30, 2022. (ii) On January 1, 2018, Feishang Management signed an office sharing agreement with Feishang Enterprise. Pursuant to the agreement, Feishang Management will share 40 square meters of the office premises for 33 months. Feishang Management signed a new contract with Feishang Enterprise in October 2020, which will expire on September 30, 2021. |
Schedule of Group Payables with Related Parties | The balances are summarized as follows: December 31, 2019 2020 2020 CNY CNY US$ Notes Current: Payable to related companies: Feishang Enterprise (a) i 5,077 6,378 977 Anka Capital Limited (Anka Capital) (b) iii 2,780 425 5,077 9,158 1,402 Payable to the Shareholder: Feishang Group (a) ii 7,097 7,149 1,095 7,097 7,149 1,095 Lease liabilities to related companies: Feishang Enterprise (a) 287 Anka (b) 516 1,092 167 803 1,092 167 (a) Feishang Enterprise and Feishang Group are controlled by Mr. Li Feilie, who is the beneficial shareholder of the Company. (b) Anka Capital and Anka are each jointly owned by Wong Wah On Edward and Tam Cheuk Ho, who are officers of the Company. (i) The payable to Feishang Enterprise by Feishang Management represents the net amount of advance from Feishang Enterprise. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. (ii) The payable to Feishang Group represents the net amount of advance from Feishang Group. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. (iii) The payable to Anka Capital by CHNR represents the net amount of advance from Anka Capital. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. |
Schedule of Compensation of Key Management Personnel of Group | Compensation of key management personnel of the Group Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Wages, salaries and allowances 580 629 552 85 Housing subsidies 16 16 15 2 Contribution to pension plans 75 75 71 11 671 720 638 98 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Issued Capital | Issued capital Year Ended December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Authorized: 10,000,000 preferred shares, no par value 200,000,000 common shares, no par value Issued and fully paid: 33,988,082 (2018 and 2019: 24,910,916) common shares, no par 312,081 312,081 390,297 59,764 |
Schedule of Company Share Capital | A summary of movements in the Companys share capital is as follows: Number of Share capital CNY US$ At January 1, 2020 24,910,916 312,081 47,787 Issuance of shares (Note 7) 9,077,166 78,216 11,977 At December 31, 2020 33,988,082 390,297 59,764 |
FINANCIAL RISK MANAGEMENT OBJ_2
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Credit Risk | The tables below show the credit quality and the maximum exposure to credit risk based on the Group's credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and year-end staging classification as of December 31, 2019 and 2020. The amounts presented are gross carrying amounts for financial assets. December 31, 2019 12-month ECLs Lifetime ECLs Stage 1 Stage 2 Stage 3 Total CNY CNY CNY CNY Trade receivables 3,956 3,956 Financial assets included in other receivables - Normal* 33 33 - Doubtful* Cash and cash equivalents - Not yet past due 3,444 3,444 Total 7,433 7,433 December 31, 2020 12-month ECLs Lifetime ECLs Stage 1 Stage 2 Stage 3 Total CNY CNY CNY CNY Financial assets included in other receivables - Normal* 32 32 - Doubtful* Cash and cash equivalents - Not yet past due 2,450 2,450 Total 2,482 2,482 December 31, 2020 12-month ECLs Lifetime ECLs Stage 1 Stage 2 Stage 3 Total US$ US$ US$ US$ Financial assets included in other receivables - Normal* 5 5 - Doubtful* Cash and cash equivalents - Not yet past due 375 375 Total 380 380 * The credit quality of the financial assets included in other receivables is considered to be normal when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be doubtful. |
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, 2019 On demand Less than 1 to 5 years More than Total CNY CNY CNY CNY CNY Trade payables 3,896 3,896 Other payables and accrued liabilities 1,600 1,600 Due to related companies 5,077 5,077 Due to the Shareholder 7,097 7,097 Lease liabilities 812 812 18,482 18,482 December 31, 2020 On demand Less than 1 to 5 years More than Total CNY CNY CNY CNY CNY Trade payables 100 100 Other payables and accrued liabilities 3,029 3,029 Due to related companies 9,158 9,158 Due to the Shareholder 7,149 7,149 Lease liabilities 753 376 1,129 20,189 376 20,565 December 31, 2020 On demand Less than 1 to 5 years More than Total US$ US$ US$ US$ US$ Trade payables 15 15 Other payables and accrued liabilities 463 463 Due to related companies 1,402 1,402 Due to the Shareholder 1,095 1,095 Lease liabilities 115 58 173 3,090 58 3,148 |
Schedule of highest and lowest points in Equity Price Risk | The market equity indices for the following stock exchanges, at the close of business of the nearest trading day in the year to the end of the reporting period, and their respective highest and lowest points during the year were as follows: December 31, High/low 2020 2020 Hong Kong Hang Seng Index 27,231 29,175/ |
Schedule of fair values of equity investments | The following table demonstrates the sensitivity to every 1% change in the fair values of the equity investments, with all other variables held constant and before any impact on tax, based on their carrying amounts at the end of the reporting period. Carrying Increase/ Increase/ 2020 CNY CNY CNY Investments listed in: Hong Kong Financial assets at fair value through profit or loss 138,674 1,387/ * Excluding retained profits Carrying Increase/ Increase/ 2020 US$ US$ US$ Investments listed in: Hong Kong Financial assets at fair value through profit or loss 21,234 212/ |
FINANCIAL INSTRUMENTS BY CATE_2
FINANCIAL INSTRUMENTS BY CATEGORY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Carrying Amounts of the Categories of Financial Instruments | The carrying amounts of each of the categories of financial instruments as of the end of the reporting period are as follows: Financial assets December 31, 2019 Financial Total CNY CNY Trade receivables 3,956 3,956 Financial assets included in other receivables 33 33 Cash and cash equivalents 3,444 3,444 7,433 7,433 December 31, 2020 Financial Financial Total Designated CNY CNY CNY Financial assets included in other receivables 32 32 Financial assets at fair value through profit or loss 138,674 138,674 Cash and cash equivalents 2,450 2,450 138,674 2,482 141,156 December 31, 2020 Financial Financial Total Designated US$ US$ US$ Financial assets included in other receivables 5 5 Financial assets at fair value through profit or loss 21,234 21,234 Cash and cash equivalents 375 375 21,234 380 21,614 |
Schedule of Maturity Profile of the Group's Financial Liabilities | December 31, 2019 Financial Total CNY CNY Trade payables 3,896 3,896 Financial liabilities in other payables and accruals 1,600 1,600 Lease liabilities - current 803 803 Due to related companies 5,077 5,077 Due to the Shareholder 7,097 7,097 18,473 18,473 December 31, 2020 Financial Total CNY CNY Trade payables 100 100 Financial liabilities in other payables and accruals 3,029 3,029 Lease liabilities - current 745 745 Lease liabilities - non-current 347 347 Due to related companies 9,158 9,158 Due to the Shareholder 7,149 7,149 20,528 20,528 December 31, 2020 Financial Total US$ US$ Trade payables 15 15 Financial liabilities in other payables and accruals 463 463 Lease liabilities - current 114 114 Lease liabilities - non-current 53 53 Due to related companies 1,402 1,402 Due to the Shareholder 1,095 1,095 3,142 3,142 |
FAIR VALUE AND FAIR VALUE HIE_2
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of fair value measurement of assets [abstract] | |
Schedule of Fair Value Measurement | The following tables illustrate the fair value measurement hierarchy of the Groups financial instruments: Assets measured at fair value As of December 31, 2020 Fair value measurement using Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Total CNY CNY CNY CNY Financial assets at fair value through profit or loss 138,674 138,674 Total 138,674 138,674 As of December 31, 2020 Fair value measurement using Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Total US$ US$ US$ US$ Financial assets at fair value through profit or loss 21,234 21,234 Total 21,234 21,234 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of operating segments [abstract] | |
Schedule of Segment Results | For the year ended December 31, 2018, the segment results were as follows: CNY Exploration and mining Corporate activities Total Depreciation of property, plant and equipment (63 ) (4 ) (67 ) Operating loss (1,523 ) (4,684 ) (6,207 ) Interest income 1 25 26 Finance costs (1 ) 6 5 Loss for the year (1,523 ) (4,653 ) (6,176 ) Capital expenditure (5 ) (5 ) Total assets 527 7,216 7,743 Total liabilities 1,854 27,687 29,541 For the year ended December 31, 2019, the segment results were as follows: CNY Exploration and mining Corporate activities Total Revenues from external customers 12,969 12,969 Depreciation of property, plant and equipment (62 ) (4 ) (66 ) Depreciation of right-of-use assets (34 ) (1,153 ) (1,187 ) Operating loss (963 ) (4,636 ) (5,599 ) Interest income 1 15 16 Finance costs (2 ) (60 ) (62 ) Loss for the year (964 ) (4,681 ) (5,645 ) Capital expenditure (5 ) (5 ) Total assets 4,268 4,030 8,298 Total liabilities 6,560 29,292 35,852 |
