CHINA NATURAL RESOURCES Value Stock - Dividend - Research Selection
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Description of the company
Following the January 2014 Spin-Off and listing on the Main Board of the Hong Kong Stock Exchange of the shares of Feishang Anthracite, which had operated our coal mining and related businesses, we intend to continue our acquisition and exploitation of mining rights, including the exploration, mineral extraction, processing and sales of iron, zinc and other nonferrous metals extracted or produced at mines primarily located in Anhui Province in the PRC, as well as our operation of related businesses. We conduct these activities through our indirect wholly-owned subsidiary, Wuhu Feishang.
Prior to November 2013, we conducted exploration and mining operations at four non-ferrous metals mines located in Anhui Province in the PRC, and we submitted our application to renew the exploration rights for three of these mines on their expiry. In November 2013, the Fanchang County Bureau of Land and Resources redesignated the Sichong Mine, the Baiguochong Mine and the Luojiachong Mine as exploration restricted areas. As a result, the Company’s exploration rights at these mines were not renewed and further exploration activities at these mines have ceased.
Our sole operations currently consist of the mining, processing and sale of iron extracted or produced at Yangchong Mine located in Anhui Province in the PRC. Since 2013 we have also produced and sold sulfur concentrates extracted at Yangchong Mine. However, sales of sulphur conventrates are not material to our results of operations. Prior to 2012, we also processed and sold zinc that was extracted or produced at Yongchong Mine. However, we produced no zinc in 2013 or 2014 due to the inferior quality of zinc at current mining zones; and we produced no micaceous oxide in 2013 or 2014 because it could not be produced and sold on a profitable basis.
The minable ore at Yangchong Mine will likely be depleted during 2016. Management is in the process of seeking additional mining licenses, as well as exploring new businesses opportunities, that will enable us to enable us to sustain operations following depletion of minable ore at Yangchong Mine. However, to date we have not identified new mining licenses or new business opportunities for acquisition. If we are unable to identify and acquire additional mines or new business opportunities, we may be required to cease operations.