CHINA NATURAL RESOURCES REPORTS FULL YEAR 2021 RESULTS

About this update from China Natural Resources, Inc.

[{"type":"text","content":"HONG KONG, MAY 17, 2022 /PRNewswire/ -- China Natural Resources Inc. (NASDAQ: CHNR) (the \"Company\") today announced its results of operations for the twelve months ended December 31, 2021. For the convenience of the reader, amounts in Chinese Yuan (\"CNY\") have been translated into United States dollars (\"US$\") at the rate of US$1.00 = CNY6.3559 as quoted by www.ofx.com on December 31, 2021.\nMr. Wong Wah On Edward, Chairman and Chief Executive Officer of the Company, commented, \"We continued to make meaningful progress on the strategic diversification of our business in 2021. Our progress was, however, slowed by the COVID-19 pandemic, resulting shutdowns, logistic complications, and the steep global increase in operating costs and inflation. In addition, our operations in the rural wastewater treatment industry in 2021 resulted in a near-term reduction in our revenue level, but we believe our actions will be a catalyst for increased revenue growth and profitability. We are already seeing initial positive signs from our efforts to streamline our operations and our cost reduction plan, while at the same time focusing on continued exploration of the Moruogu Tong Mine. As we recently noted, we expect commodities prices to remain high, with demand continuing to outstrip supply. With even greater urgency placed on exploration opportunities and the potential for higher valuations of assets such as the Moruogu Tong Mine, we also recently announced plans to increase investments in the Moruogu Tong Mine. We are also evaluating other attractive business opportunities and believe that we will be able to further leverage our expertise and capital to create even greater value for shareholders.\"\nFinancial Results for the Twelve Months Ended December 31, 2021\nAs of December 31, 2021, the Company had two operating segments: wastewater treatment and exploration and mining. Revenue for the twelve months ended December 31, 2021 was CNY18.74 million (approximately US$2.95 million), as compared to revenue of approximately CNY42.50 million (approximately US$6.69 million) for the twelve months ended December 31, 2020. The decrease in revenue was mainly caused by the completion of the construction phase of a public-private partnership wastewater treatment project in January 2021.\nNet loss for the twelve months ended December 31, 2021 was appr...

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