Schedule of Reconciliation of Loss for the year from Continuing Operations to Net Loss | For the year ended December 31, 2020, the segment results were as follows: CNY Exploration and mining Corporate activities Total Revenues from external customers 6,867 6,867 Depreciation of property, plant and equipment (62 ) (3 ) (65 ) Depreciation of right-of-use assets (976 ) (976 ) Operating loss (682 ) (6,447 ) (7,129 ) Fair value gains on financial asset at fair value through profit or loss 31,334 31,334 Finance costs (1 ) (59 ) (60 ) Interest income 1 17 18 Income tax benefit 1,416 1,416 (Loss)/profit for the year (682 ) 26,261 25,579 Capital expenditure (9 ) (9 ) Total assets 39 142,389 142,428 Total liabilities 3,013 38,213 41,226 US$ Exploration and mining Corporate activities Total Revenues from external customers 1,052 1,052 Depreciation of property, plant and equipment (9 ) (1 ) (10 ) Depreciation of right-of-use assets (149 ) (149 ) Operating loss (104 ) (987 ) (1,091 ) Fair value gains on financial asset at fair value through profit or loss 4,798 4,798 Finance costs (9 ) (9 ) Interest income 3 3 Income tax benefit 217 217 (Loss)/profit for the year (105 ) 4,023 3,918 Capital expenditure (1 ) (1 ) Total assets 6 21,803 21,809 Total liabilities 461 5,852 6,313 |
NOTES TO THE CONSOLIDATED STA_2
NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes To Consolidated Statement Of Cash Flows Tables Abstract | |
Schedule of Changes in Liabilities Arising | Changes in liabilities arising from financing activities Year ended December 31, 2019 Due to related companies Due to the Shareholder Lease liabilities CNY CNY CNY At January 1, 2019 4,041 6,973 1,803 Changes from financing cash flows 1,036 (1,060 ) Foreign exchange movement 124 Interest expense 60 At December 31, 2019 5,077 7,097 803 Year ended December 31, 2020 Due to related companies Due to the Shareholder Lease liabilities CNY CNY CNY At January 1, 2020 5,077 7,097 803 Changes from financing cash flows 4,081 462 (1,188 ) New leases 1,439 Foreign exchange movement (410 ) Interest expense 38 At December 31, 2020 9,158 7,149 1,092 Year ended December 31, 2020 Due to related companies Due to the Shareholder Lease liabilities US$ US$ US$ At January 1, 2020 777 1,087 123 Changes from financing cash flows 625 69 (182 ) New leases 220 Foreign exchange movement (61 ) Interest expense 6 At December 31, 2020 1,402 1,095 167 |
Schedule of Cash Outflow for Leases | Total cash outflow for leases 2019 2020 2020 CNY CNY US$ Within operating activities (46 ) (56 ) (9 ) Within financing activities (1,060 ) (1,188 ) (182 ) (1,106 ) (1,244 ) (191 ) |
CONDENSED FINANCIAL INFORMATI_2
CONDENSED FINANCIAL INFORMATION OF THE COMPANY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Of Company Tables Abstract | |
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, 2019 2020 2020 CNY CNY US$ ASSETS NON-CURRENT ASSETS Right-of-use assets 1,079 165 CURRENT ASSETS Amounts due from subsidiaries 15,816 9,404 1,441 Cash and cash equivalents 811 58 9 Financial assets at fair value through profit or loss 138,674 21,234 TOTAL CURRENT ASSETS 16,627 148,136 22,684 TOTAL ASSETS 16,627 149,215 22,849 December 31, 2019 2020 2020 CNY CNY US$ LIABILITIES AND EQUITY NON-CURRENT LIABILITIES Lease liabilities 347 53 Deferred tax liabilities 9,964 1,526 TOTAL NON-CURRENT LIABILITIES 10,311 1,579 CURRENT LIABILITIES Other payables and accrued liabilities 1,462 2,273 347 Lease liabilities 745 114 Due to the Shareholder 7,097 7,149 1,095 Due to related companies 2,780 425 TOTAL CURRENT LIABILITIES 8,559 12,947 1,981 TOTAL LIABILITIES 8,559 23,258 3,560 EQUITY Issued capital 290,179 368,395 56,411 Other capital reserves 823,581 847,839 129,826 Accumulated losses (1,095,446 ) (1,074,563 ) (164,543 ) Other comprehensive loss (10,246 ) (15,714 ) (2,405 ) TOTAL EQUITY 8,068 125,957 19,289 TOTAL LIABILITIES AND EQUITY 16,627 149,215 22,849 |
Schedule of Profit or Loss | CONDENSED STATEMENTS OF PROFIT OR LOSS December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Administrative expenses (3,794 ) (3,814 ) (5,243 ) (803 ) Finance costs (38 ) (6 ) Interest income 1 Fair value gains on financial asset at fair value through profit or loss 31,334 4,798 (Loss)/profit before income tax (3,794 ) (3,813 ) 26,053 3,989 Income tax expense (5,170 ) (792 ) (Loss)/profit for the year (3,794 ) (3,813 ) 20,883 3,197 |
Schedule of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS December 31, 2018 2019 2020 2020 CNY CNY CNY US$ Net cash flows used in operating activities (5,200 ) (3,294 ) (3,269 ) (501 ) Net cash flows from/(used in) investing activities 10,243 (21 ) (216 ) (33 ) Net cash flows (used in)/from financing activities (15,811 ) 1,982 303 NET DECREASE IN CASH (10,768 ) (3,315 ) (1,503 ) (231 ) CASH AT BEGINNING OF THE YEAR 13,912 4,122 811 124 Net foreign exchange differences 978 4 750 116 CASH AT END OF THE YEAR 4,122 811 58 9 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Life) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Buildings [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 8 - 35 years |
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 ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Lease Terms and the Estimated Useful Lives) (Details) - Buildings [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Bottom of range [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Lease terms and the estimated useful lives | 2 years |
Top of range [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Lease terms and the estimated useful lives | 5 years |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Schedule of Property Plant and Equipment) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | ¥ 214 | |||
Depreciation charge | (65) | ¥ (66) | ¥ (67) | |
At December 31 | 158 | 214 | ||
USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation charge | $ | $ (10) | |||
At December 31 | $ | 25 | |||
Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | 1,230 | 1,211 | ||
Additions | 9 | 5 | ||
Exchange adjustment | (51) | 14 | ||
At December 31 | 1,188 | 1,230 | 1,211 | |
Cost [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At December 31 | $ | 182 | |||
Cost [Member] | Buildings [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | 46 | 43 | ||
Additions | 3 | |||
Exchange adjustment | ||||
At December 31 | 46 | 46 | 43 | |
Cost [Member] | Buildings [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At December 31 | $ | 7 | |||
Cost [Member] | Machinery and equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | 905 | 889 | ||
Additions | 9 | 2 | ||
Exchange adjustment | (51) | 14 | ||
At December 31 | 863 | 905 | 889 | |
Cost [Member] | Machinery and equipment [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At December 31 | $ | 132 | |||
Cost [Member] | Motor vehicles [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | 279 | 279 | ||
Additions | ||||
Exchange adjustment | ||||
At December 31 | 279 | 279 | 279 | |
Cost [Member] | Motor vehicles [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At December 31 | $ | 43 | |||
Accumulated depreciation and amortization and impairment losses [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | (1,016) | (936) | ||
Depreciation charge | (65) | (66) | ||
Exchange adjustment | 51 | (14) | ||
At December 31 | (1,030) | (1,016) | (936) | |
Accumulated depreciation and amortization and impairment losses [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At December 31 | $ | (157) | |||
Accumulated depreciation and amortization and impairment losses [Member] | Buildings [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | (6) | (3) | ||
Depreciation charge | (3) | (3) | ||
Exchange adjustment | ||||
At December 31 | (9) | (6) | (3) | |
Accumulated depreciation and amortization and impairment losses [Member] | Buildings [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Additions | ||||
At December 31 | $ | (1) | |||
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 | (889) | (870) | ||
Depreciation charge | (4) | (5) | ||
Exchange adjustment | 51 | (14) | ||
At December 31 | (842) | (889) | (870) | |
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 | (121) | (63) | ||
Depreciation charge | (58) | (58) | ||
Exchange adjustment | ||||
At December 31 | ¥ (179) | ¥ (121) | ¥ (63) | |
Accumulated depreciation and amortization and impairment losses [Member] | Motor vehicles [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At December 31 | $ | (27) | |||
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] | ||||
At December 31 | $ | $ (129) |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Net Carrying Amount) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | ¥ 158 | ¥ 214 | |
USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | $ | $ 25 | ||
Net carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | 158 | 214 | |
Net carrying amount [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | $ | 25 | ||
Net carrying amount [Member] | Buildings [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | 37 | 40 | |
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] | Machinery and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | 21 | 16 | |
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 | ¥ | ¥ 100 | ¥ 158 | |
Net carrying amount [Member] | Motor vehicles [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | $ | $ 16 |
LEASES (Schedule of Right-of-us
LEASES (Schedule of Right-of-use Assets) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure Of Leases [Line Items] | |||||
As of January 1, | ¥ 616 | ¥ 1,803 | |||
Addition | 1,439 | ||||
Depreciation charge | (976) | (1,187) | |||
As of December 31, | 1,079 | 616 | 1,803 | ||
USD [Member] | |||||
Disclosure Of Leases [Line Items] | |||||
As of January 1, | $ | $ 94 | $ 276 | |||
Addition | $ | 220 | ||||
Depreciation charge | $ | (149) | (182) | |||
As of December 31, | $ | $ 165 | $ 94 | |||
Buildings [Member] | |||||
Disclosure Of Leases [Line Items] | |||||
As of January 1, | 616 | 1,803 | |||
Addition | 1,439 | ||||
Depreciation charge | (976) | (1,187) | |||
As of December 31, | ¥ 1,079 | ¥ 616 | ¥ 1,803 |
LEASES (Schedule of Lease liabi
LEASES (Schedule of Lease liabilities) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020CNY (¥) | |
Statement Line Items [Line Items] | ||||
Carrying amount at January 1, | ¥ | ¥ 803 | ¥ 1,803 | ||
Addition | ¥ | 1,439 | |||
Accretion of interest recognized during the year | ¥ | 38 | 60 | ||
Payments | ¥ | (1,188) | (1,060) | ||
Carrying amount at December 31, | ¥ | ¥ 1,092 | 803 | ||
Analyzed into: | ||||
Current portion | ¥ | 803 | ¥ 745 | ||
Non-current portion | ¥ | ¥ 347 | |||
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Carrying amount at January 1, | $ | $ 123 | |||
Addition | $ | 220 | |||
Accretion of interest recognized during the year | $ | 6 | |||
Payments | $ | (182) | |||
Carrying amount at December 31, | $ | 167 | |||
Analyzed into: | ||||
Current portion | $ | 114 | |||
Non-current portion | $ | $ 53 |
LEASES (Schedule of Amounts of
LEASES (Schedule of Amounts of Recognized in Profit or Loss) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Statement Line Items [Line Items] | |||||
Interest on lease liabilities | ¥ | ¥ 38 | ¥ 60 | |||
Depreciation charge of right-of-use assets (Note 11) | ¥ | 976 | 1,187 | |||
Expense relating to short-term leases (included in administrative expenses) (Note 11) | ¥ | 97 | 46 | |||
Total amount recognized in profit or loss | ¥ | ¥ 1,111 | ¥ 1,293 | |||
USD [Member] | |||||
Statement Line Items [Line Items] | |||||
Interest on lease liabilities | $ | $ 6 | ||||
Depreciation charge of right-of-use assets (Note 11) | $ | 149 | $ 182 | |||
Expense relating to short-term leases (included in administrative expenses) (Note 11) | $ | 15 | ||||
Total amount recognized in profit or loss | $ | $ 170 |
TRADE RECEIVABLES (Schedule of
TRADE RECEIVABLES (Schedule of Trade Receivables) (Details) ¥ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Statement Line Items [Line Items] | |||
Trade receivables | ¥ | ¥ 3,956 | ||
Less: Provision for impairment | ¥ | |||
Total of trade receivables | ¥ | ¥ 3,956 | ||
USD [Member] | |||
Statement Line Items [Line Items] | |||
Trade receivables | $ | |||
Less: Provision for impairment | $ | |||
Total of trade receivables | $ |
TRADE RECEIVABLES (Schedule o_2
TRADE RECEIVABLES (Schedule of Aging Analysis of Trade Receivables) (Details) ¥ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Statement Line Items [Line Items] | |||
Trade receivables | ¥ | ¥ 3,956 | ||
USD [Member] | |||
Statement Line Items [Line Items] | |||
Trade receivables | $ | |||
Within 3 Months [Member] | |||
Statement Line Items [Line Items] | |||
Trade receivables | ¥ | ¥ 3,956 | ||
Within 3 Months [Member] | USD [Member] | |||
Statement Line Items [Line Items] | |||
Trade receivables | $ |
OTHER RECEIVABLES (Details)
OTHER RECEIVABLES (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Statement Line Items [Line Items] | |||
Withholding social insurance | ¥ | ¥ 6 | ¥ 6 | |
Input value-added tax | ¥ | 4 | ||
Staff advances | ¥ | 12 | 13 | |
Deposit | ¥ | 20 | 20 | |
Total other receivables | ¥ | ¥ 42 | ¥ 39 | |
USD [Member] | |||
Statement Line Items [Line Items] | |||
Withholding social insurance | $ | $ 1 | ||
Input value-added tax | $ | 1 | ||
Staff advances | $ | 2 | ||
Deposit | $ | 2 | ||
Total other receivables | $ | $ 6 |
FINANCIAL ASSETS AT FAIR VALU_3
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020shares | Aug. 17, 2020USD ($)shares | Aug. 17, 2020CNY (¥)shares |
Disclosure of financial assets [line items] | |||
Number of shares acquired | 120,000,000 | ||
Feishang Anthracite Resources Limited [Member] | |||
Disclosure of financial assets [line items] | |||
Number of shares acquired | 120,000,000 | 120,000,000 | |
Percentage of equity interest acquired | 8.69% | 8.69% | |
Number of shares issued by Compnay | 9,077,166 | 9,077,166 | |
Total price amount of transaction | ¥ | ¥ 78,288 | ||
Discount rate | 27.50% | 27.50% | |
Feishang Anthracite Resources Limited [Member] | USD [Member] | |||
Disclosure of financial assets [line items] | |||
Total price amount of transaction | $ | $ 11,988 |
FINANCIAL ASSETS AT FAIR VALU_4
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Schedule of Financial Assets at Fair Value Profit or Loss) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Disclosure of financial assets [line items] | |||||
Listed equity investments, at fair value | ¥ | ¥ 138,674 | ||||
USD [Member] | |||||
Disclosure of financial assets [line items] | |||||
Listed equity investments, at fair value | $ | $ 21,234 |
FINANCIAL ASSETS AT FAIR VALU_5
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Schedule of Movements of Financial Assets at Fair Value) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Disclosure of financial assets [line items] | |||
As of January 1 | ¥ | |||
Upon initial recognition of the Equity Investments | ¥ | 107,340 | ||
Fair value adjustment (Note 11) | ¥ | 31,334 | ||
As of December 31 | ¥ | ¥ 138,674 | ||
USD [Member] | |||
Disclosure of financial assets [line items] | |||
As of January 1 | $ | |||
Upon initial recognition of the Equity Investments | $ | 16,436 | ||
Fair value adjustment (Note 11) | $ | 4,798 | ||
As of December 31 | $ | $ 21,234 |
TRADE PAYABLES (Schedule of Agi
TRADE PAYABLES (Schedule of Aging Analysis of Trade Payables) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Statement Line Items [Line Items] | |||
Trade payables | ¥ | ¥ 100 | ¥ 3,896 | |
USD [Member] | |||
Statement Line Items [Line Items] | |||
Trade payables | $ | $ 15 | ||
Within 1 year [Member] | |||
Statement Line Items [Line Items] | |||
Trade payables | ¥ | 3,796 | ||
Within 1 year [Member] | USD [Member] | |||
Statement Line Items [Line Items] | |||
Trade payables | $ | |||
Over 2 years [Member] | |||
Statement Line Items [Line Items] | |||
Trade payables | ¥ | |||
Over 2 years [Member] | USD [Member] | |||
Statement Line Items [Line Items] | |||
Trade payables | $ | 15 | ||
1 to 2 years [Member] | |||
Statement Line Items [Line Items] | |||
Trade payables | ¥ | ¥ 100 | ¥ 100 | |
1 to 2 years [Member] | USD [Member] | |||
Statement Line Items [Line Items] | |||
Trade payables | $ |
OTHER PAYABLES AND ACCRUED LI_3
OTHER PAYABLES AND ACCRUED LIABILITIES (Schedule of Other Payables and Accrued Liabilities) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Statement Line Items [Line Items] | ||||
Contract deposit | ¥ | ¥ 102 | ¥ 102 | ||
Social security payable | ¥ | [1] | 96 | 104 | |
Payroll payable | ¥ | 423 | 433 | ||
Welfare payable | ¥ | 10 | 24 | ||
Accrued expenses | ¥ | 2,909 | 1,484 | ||
Others | ¥ | 18 | 14 | ||
Other payables and accrued liabilities | ¥ | ¥ 3,558 | ¥ 2,161 | ||
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Contract deposit | $ | $ 16 | |||
Social security payable | $ | [1] | 15 | ||
Payroll payable | $ | 65 | |||
Welfare payable | $ | 2 | |||
Accrued expenses | $ | 445 | |||
Others | $ | 2 | |||
Other payables and accrued liabilities | $ | $ 545 | |||
[1] | The social security payable represents the amounts payable for the PRC government-managed retirement insurance, medical insurance, etc. |
REVENUE (Schedule of Revenue fr
REVENUE (Schedule of Revenue from contracts with customers) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with a customer | ¥ | ¥ 6,867 | ¥ 12,969 | ||
USD [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with a customer | $ | $ 1,052 |
REVENUE (Schedule of Disaggrega
REVENUE (Schedule of Disaggregated revenue information) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with a customer | ¥ | ¥ 6,867 | ¥ 12,969 | ||
USD [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with a customer | $ | $ 1,052 | |||
Sale of copper ores [Member] | Type of goods [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with a customer | ¥ | 6,867 | 12,969 | ||
Sale of copper ores [Member] | Type of goods [Member] | USD [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with a customer | $ | 1,052 | |||
Mainland China [Member] | Geographic market [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with a customer | ¥ | 6,867 | 12,969 | ||
Mainland China [Member] | USD [Member] | Geographic market [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with a customer | $ | 1,052 | |||
Goods transferred at a point in time [Member] | Timing of revenue recognition [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with a customer | ¥ | ¥ 6,867 | ¥ 12,969 | ||
Goods transferred at a point in time [Member] | USD [Member] | Timing of revenue recognition [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with a customer | $ | $ 1,052 |
(LOSS)_PROFIT BEFORE INCOME T_3
(LOSS)/PROFIT BEFORE INCOME TAX (Schedule of Group's (Loss)/Profit Before Tax) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | ||
Crediting: | ||||||
Interest income on bank deposits | ¥ | ¥ (18) | ¥ (16) | ¥ (26) | |||
Charging: | ||||||
Cost of sales | ¥ | 6,854 | 12,752 | ||||
Finance costs | ¥ | [1] | 60 | 62 | (5) | ||
Auditors' remuneration: | ||||||
- Audit fee | ¥ | 1,000 | 1,000 | 1,000 | |||
- Audit related fee | ¥ | 50 | 48 | ||||
Sub-total | ¥ | 1,050 | 1,048 | 1,000 | |||
Employee benefit expenses (Note 12) | ¥ | 1,327 | 1,733 | 1,878 | |||
Depreciation and amortization: | ||||||
- Property, plant and equipment (Note 3) | ¥ | 65 | 66 | 67 | |||
- Right-of-use assets (Note 4(c)) | ¥ | 976 | 1,187 | ||||
Fair value gain, net: | ||||||
Fair value gain on financial assets at fair value through profit or loss (Note 7) | ¥ | 31,334 | |||||
Expense relating to short-term leases (included in administrative expenses) (Note 4(c)) | ¥ | 97 | 46 | ||||
Operating lease rental: | ||||||
- Office properties | ¥ | ¥ 1,189 | |||||
USD [Member] | ||||||
Crediting: | ||||||
Interest income on bank deposits | $ | $ (3) | |||||
Charging: | ||||||
Cost of sales | $ | 1,050 | |||||
Finance costs | $ | [1] | 9 | ||||
Auditors' remuneration: | ||||||
- Audit fee | $ | 153 | |||||
- Audit related fee | $ | 8 | |||||
Sub-total | $ | 161 | |||||
Employee benefit expenses (Note 12) | $ | 203 | |||||
Depreciation and amortization: | ||||||
- Property, plant and equipment (Note 3) | $ | 10 | |||||
- Right-of-use assets (Note 4(c)) | $ | 149 | $ 182 | ||||
Fair value gain, net: | ||||||
Fair value gain on financial assets at fair value through profit or loss (Note 7) | $ | 4,798 | |||||
Expense relating to short-term leases (included in administrative expenses) (Note 4(c)) | $ | 15 | |||||
Operating lease rental: | ||||||
- Office properties | $ | ||||||
[1] | Finance costs mainly represent bank charges, foreign currency exchange differences and interest on lease liabilities. The amounts of bank charges were CNY6.00, CNY2.00 and CNY7.00 (US$1.00); the foreign currency exchange differences amounted to negative CNY11.00, nil and positive CNY15.00; and interest on lease liabilities amounted to nil, CNY60.00 and CNY38.00 (US$6.00) for the years ended December 31, 2018, 2019 and 2020, respectively. |
EMPLOYEE BENEFITS (Schedule of
EMPLOYEE BENEFITS (Schedule of Employee Benefits) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | ||
Disclosure of defined benefit plans [line items] | |||||
Wages, salaries and allowances | ¥ | ¥ 1,203 | ¥ 1,460 | ¥ 1,513 | ||
Housing funds | ¥ | [1] | 41 | 38 | 67 | |
Contribution to pension plans | ¥ | [1] | 25 | 166 | 76 | |
Welfare and other expenses | ¥ | 58 | 69 | 222 | ||
Total employee benefits from continuing operations | ¥ | ¥ 1,327 | ¥ 1,733 | ¥ 1,878 | ||
USD [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Wages, salaries and allowances | $ | $ 184 | ||||
Housing funds | $ | [1] | 6 | |||
Contribution to pension plans | $ | [1] | 4 | |||
Welfare and other expenses | $ | 9 | ||||
Total employee benefits from continuing operations | $ | $ 203 | ||||
[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. |
INCOME TAX BENEFIT AND DEFERR_3
INCOME TAX BENEFIT AND DEFERRED TAX LIABILITIES (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2018 | Dec. 31, 2020CNY (¥)shares | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Applicable tax rate | 25.00% | 25.00% | 25.00% | |
Number of shares acquired | shares | 120,000,000 | 120,000,000 | ||
Statutory tax rate | 16.50% | |||
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 | ¥ | ¥ 7,410 | ¥ 7,800 | ||
Unused tax losses [Member] | Expiring 2020 [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] | Expiring 2021 [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] | Expiring 2022 [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Unused tax losses | ¥ | 2,320 | |||
Expiry date description | Unused tax losses if unused, will expire by the end of 2023 | |||
Unused tax losses [Member] | Expiring 2023 [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Unused tax losses | ¥ | 1,750 | |||
Expiry date description | Unused tax losses if unused, will expire by the end of 2024 | |||
Unused tax losses [Member] | Expiring 2024 [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Unused tax losses | ¥ | ¥ 1,490 | |||
Expiry date description | Unused tax losses if unused, will expire by the end of 2025 | |||
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 | $ | $ 1,200 | |||
Unused tax losses [Member] | USD [Member] | Expiring 2020 [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] | Expiring 2021 [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 | |||
Unused tax losses [Member] | USD [Member] | Expiring 2022 [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Unused tax losses | $ | $ 360 | |||
Expiry date description | Unused tax losses if unused, will expire by the end of 2023 | |||
Unused tax losses [Member] | USD [Member] | Expiring 2023 [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Unused tax losses | $ | $ 270 | |||
Expiry date description | Unused tax losses if unused, will expire by the end of 2024 | |||
Unused tax losses [Member] | USD [Member] | Expiring 2024 [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Unused tax losses | $ | $ 230 | |||
Expiry date description | Unused tax losses if unused, will expire by the end of 2025 | |||
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% |
INCOME TAX BENEFIT AND DEFERR_4
INCOME TAX BENEFIT AND DEFERRED TAX LIABILITIES (Schedule of Current and Deferred Components of Income Tax) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Current income tax benefit | ¥ | ¥ (6,586) | |||
Deferred income tax expense | ¥ | 5,170 | |||
Total current and deferred components of income tax (benefit)/expense | ¥ | ¥ (1,416) | |||
USD [Member] | ||||
Current income tax benefit | $ | $ (1,009) | |||
Deferred income tax expense | $ | 792 | |||
Total current and deferred components of income tax (benefit)/expense | $ | $ (217) |
INCOME TAX BENEFIT AND DEFERR_5
INCOME TAX BENEFIT AND DEFERRED TAX LIABILITIES (Schedule of Loss/Profit before income tax) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of geographical areas [line items] | ||||
Total (loss)/profit before income tax for the year | ¥ | ¥ 24,163 | ¥ (5,645) | ¥ (6,176) | |
USD [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Total (loss)/profit before income tax for the year | $ | $ 3,701 | |||
PRC | ||||
Disclosure of geographical areas [line items] | ||||
Total (loss)/profit before income tax for the year | ¥ | (1,235) | (1,775) | (2,321) | |
PRC | USD [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Total (loss)/profit before income tax for the year | $ | (189) | |||
VIRGIN ISLANDS, BRITISH | ||||
Disclosure of geographical areas [line items] | ||||
Total (loss)/profit before income tax for the year | ¥ | 25,442 | (3,824) | (3,805) | |
VIRGIN ISLANDS, BRITISH | USD [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Total (loss)/profit before income tax for the year | $ | 3,897 | |||
HONG KONG | ||||
Disclosure of geographical areas [line items] | ||||
Total (loss)/profit before income tax for the year | ¥ | ¥ (44) | ¥ (46) | ¥ (50) | |
HONG KONG | USD [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Total (loss)/profit before income tax for the year | $ | $ (7) |
INCOME TAX BENEFIT AND DEFERR_6
INCOME TAX BENEFIT AND DEFERRED TAX LIABILITIES (Schedule of reconciliation of the income taxes computed) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | ||
(Loss)/profit before income tax for the year | ¥ | ¥ 24,163 | ¥ (5,645) | ¥ (6,176) | ||
Tax at the statutory tax rate | 25.00% | 25.00% | 25.00% | 25.00% | |
Computed income tax (benefit)/expense | ¥ | ¥ 6,041 | ¥ (1,411) | ¥ (1,544) | ||
Effect of different tax rates for the Company and overseas subsidiaries | ¥ | (1,187) | 965 | 955 | ||
Tax losses not recognized | ¥ | 373 | 444 | 588 | ||
Non-deductible expenses | ¥ | 4 | 2 | 1 | ||
Utilization of previously unrecognized deductible temporary differences | ¥ | (50) | ||||
Others | ¥ | [1] | (6,597) | |||
Income tax benefit | ¥ | ¥ 1,416 | ||||
USD [Member] | |||||
(Loss)/profit before income tax for the year | $ | $ 3,701 | ||||
Tax at the statutory tax rate | 25.00% | 25.00% | |||
Computed income tax (benefit)/expense | $ | $ 925 | ||||
Effect of different tax rates for the Company and overseas subsidiaries | $ | (182) | ||||
Tax losses not recognized | $ | 57 | ||||
Non-deductible expenses | $ | 1 | ||||
Utilization of previously unrecognized deductible temporary differences | $ | (8) | ||||
Others | $ | [1] | (1,010) | |||
Income tax benefit | $ | $ 217 | ||||
[1] | It mainly represents the reversal of a prior withholding CIT payable which is no longer required to be paid according to the prevailing Regulations for the Implementing of the Corporate Income Tax Law of the PRC. |
INCOME TAX BENEFIT AND DEFERR_7
INCOME TAX BENEFIT AND DEFERRED TAX LIABILITIES (Schedule of Deferred Tax Liabilities) (Details) - 12 months ended Dec. 31, 2020 ¥ in Thousands, $ in Thousands | USD ($) | CNY (¥) | |
As of January 1, 2020 | ¥ | |||
Upon initial recognition of the Equity Investments | ¥ | [1] | 4,794 | |
Charged to the consolidated statement of profit or loss during the year | ¥ | 5,170 | ||
As of December 31, 2020 | ¥ | ¥ 9,964 | ||
USD [Member] | |||
As of January 1, 2020 | $ | |||
Upon initial recognition of the Equity Investments | $ | [1] | 734 | |
Charged to the consolidated statement of profit or loss during the year | $ | 792 | ||
As of December 31, 2020 | $ | $ 1,526 | ||
[1] | Upon the completion of the Equity Investments (Note 7), the Company recognized deferred tax liabilities amounting to CNY4,794 (US$734), which represents the deferred income tax effect associated with the difference between the fair value of 120,000,000 shares of FARL acquired and the total transaction price based on the statutory tax rate of 16.5%. |
(LOSS)_EARNINGS PER SHARE (Sche
(LOSS)/EARNINGS PER SHARE (Schedule of Basic and diluted (loss)/earnings per share) (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | |
Statement Line Items [Line Items] | ||||
(Loss)/profit for the year: | ¥ | ¥ 25,579 | ¥ (5,645) | ¥ (6,176) | |
Weighted average number of common shares: | ||||
Basic and diluted | shares | 28,308,653 | 28,308,653 | 24,910,916 | 24,910,916 |
(Loss)/earnings per share: | ||||
Basic and diluted | ¥ / shares | ¥ 0.90 | ¥ (0.23) | ¥ (0.25) | |
Net (Loss)/earnings per share | ¥ / shares | ¥ 0.90 | ¥ (0.23) | ¥ (0.25) | |
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
(Loss)/profit for the year: | $ | $ 3,918 | |||
Weighted average number of common shares: | ||||
Basic and diluted | shares | 28,308,653 | 28,308,653 | ||
(Loss)/earnings per share: | ||||
Basic and diluted | $ / shares | $ 0.14 | |||
Net (Loss)/earnings per share | $ / shares | $ 0.14 |
RELATED PARTY BALANCES AND TR_3
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Consolidated Financial Statements of Company and Subsidiaries) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of transactions between related parties [line items] | |||
Nominal value of issued common / registered share capital | ¥ 390,297 | ¥ 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 common / registered share capital | [1] | ||
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 common / registered share capital | [1] | ||
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 common / registered share capital | [1] | ||
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 | BVI | ||
Nominal value of issued common / registered share capital | [1] | ||
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 common / registered share capital | [1] | ||
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 | BVI | ||
Nominal value of issued common / registered share capital | [1] | ||
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 | BVI | ||
Nominal value of issued common / registered share capital | [1] | ||
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 | PRC/ Mainland China | ||
Nominal value of issued common / registered share capital | ¥ 10,000 | ||
Percentage of equity attributable to company direct | |||
Percentage of equity attributable to company indirect | 100.00% | ||
Principal activities | Provision of 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 | BVI | ||
Nominal value of issued common / 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 | BVI | ||
Nominal value of issued common / registered share capital | [1] | ||
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 | PRC/ Mainland China | ||
Nominal value of issued common / 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 | PRC/ Mainland China | ||
Nominal value of issued common / 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 | PRC/ Mainland China | ||
Nominal value of issued common / 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 Limited [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Place of incorporation/registration and operations | PRC/ Mainland China | ||
Nominal value of issued common / 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 | ||
[1] | Insignificant |
RELATED PARTY BALANCES AND TR_4
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Commercial Transactions with Related Companies) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of transactions between related parties [line items] | ||||
CHNR's share of office rental, rates and others to Anka Consultants Limited ("Anka") | ¥ | ¥ 1,368 | ¥ 1,506 | ¥ 1,442 | |
Feishang Management's share of office rental to Feishang Enterprise Group Co., Ltd. ("Feishang Enterprise") | ¥ | ¥ 166 | ¥ 166 | ¥ 166 | |
USD [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
CHNR's share of office rental, rates and others to Anka Consultants Limited ("Anka") | $ | $ 209 | |||
Feishang Management's share of office rental to Feishang Enterprise Group Co., Ltd. ("Feishang Enterprise") | $ | $ 25 |
RELATED PARTY BALANCES AND TR_5
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Group Payables with Related Parties) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Current: | ||||
Payable to related company: | ¥ | ¥ 9,158 | ¥ 5,077 | ||
Payable to the Shareholder: | ¥ | 7,149 | 7,097 | ||
Lease liabilities | ¥ | 745 | 803 | ||
Feishang Enterprise [Member] | ||||
Current: | ||||
Payable to related company: | ¥ | [1] | 6,378 | 5,077 | |
Lease liabilities | ¥ | [1] | 287 | ||
Feishang Group [Member] | ||||
Current: | ||||
Payable to the Shareholder: | ¥ | [1] | 7,149 | 7,097 | |
Anka [Member] | ||||
Current: | ||||
Lease liabilities | ¥ | [2] | 1,092 | 516 | |
Anka Capital Limited [Member] | ||||
Current: | ||||
Payable to related company: | ¥ | [2] | ¥ 2,780 | ||
USD [Member] | ||||
Current: | ||||
Payable to related company: | $ | $ 1,402 | |||
Payable to the Shareholder: | $ | 1,095 | |||
Lease liabilities | $ | 114 | |||
USD [Member] | Feishang Enterprise [Member] | ||||
Current: | ||||
Payable to related company: | $ | [1] | 977 | ||
Lease liabilities | $ | [1] | |||
USD [Member] | Feishang Group [Member] | ||||
Current: | ||||
Payable to the Shareholder: | $ | [1] | 1,095 | ||
USD [Member] | Anka [Member] | ||||
Current: | ||||
Lease liabilities | $ | [2] | 167 | ||
USD [Member] | Anka Capital Limited [Member] | ||||
Current: | ||||
Payable to related company: | $ | [2] | $ 425 | ||
[1] | Feishang Enterprise and Feishang Group are controlled by Mr. Li Feilie, who is the beneficial shareholder of the Company. | |||
[2] | Anka Capital and Anka are each jointly owned by Wong Wah On Edward and Tam Cheuk Ho, who are officers of the Company. |
RELATED PARTY BALANCES AND TR_6
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Compensation of Key Management Personnel of Group) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of transactions between related parties [line items] | ||||
Wages, salaries and allowances | ¥ | ¥ 552 | ¥ 629 | ¥ 580 | |
Housing subsidies | ¥ | 15 | 16 | 16 | |
Contribution to pension plans | ¥ | 71 | 75 | 75 | |
Total Compensation of key management personnel | ¥ | ¥ 638 | ¥ 720 | ¥ 671 | |
USD [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Wages, salaries and allowances | $ | $ 85 | |||
Housing subsidies | $ | 2 | |||
Contribution to pension plans | $ | 11 | |||
Total Compensation of key management personnel | $ | $ 98 |
EQUITY (Narrative) (Details)
EQUITY (Narrative) (Details) - Dec. 31, 2020 ¥ in Thousands, $ in Thousands | USD ($) | CNY (¥) |
Statement Line Items [Line Items] | ||
Other capital reserves amounting | ¥ | ¥ 24,258 | |
USD [Member] | ||
Statement Line Items [Line Items] | ||
Other capital reserves amounting | $ | $ 3,714 |
EQUITY (Schedule of Issued Capi
EQUITY (Schedule of Issued Capital) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Authorized: | ||||
Authorized 10,000,000 preferred shares, no par value | ¥ | ||||
Authorized 200,000,000 common shares, no par value | ¥ | ||||
Issued and fully paid: | ||||
33,988,082 (2018 and 2019: 24,910,916) common shares, no par | ¥ | ¥ 390,297 | ¥ 312,081 | ¥ 312,081 | |
USD [Member] | ||||
Authorized: | ||||
Authorized 10,000,000 preferred shares, no par value | $ | ||||
Authorized 200,000,000 common shares, no par value | $ | ||||
Issued and fully paid: | ||||
33,988,082 (2018 and 2019: 24,910,916) common shares, no par | $ | $ 59,764 |
EQUITY (Schedule of Company Sha
EQUITY (Schedule of Company Share Capital) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)shares | Dec. 31, 2020CNY (¥)shares | |
Number of shares | ||
At January 1, 2020 | shares | 24,910,916 | 24,910,916 |
Issuance of shares (Note 7) | shares | 9,077,166 | 9,077,166 |
At December 31, 2020 | shares | 33,988,082 | 33,988,082 |
Share capital | ||
At January 1, 2020 | ¥ | ¥ 312,081 | |
Issuance of shares (Note 7) | ¥ | 78,216 | |
At December 31, 2020 | ¥ | ¥ 390,297 | |
USD [Member] | ||
Share capital | ||
At January 1, 2020 | $ | $ 47,787 | |
Issuance of shares (Note 7) | $ | 11,977 | |
At December 31, 2020 | $ | $ 59,764 |
FINANCIAL RISK MANAGEMENT OBJ_3
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Maximum exposure) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Statement Line Items [Line Items] | |||||||
Trade receivables | ¥ 3,956 | ||||||
Financial assets included in other receivables | |||||||
- Normal | [1] | 32 | 33 | ||||
- Doubtful | [1] | ||||||
Cash and cash equivalents | |||||||
- Not yet past due | 2,450 | 3,444 | ¥ 6,793 | ¥ 18,878 | |||
Total | 2,482 | 7,433 | |||||
USD [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Trade receivables | $ | |||||||
Financial assets included in other receivables | |||||||
- Normal | [1] | 5 | |||||
- Doubtful | $ | [1] | ||||||
Cash and cash equivalents | |||||||
- Not yet past due | $ | 375 | $ 527 | |||||
Total | 380 | ||||||
ECLs Stage 1 | |||||||
Statement Line Items [Line Items] | |||||||
Trade receivables | 3,956 | ||||||
Financial assets included in other receivables | |||||||
- Normal | [1] | 32 | 33 | ||||
- Doubtful | [1] | ||||||
Cash and cash equivalents | |||||||
- Not yet past due | 2,450 | 3,444 | |||||
Total | 2,482 | 7,433 | |||||
ECLs Stage 1 | USD [Member] | |||||||
Financial assets included in other receivables | |||||||
- Normal | [1] | 5 | |||||
- Doubtful | $ | [1] | ||||||
Cash and cash equivalents | |||||||
- Not yet past due | $ | 375 | ||||||
Total | 380 | ||||||
ECLs Stage 2 | |||||||
Statement Line Items [Line Items] | |||||||
Trade receivables | |||||||
Financial assets included in other receivables | |||||||
- Normal | [1] | ||||||
- Doubtful | [1] | ||||||
Cash and cash equivalents | |||||||
- Not yet past due | |||||||
Total | |||||||
ECLs Stage 2 | USD [Member] | |||||||
Financial assets included in other receivables | |||||||
- Normal | [1] | ||||||
- Doubtful | $ | [1] | ||||||
Cash and cash equivalents | |||||||
- Not yet past due | $ | |||||||
Total | |||||||
ECLs Stage 3 | |||||||
Statement Line Items [Line Items] | |||||||
Trade receivables | |||||||
Financial assets included in other receivables | |||||||
- Normal | [1] | ||||||
- Doubtful | [1] | ||||||
Cash and cash equivalents | |||||||
- Not yet past due | |||||||
Total | |||||||
ECLs Stage 3 | USD [Member] | |||||||
Financial assets included in other receivables | |||||||
- Normal | [1] | ||||||
- Doubtful | $ | [1] | ||||||
Cash and cash equivalents | |||||||
- Not yet past due | $ | |||||||
Total | |||||||
[1] | The credit quality of the financial assets included in other receivables is considered to be "normal" when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be "doubtful". |
FINANCIAL RISK MANAGEMENT OBJ_4
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Schedule of maturity profile of the group's financial liabilities) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | ¥ | ¥ 100 | ¥ 3,896 | |
Other payables and accrued liabilities | ¥ | 3,029 | 1,600 | |
Due to a related company | ¥ | 9,158 | 5,077 | |
Due to the Shareholder | ¥ | 7,149 | 7,097 | |
Lease liabilities | ¥ | 1,129 | 812 | |
Trade and other payables, total | ¥ | 20,528 | 18,482 | |
USD [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | $ | $ 15 | ||
Other payables and accrued liabilities | $ | 463 | ||
Due to a related company | $ | 1,402 | ||
Due to the Shareholder | $ | 1,095 | ||
Lease liabilities | $ | 173 | ||
Trade and other payables, total | $ | 3,148 | ||
On demand [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | ¥ | |||
Other payables and accrued liabilities | ¥ | |||
Due to a related company | ¥ | |||
Due to the Shareholder | ¥ | |||
Lease liabilities | ¥ | |||
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 a related company | $ | |||
Due to the Shareholder | $ | |||
Lease liabilities | $ | |||
Trade and other payables, total | $ | |||
Within 1 year [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | ¥ | 100 | 3,896 | |
Other payables and accrued liabilities | ¥ | 3,029 | 1,600 | |
Due to a related company | ¥ | 9,158 | 5,077 | |
Due to the Shareholder | ¥ | 7,149 | 7,097 | |
Lease liabilities | ¥ | 753 | 812 | |
Trade and other payables, total | ¥ | 20,189 | 18,482 | |
Within 1 year [Member] | USD [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | $ | 15 | ||
Other payables and accrued liabilities | $ | 463 | ||
Due to a related company | $ | 1,402 | ||
Due to the Shareholder | $ | 1,095 | ||
Lease liabilities | $ | 115 | ||
Trade and other payables, total | $ | 3,090 | ||
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 a related company | ¥ | |||
Due to the Shareholder | ¥ | |||
Lease liabilities | ¥ | 376 | ||
Trade and other payables, total | ¥ | 376 | ||
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 a related company | $ | |||
Due to the Shareholder | $ | |||
Lease liabilities | $ | 58 | ||
Trade and other payables, total | $ | 58 | ||
Expiring 2023 [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | ¥ | |||
Other payables and accrued liabilities | ¥ | |||
Due to a related company | ¥ | |||
Due to the Shareholder | ¥ | |||
Lease liabilities | ¥ | |||
Trade and other payables, total | ¥ | |||
Expiring 2023 [Member] | USD [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | $ | |||
Other payables and accrued liabilities | $ | |||
Due to a related company | $ | |||
Due to the Shareholder | $ | |||
Lease liabilities | $ | |||
Trade and other payables, total | $ |
FINANCIAL RISK MANAGEMENT OBJ_5
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Schedule of highest and lowest points in equity price risk) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of fair value measurement of assets [line items] | |
Hong Kong – Hang Seng Index | 27,231 |
Bottom of range [member] | |
Disclosure of fair value measurement of assets [line items] | |
Hong Kong – Hang Seng Index | 21,139 |
Top of range [member] | |
Disclosure of fair value measurement of assets [line items] | |
Hong Kong – Hang Seng Index | 29,175 |
FINANCIAL RISK MANAGEMENT OBJ_6
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Schedule of fair values of equity investments) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of fair value measurement of assets [line items] | ||||||
Hong Kong - Financial assets at fair value through profit or loss | ¥ | ¥ 138,674 | |||||
USD [Member] | ||||||
Disclosure of fair value measurement of assets [line items] | ||||||
Hong Kong - Financial assets at fair value through profit or loss | $ | $ 21,234 | |||||
Carrying amount of equity investments [Member] | ||||||
Disclosure of fair value measurement of assets [line items] | ||||||
Hong Kong - Financial assets at fair value through profit or loss | ¥ | [1] | 138,674 | ||||
Carrying amount of equity investments [Member] | USD [Member] | ||||||
Disclosure of fair value measurement of assets [line items] | ||||||
Hong Kong - Financial assets at fair value through profit or loss | $ | [1] | 21,234 | ||||
Increase / (decrease) in profit before tax [Member] | Bottom of range [member] | ||||||
Disclosure of fair value measurement of assets [line items] | ||||||
Hong Kong - Financial assets at fair value through profit or loss | ¥ | [1] | 1,387 | ||||
Increase / (decrease) in profit before tax [Member] | Bottom of range [member] | USD [Member] | ||||||
Disclosure of fair value measurement of assets [line items] | ||||||
Hong Kong - Financial assets at fair value through profit or loss | $ | [1] | 212 | ||||
Increase / (decrease) in profit before tax [Member] | Top of range [member] | ||||||
Disclosure of fair value measurement of assets [line items] | ||||||
Hong Kong - Financial assets at fair value through profit or loss | ¥ | [1] | (1,387) | ||||
Increase / (decrease) in profit before tax [Member] | Top of range [member] | USD [Member] | ||||||
Disclosure of fair value measurement of assets [line items] | ||||||
Hong Kong - Financial assets at fair value through profit or loss | $ | [1] | (212) | ||||
Increase / (decrease) in equity [Member] | ||||||
Disclosure of fair value measurement of assets [line items] | ||||||
Hong Kong - Financial assets at fair value through profit or loss | ¥ | [1] | |||||
Increase / (decrease) in equity [Member] | USD [Member] | ||||||
Disclosure of fair value measurement of assets [line items] | ||||||
Hong Kong - Financial assets at fair value through profit or loss | $ | [1] | |||||
[1] | Excluding retained profits |
FINANCIAL INSTRUMENTS BY CATE_3
FINANCIAL INSTRUMENTS BY CATEGORY (Schedule of Carrying Amounts of the Categories of Financial Instruments) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Disclosure of financial assets [line items] | ||||||
Trade receivables | ¥ 3,956 | |||||
Financial assets included in other receivables | 32 | 33 | ||||
Financial assets at fair value through profit or loss | 138,674 | |||||
Cash and cash equivalents | 2,450 | 3,444 | ¥ 6,793 | ¥ 18,878 | ||
Total of financial instruments | 141,156 | 7,433 | ||||
USD [Member] | ||||||
Disclosure of financial assets [line items] | ||||||
Trade receivables | $ | ||||||
Financial assets included in other receivables | $ | 5 | |||||
Financial assets at fair value through profit or loss | $ | 21,234 | |||||
Cash and cash equivalents | $ | 375 | $ 527 | ||||
Total of financial instruments | 21,614 | |||||
Financial liabilities at amortised cost [Member] | ||||||
Disclosure of financial assets [line items] | ||||||
Trade receivables | 3,956 | |||||
Financial assets included in other receivables | 32 | 33 | ||||
Financial assets at fair value through profit or loss | ||||||
Cash and cash equivalents | 2,450 | 3,444 | ||||
Total of financial instruments | 2,482 | ¥ 7,433 | ||||
Financial liabilities at amortised cost [Member] | USD [Member] | ||||||
Disclosure of financial assets [line items] | ||||||
Financial assets included in other receivables | $ | 5 | |||||
Financial assets at fair value through profit or loss | $ | ||||||
Cash and cash equivalents | $ | 375 | |||||
Total of financial instruments | 380 | |||||
Designated as such upon initial recognition [Member] | ||||||
Disclosure of financial assets [line items] | ||||||
Financial assets included in other receivables | ||||||
Financial assets at fair value through profit or loss | 138,674 | |||||
Cash and cash equivalents | ||||||
Total of financial instruments | 138,674 | |||||
Designated as such upon initial recognition [Member] | USD [Member] | ||||||
Disclosure of financial assets [line items] | ||||||
Financial assets included in other receivables | $ | ||||||
Financial assets at fair value through profit or loss | $ | 21,234 | |||||
Cash and cash equivalents | $ | ||||||
Total of financial instruments | ¥ 21,234 |
FINANCIAL INSTRUMENTS BY CATE_4
FINANCIAL INSTRUMENTS BY CATEGORY (Schedule of Maturity Profile of the Group's Financial Liabilities) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Disclosure of financial liabilities [line items] | |||
Trade payables | ¥ | ¥ 100 | ¥ 3,896 | |
Financial liabilities in other payables and accruals | ¥ | 3,029 | 1,600 | |
Lease liabilities - current | ¥ | 745 | 803 | |
Lease liabilities - non-current | ¥ | 347 | ||
Due to related companies | ¥ | 9,158 | 5,077 | |
Due to the Shareholder | ¥ | 7,149 | 7,097 | |
Financial liabilities | ¥ | 20,528 | 18,473 | |
USD [Member] | |||
Disclosure of financial liabilities [line items] | |||
Trade payables | $ | $ 15 | ||
Financial liabilities in other payables and accruals | $ | 463 | ||
Lease liabilities - current | $ | 114 | ||
Lease liabilities - non-current | $ | 53 | ||
Due to related companies | $ | 1,402 | ||
Due to the Shareholder | $ | 1,095 | ||
Financial liabilities | $ | 3,142 | ||
Financial liabilities at amortised cost [Member] | |||
Disclosure of financial liabilities [line items] | |||
Trade payables | ¥ | 100 | 3,896 | |
Financial liabilities in other payables and accruals | ¥ | 3,029 | 1,600 | |
Lease liabilities - current | ¥ | 745 | 803 | |
Lease liabilities - non-current | ¥ | 347 | ||
Due to related companies | ¥ | 9,158 | 5,077 | |
Due to the Shareholder | ¥ | 7,149 | 7,097 | |
Financial liabilities | ¥ | ¥ 20,528 | ¥ 18,473 | |
Financial liabilities at amortised cost [Member] | USD [Member] | |||
Disclosure of financial liabilities [line items] | |||
Trade payables | $ | 15 | ||
Financial liabilities in other payables and accruals | $ | 463 | ||
Lease liabilities - current | $ | 114 | ||
Lease liabilities - non-current | $ | 53 | ||
Due to related companies | $ | 1,402 | ||
Due to the Shareholder | $ | 1,095 | ||
Financial liabilities | $ | $ 3,142 |
FAIR VALUE AND FAIR VALUE HIE_3
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (Schedule of Fair Value Measurement) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Disclosure of fair value measurement of assets [line items] | |||||
Financial assets at fair value through profit or loss | ¥ | ¥ 138,674 | ||||
Total | ¥ | 138,674 | ||||
USD [Member] | |||||
Disclosure of fair value measurement of assets [line items] | |||||
Financial assets at fair value through profit or loss | $ | $ 21,234 | ||||
Total | $ | 21,234 | ||||
Quoted prices in active markets (Level 1) [Member] | |||||
Disclosure of fair value measurement of assets [line items] | |||||
Financial assets at fair value through profit or loss | ¥ | 138,674 | ||||
Total | ¥ | 138,674 | ||||
Quoted prices in active markets (Level 1) [Member] | USD [Member] | |||||
Disclosure of fair value measurement of assets [line items] | |||||
Financial assets at fair value through profit or loss | $ | 21,234 | ||||
Total | $ | 21,234 | ||||
Significant observable inputs (Level 2) [Member] | |||||
Disclosure of fair value measurement of assets [line items] | |||||
Financial assets at fair value through profit or loss | ¥ | |||||
Total | ¥ | |||||
Significant observable inputs (Level 2) [Member] | USD [Member] | |||||
Disclosure of fair value measurement of assets [line items] | |||||
Financial assets at fair value through profit or loss | $ | |||||
Total | $ | |||||
Significant unobservable inputs (Level 3) [Member] | |||||
Disclosure of fair value measurement of assets [line items] | |||||
Financial assets at fair value through profit or loss | ¥ | |||||
Total | ¥ | |||||
Significant unobservable inputs (Level 3) [Member] | USD [Member] | |||||
Disclosure of fair value measurement of assets [line items] | |||||
Financial assets at fair value through profit or loss | $ | |||||
Total | $ |
COMMITMENTS (Details)
COMMITMENTS (Details) - 12 months ended Dec. 31, 2020 | USD ($) | CNY (¥) |
Statement Line Items [Line Items] | ||
Payment of lease liabilities | ¥ | ¥ 124 | |
USD [Member] | ||
Statement Line Items [Line Items] | ||
Payment of lease liabilities | $ | $ 19 |
SEGMENT INFORMATION (Schedule o
SEGMENT INFORMATION (Schedule of Segment Results) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020CNY (¥) | ||
Disclosure of operating segments [line items] | |||||||
Revenues from external customers | ¥ | ¥ 6,867 | ¥ 12,969 | |||||
Depreciation of property, plant and equipment | ¥ | (65) | (66) | (67) | ||||
Depreciation of right-of-use assets | ¥ | (976) | (1,187) | |||||
Operating loss | ¥ | (7,129) | (5,599) | (6,207) | ||||
Fair value gains on financial asset at fair value through profit or loss | ¥ | 31,334 | ||||||
Finance costs | ¥ | [1] | (60) | (62) | 5 | |||
Interest income | ¥ | 18 | 16 | 26 | ||||
Income tax benefit | ¥ | (1,416) | ||||||
(Loss)/profit for the year | ¥ | 25,579 | (5,645) | (6,176) | ||||
Capital expenditure | ¥ | (9) | (5) | (5) | ||||
Total assets | ¥ | 8,298 | 7,743 | ¥ 142,428 | ||||
Total liabilities | ¥ | 35,852 | 29,541 | 41,226 | ||||
USD [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues from external customers | $ | $ 1,052 | ||||||
Depreciation of property, plant and equipment | $ | (10) | ||||||
Depreciation of right-of-use assets | $ | (149) | $ (182) | |||||
Operating loss | $ | (1,091) | ||||||
Fair value gains on financial asset at fair value through profit or loss | $ | 4,798 | ||||||
Finance costs | $ | [1] | (9) | |||||
Interest income | $ | 3 | ||||||
Income tax benefit | $ | (217) | ||||||
(Loss)/profit for the year | $ | 3,918 | ||||||
Capital expenditure | $ | (1) | ||||||
Total assets | $ | 21,809 | ||||||
Total liabilities | $ | 6,313 | ||||||
Exploration and Mining [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues from external customers | ¥ | 6,867 | 12,969 | |||||
Depreciation of property, plant and equipment | ¥ | (62) | (62) | (63) | ||||
Depreciation of right-of-use assets | ¥ | (34) | ||||||
Operating loss | ¥ | (682) | (963) | (1,523) | ||||
Fair value gains on financial asset at fair value through profit or loss | ¥ | |||||||
Finance costs | ¥ | (1) | (2) | (1) | ||||
Interest income | ¥ | 1 | 1 | 1 | ||||
Income tax benefit | ¥ | |||||||
(Loss)/profit for the year | ¥ | (682) | (964) | (1,523) | ||||
Capital expenditure | ¥ | |||||||
Total assets | ¥ | 4,268 | 527 | 39 | ||||
Total liabilities | ¥ | 6,560 | 1,854 | 3,013 | ||||
Exploration and Mining [Member] | USD [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues from external customers | $ | 1,052 | ||||||
Depreciation of property, plant and equipment | $ | (9) | ||||||
Depreciation of right-of-use assets | $ | |||||||
Operating loss | $ | (104) | ||||||
Fair value gains on financial asset at fair value through profit or loss | $ | |||||||
Finance costs | $ | |||||||
Interest income | $ | |||||||
Income tax benefit | $ | |||||||
(Loss)/profit for the year | $ | (105) | ||||||
Capital expenditure | $ | |||||||
Total assets | $ | 6 | ||||||
Total liabilities | $ | 461 | ||||||
Corporate Activities [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues from external customers | ¥ | |||||||
Depreciation of property, plant and equipment | ¥ | (3) | (4) | (4) | ||||
Depreciation of right-of-use assets | ¥ | (976) | (1,153) | |||||
Operating loss | ¥ | (6,447) | (4,636) | (4,684) | ||||
Fair value gains on financial asset at fair value through profit or loss | ¥ | 31,334 | ||||||
Finance costs | ¥ | (59) | (60) | 6 | ||||
Interest income | ¥ | 17 | 15 | 25 | ||||
Income tax benefit | ¥ | 1,416 | ||||||
(Loss)/profit for the year | ¥ | 26,261 | (4,681) | (4,653) | ||||
Capital expenditure | ¥ | ¥ (9) | (5) | (5) | ||||
Total assets | ¥ | 4,030 | 7,216 | 142,389 | ||||
Total liabilities | ¥ | ¥ 29,292 | ¥ 27,687 | ¥ 38,213 | ||||
Corporate Activities [Member] | USD [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues from external customers | $ | |||||||
Depreciation of property, plant and equipment | $ | (1) | ||||||
Depreciation of right-of-use assets | $ | (149) | ||||||
Operating loss | $ | (987) | ||||||
Fair value gains on financial asset at fair value through profit or loss | $ | 4,798 | ||||||
Finance costs | $ | (9) | ||||||
Interest income | $ | 3 | ||||||
Income tax benefit | $ | 217 | ||||||
(Loss)/profit for the year | $ | 4,023 | ||||||
Capital expenditure | $ | (1) | ||||||
Total assets | $ | 21,803 | ||||||
Total liabilities | $ | $ 5,852 | ||||||
[1] | Finance costs mainly represent bank charges, foreign currency exchange differences and interest on lease liabilities. The amounts of bank charges were CNY6.00, CNY2.00 and CNY7.00 (US$1.00); the foreign currency exchange differences amounted to negative CNY11.00, nil and positive CNY15.00; and interest on lease liabilities amounted to nil, CNY60.00 and CNY38.00 (US$6.00) for the years ended December 31, 2018, 2019 and 2020, respectively. |
NOTES TO THE CONSOLIDATED STA_3
NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Lease liabilities [Member] | |||
Statement Line Items [Line Items] | |||
At beginning | ¥ 803 | ||
Changes from financing cash flows | (1,188) | ||
New leases | 1,439 | ||
Foreign exchange movement | |||
Interest expense | 38 | ||
At end | 1,092 | ¥ 803 | |
Due to the related companies [Member] | |||
Statement Line Items [Line Items] | |||
At beginning | 5,077 | 4,041 | |
Changes from financing cash flows | 4,081 | 1,036 | |
New leases | |||
Foreign exchange movement | |||
Interest expense | |||
At end | 9,158 | 5,077 | |
Due to the related companies [Member] | USD [Member] | |||
Statement Line Items [Line Items] | |||
At beginning | $ | $ 777 | ||
Changes from financing cash flows | $ | 625 | ||
New leases | $ | |||
Foreign exchange movement | $ | |||
Interest expense | $ | |||
At end | $ | 1,402 | ||
Due to the shareholder [Member] | |||
Statement Line Items [Line Items] | |||
At beginning | 7,097 | 6,973 | |
Changes from financing cash flows | 462 | ||
New leases | |||
Foreign exchange movement | (410) | 124 | |
Interest expense | |||
At end | 7,149 | 7,097 | |
Due to the shareholder [Member] | USD [Member] | |||
Statement Line Items [Line Items] | |||
At beginning | $ | 1,087 | ||
Changes from financing cash flows | $ | 69 | ||
New leases | $ | |||
Foreign exchange movement | $ | (61) | ||
Interest expense | $ | |||
At end | $ | 1,095 | ||
Lease liabilities [Member] | |||
Statement Line Items [Line Items] | |||
At beginning | ¥ 803 | 1,803 | |
Changes from financing cash flows | (1,060) | ||
Foreign exchange movement | |||
Interest expense | 60 | ||
At end | ¥ 803 | ||
Lease liabilities [Member] | USD [Member] | |||
Statement Line Items [Line Items] | |||
At beginning | $ | 123 | ||
Changes from financing cash flows | $ | (182) | ||
New leases | $ | 220 | ||
Foreign exchange movement | $ | |||
Interest expense | $ | 6 | ||
At end | $ | $ 167 |
NOTES TO THE CONSOLIDATED STA_4
NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS (Schedule of Cash Outflow for Leases) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Statement Line Items [Line Items] | |||
Within operating activities | ¥ | ¥ (56) | ¥ (46) | |
Within financing activities | ¥ | (1,188) | (1,060) | |
Total cash outflow for leases | ¥ | ¥ (1,244) | ¥ (1,106) | |
USD [Member] | |||
Statement Line Items [Line Items] | |||
Within operating activities | $ | $ (9) | ||
Within financing activities | $ | (182) | ||
Total cash outflow for leases | $ | $ (191) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) ¥ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 20, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Jan. 20, 2021$ / sharesshares | |
Disclosure of non-adjusting events after reporting period [line items] | |||
Gross proceeds | ¥ | ¥ 78,216 | ||
Securities purchase agreement [Member] | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Number of shares issued by Compnay | shares | 3,960,000 | ||
Share purchase price | $ / shares | $ 1.85 | ||
Concurrent private placement [Member] | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Number of warrants exercisable in share-based payment arrangement | shares | 1,584,000 | ||
Gross proceeds | ¥ | ¥ 7,300,000 |
CONDENSED FINANCIAL INFORMATI_3
CONDENSED FINANCIAL INFORMATION OF THE COMPANY (Narrative) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Statement Line Items [Line Items] | ||||
Restricted capital and reserves | ¥ | ¥ 24,258 | |||
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Restricted capital and reserves | $ | $ 3,714 | |||
Condensed [Member] | ||||
Statement Line Items [Line Items] | ||||
Restricted capital and reserves | ¥ | 12,990 | |||
Dividend Payables | ¥ | ||||
Condensed [Member] | USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Restricted capital and reserves | $ | 1,990 | |||
Dividend Payables | $ |
CONDENSED FINANCIAL INFORMATI_4
CONDENSED FINANCIAL INFORMATION OF THE COMPANY (Schedule of Condensed Statements of FInancial Position) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
NON-CURRENT ASSETS | ||||||
Right-of-use assets | ¥ | ¥ 1,079 | ¥ 616 | ||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | ¥ | 2,450 | 3,444 | ¥ 6,793 | ¥ 18,878 | ||
Financial assets at fair value through profit or loss | ¥ | 138,674 | |||||
TOTAL CURRENT ASSETS | ¥ | 141,191 | 7,468 | ||||
TOTAL ASSETS | ¥ | 142,428 | 8,298 | 7,743 | |||
NON-CURRENT LIABILITIES | ||||||
Lease liabilities | ¥ | 347 | |||||
Deferred tax liabilities | ¥ | 9,964 | |||||
TOTAL NON-CURRENT LIABILITIES | ¥ | 10,311 | |||||
CURRENT LIABILITIES | ||||||
Other payables and accrued liabilities | ¥ | 3,558 | 2,161 | ||||
Lease liabilities | ¥ | 745 | 803 | ||||
Due to the Shareholder | ¥ | 7,149 | 7,097 | ||||
TOTAL CURRENT LIABILITIES | ¥ | 30,915 | 35,852 | ||||
TOTAL LIABILITIES | ¥ | 41,226 | 35,852 | 29,541 | |||
EQUITY | ||||||
Issued capital | ¥ | 390,297 | 312,081 | ||||
Other capital reserves | ¥ | 716,776 | 692,518 | ||||
Accumulated losses | ¥ | (1,002,705) | (1,028,284) | ||||
Other comprehensive loss | ¥ | (3,166) | (3,869) | ||||
TOTAL EQUITY | ¥ | 101,202 | (27,554) | ¥ (21,798) | ¥ (15,505) | ||
TOTAL LIABILITIES AND EQUITY | ¥ | 142,428 | 8,298 | ||||
USD [Member] | ||||||
NON-CURRENT ASSETS | ||||||
Right-of-use assets | $ | $ 165 | |||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | $ | 375 | $ 527 | ||||
Financial assets at fair value through profit or loss | $ | 21,234 | |||||
TOTAL CURRENT ASSETS | $ | 21,619 | |||||
TOTAL ASSETS | $ | 21,809 | |||||
NON-CURRENT LIABILITIES | ||||||
Lease liabilities | $ | 53 | |||||
Deferred tax liabilities | $ | 1,526 | |||||
TOTAL NON-CURRENT LIABILITIES | $ | 1,579 | |||||
CURRENT LIABILITIES | ||||||
Other payables and accrued liabilities | $ | 545 | |||||
Lease liabilities | $ | 114 | |||||
Due to the Shareholder | $ | 1,095 | |||||
TOTAL CURRENT LIABILITIES | $ | 4,734 | |||||
TOTAL LIABILITIES | $ | 6,313 | |||||
EQUITY | ||||||
Issued capital | $ | 59,764 | $ 47,787 | ||||
Other capital reserves | $ | 109,756 | |||||
Accumulated losses | $ | (153,539) | |||||
Other comprehensive loss | $ | (485) | |||||
TOTAL EQUITY | $ | 15,496 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 21,809 | |||||
Condensed [Member] | ||||||
NON-CURRENT ASSETS | ||||||
Right-of-use assets | ¥ | 1,079 | |||||
CURRENT ASSETS | ||||||
Amounts due from subsidiaries | ¥ | 9,404 | 15,816 | ||||
Cash and cash equivalents | ¥ | 58 | 811 | ||||
Financial assets at fair value through profit or loss | ¥ | 138,674 | |||||
TOTAL CURRENT ASSETS | ¥ | 148,136 | 16,627 | ||||
TOTAL ASSETS | ¥ | 149,215 | 16,627 | ||||
NON-CURRENT LIABILITIES | ||||||
Lease liabilities | ¥ | 347 | |||||
Deferred tax liabilities | ¥ | 9,964 | |||||
TOTAL NON-CURRENT LIABILITIES | ¥ | 10,311 | |||||
CURRENT LIABILITIES | ||||||
Other payables and accrued liabilities | ¥ | 2,273 | 1,462 | ||||
Lease liabilities | ¥ | 745 | |||||
Due to the Shareholder | ¥ | 7,149 | 7,097 | ||||
Due to related companies | ¥ | 2,780 | |||||
TOTAL CURRENT LIABILITIES | ¥ | 12,947 | 8,559 | ||||
TOTAL LIABILITIES | ¥ | 23,258 | 8,559 | ||||
EQUITY | ||||||
Issued capital | ¥ | 368,395 | 290,179 | ||||
Other capital reserves | ¥ | 847,839 | 823,581 | ||||
Accumulated losses | ¥ | (1,074,563) | (1,095,446) | ||||
Other comprehensive loss | ¥ | (15,714) | (10,246) | ||||
TOTAL EQUITY | ¥ | 125,957 | 8,068 | ||||
TOTAL LIABILITIES AND EQUITY | ¥ | ¥ 149,215 | ¥ 16,627 | ||||
Condensed [Member] | USD [Member] | ||||||
NON-CURRENT ASSETS | ||||||
Right-of-use assets | $ | 165 | |||||
CURRENT ASSETS | ||||||
Amounts due from subsidiaries | $ | 1,441 | |||||
Cash and cash equivalents | $ | 9 | |||||
Financial assets at fair value through profit or loss | $ | 21,234 | |||||
TOTAL CURRENT ASSETS | $ | 22,684 | |||||
TOTAL ASSETS | $ | 22,849 | |||||
NON-CURRENT LIABILITIES | ||||||
Lease liabilities | $ | 53 | |||||
Deferred tax liabilities | $ | 1,526 | |||||
TOTAL NON-CURRENT LIABILITIES | $ | 1,579 | |||||
CURRENT LIABILITIES | ||||||
Other payables and accrued liabilities | $ | 347 | |||||
Lease liabilities | $ | 114 | |||||
Due to the Shareholder | $ | 1,095 | |||||
Due to related companies | $ | 425 | |||||
TOTAL CURRENT LIABILITIES | $ | 1,981 | |||||
TOTAL LIABILITIES | $ | 3,560 | |||||
EQUITY | ||||||
Issued capital | $ | 56,411 | |||||
Other capital reserves | $ | 129,826 | |||||
Accumulated losses | $ | (164,543) | |||||
Other comprehensive loss | $ | (2,405) | |||||
TOTAL EQUITY | $ | 19,289 | |||||
TOTAL LIABILITIES AND EQUITY | $ | $ 22,849 |
CONDENSED FINANCIAL INFORMATI_5
CONDENSED FINANCIAL INFORMATION OF THE COMPANY (Schedule of Condensed Statements of Profit or Loss) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | ||
Statement Line Items [Line Items] | |||||
Administrative expenses | ¥ | ¥ (7,140) | ¥ (5,814) | ¥ (6,207) | ||
Finance costs | ¥ | [1] | 60 | 62 | (5) | |
Fair value gains on financial asset at fair value through profit or loss | ¥ | 31,334 | ||||
(Loss)/profit before income tax | ¥ | 24,163 | (5,645) | (6,176) | ||
Income tax expense | ¥ | (18) | (16) | (26) | ||
(Loss)/profit for the year | ¥ | 25,579 | (5,645) | (6,176) | ||
USD [Member] | |||||
Statement Line Items [Line Items] | |||||
Administrative expenses | $ | $ (1,093) | ||||
Finance costs | $ | [1] | 9 | |||
Fair value gains on financial asset at fair value through profit or loss | $ | 4,798 | ||||
(Loss)/profit before income tax | $ | 3,701 | ||||
Income tax expense | $ | (3) | ||||
(Loss)/profit for the year | $ | 3,918 | ||||
Condensed [Member] | |||||
Statement Line Items [Line Items] | |||||
Administrative expenses | ¥ | (5,243) | (3,814) | (3,794) | ||
Finance costs | ¥ | (38) | ||||
Interest income | ¥ | 1 | ||||
Fair value gains on financial asset at fair value through profit or loss | ¥ | 31,334 | ||||
(Loss)/profit before income tax | ¥ | 26,053 | (3,813) | (3,794) | ||
Income tax expense | ¥ | (5,170) | ||||
(Loss)/profit for the year | ¥ | ¥ 20,883 | ¥ (3,813) | ¥ (3,794) | ||
Condensed [Member] | USD [Member] | |||||
Statement Line Items [Line Items] | |||||
Administrative expenses | $ | (803) | ||||
Finance costs | $ | (6) | ||||
Interest income | $ | |||||
Fair value gains on financial asset at fair value through profit or loss | $ | 4,798 | ||||
(Loss)/profit before income tax | $ | 3,989 | ||||
Income tax expense | $ | (792) | ||||
(Loss)/profit for the year | $ | $ 3,197 | ||||
[1] | Finance costs mainly represent bank charges, foreign currency exchange differences and interest on lease liabilities. The amounts of bank charges were CNY6.00, CNY2.00 and CNY7.00 (US$1.00); the foreign currency exchange differences amounted to negative CNY11.00, nil and positive CNY15.00; and interest on lease liabilities amounted to nil, CNY60.00 and CNY38.00 (US$6.00) for the years ended December 31, 2018, 2019 and 2020, respectively. |
CONDENSED FINANCIAL INFORMATI_6
CONDENSED FINANCIAL INFORMATION OF THE COMPANY (Schedule of Condensed Statements of Cash Flow) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Statement Line Items [Line Items] | ||||
Net cash flows used in operating activities | ¥ | ¥ (4,561) | ¥ (3,333) | ¥ (7,527) | |
Net cash flows from/(used in) investing activities | ¥ | (9) | (5) | 9,372 | |
Net cash flows (used in)/from financing activities | ¥ | 3,283 | (24) | (13,813) | |
NET DECREASE IN CASH | ¥ | (1,287) | (3,362) | (11,968) | |
Net foreign exchange differences | ¥ | 293 | 13 | (117) | |
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Net cash flows used in operating activities | $ | $ (696) | |||
Net cash flows from/(used in) investing activities | $ | (1) | |||
Net cash flows (used in)/from financing activities | $ | 501 | |||
NET DECREASE IN CASH | $ | (196) | |||
Net foreign exchange differences | $ | 45 | |||
Condensed [Member] | ||||
Statement Line Items [Line Items] | ||||
Net cash flows used in operating activities | ¥ | (3,269) | (3,294) | (5,200) | |
Net cash flows from/(used in) investing activities | ¥ | (216) | (21) | 10,243 | |
Net cash flows (used in)/from financing activities | ¥ | 1,982 | (15,811) | ||
NET DECREASE IN CASH | ¥ | (1,503) | (3,315) | (10,768) | |
CASH AT BEGINNING OF THE YEAR | ¥ | 811 | 4,122 | 13,912 | |
Net foreign exchange differences | ¥ | 750 | 4 | 978 | |
CASH AT END OF THE YEAR | ¥ | ¥ 58 | ¥ 811 | ¥ 4,122 | |
Condensed [Member] | USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Net cash flows used in operating activities | $ | (501) | |||
Net cash flows from/(used in) investing activities | $ | (33) | |||
Net cash flows (used in)/from financing activities | $ | 303 | |||
NET DECREASE IN CASH | $ | (231) | |||
CASH AT BEGINNING OF THE YEAR | $ | 124 | |||
Net foreign exchange differences | $ | 116 | |||
CASH AT END OF THE YEAR | $ | $ 9 |