Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
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, 2018 |
Trading Symbol | CHNR |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity a Well-known Seasoned Issuer | No |
Entity a Voluntary Filer | No |
Entity's Reporting Status Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 24,910,916 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2018 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ¥ in Thousands, $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
NON-CURRENT ASSETS | |||
Property, plant and equipment | ¥ | ¥ 275 | ¥ 337 | |
TOTAL NON-CURRENT ASSETS | ¥ | 275 | 337 | |
CURRENT ASSETS | |||
Prepayments | ¥ | 39 | 39 | |
Other receivables | ¥ | 636 | 10,494 | |
Cash and cash equivalents | ¥ | 6,793 | 18,878 | |
TOTAL CURRENT ASSETS | ¥ | 7,468 | 29,411 | |
TOTAL ASSETS | ¥ | 7,743 | 29,748 | |
CURRENT LIABILITIES | |||
Trade payables | ¥ | 100 | 215 | |
Other payables and accrued liabilities | ¥ | 1,639 | 2,926 | |
Taxes payable | ¥ | 16,788 | 16,792 | |
Due to related companies | ¥ | 4,041 | 13,747 | |
Due to the Shareholder | ¥ | 6,973 | 11,573 | |
TOTAL CURRENT LIABILITIES AND TOTAL LIABILITIES | ¥ | 29,541 | 45,253 | |
EQUITY / (DEFICIENCY IN ASSETS) | |||
Issued capital | ¥ | 312,081 | 312,081 | |
Other capital reserves | ¥ | 692,518 | 692,518 | |
Accumulated losses | ¥ | (1,022,639) | (1,016,463) | |
Other comprehensive income | ¥ | (3,758) | (3,641) | |
DEFICIENCY IN ASSETS | ¥ | (21,798) | (15,505) | |
TOTAL LIABILITIES AND EQUITY | ¥ | ¥ 7,743 | ¥ 29,748 | |
USD [Member] | |||
NON-CURRENT ASSETS | |||
Property, plant and equipment | $ | $ 40 | ||
TOTAL NON-CURRENT ASSETS | $ | 40 | ||
CURRENT ASSETS | |||
Prepayments | $ | 6 | ||
Other receivables | $ | 92 | ||
Cash and cash equivalents | $ | 988 | ||
TOTAL CURRENT ASSETS | $ | 1,086 | ||
TOTAL ASSETS | $ | 1,126 | ||
CURRENT LIABILITIES | |||
Trade payables | $ | 15 | ||
Other payables and accrued liabilities | $ | 238 | ||
Taxes payable | $ | 2,441 | ||
Due to related companies | $ | 587 | ||
Due to the Shareholder | $ | 1,014 | ||
TOTAL CURRENT LIABILITIES AND TOTAL LIABILITIES | $ | 4,295 | ||
EQUITY / (DEFICIENCY IN ASSETS) | |||
Issued capital | $ | 45,371 | ||
Other capital reserves | $ | 100,679 | ||
Accumulated losses | $ | (148,673) | ||
Other comprehensive income | $ | (546) | ||
DEFICIENCY IN ASSETS | $ | (3,169) | ||
TOTAL LIABILITIES AND EQUITY | $ | $ 1,126 |
CONSOLIDATED STATEMENTS OF PROF
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2018CNY (¥)¥ / shares | Dec. 31, 2017CNY (¥)¥ / shares | Dec. 31, 2016CNY (¥)¥ / shares | ||
CONTINUING OPERATIONS | |||||
Administrative expenses | ¥ | ¥ (6,207) | ¥ (6,204) | ¥ (4,519) | ||
OPERATING LOSS | ¥ | (6,207) | (6,204) | (4,519) | ||
Finance costs | ¥ | [1] | 5 | (14) | (1) | |
Interest income | ¥ | 26 | 39 | 75 | ||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | ¥ | (6,176) | (6,179) | (4,445) | ||
INCOME TAX EXPENSE | ¥ | |||||
LOSS FOR THE YEAR FROM CONTINUING OPERATIONS | ¥ | (6,176) | (6,179) | (4,445) | ||
DISCONTINUED OPERATIONS | |||||
Loss for the year from discontinued operations, net of tax | ¥ | (23,817) | (18,591) | |||
LOSS FOR THE YEAR | ¥ | (6,176) | (29,996) | (23,036) | ||
ATTRIBUTABLE TO: Owners of the Company | |||||
From continuing operations | ¥ | (6,176) | (6,179) | (4,445) | ||
From discontinued operations | ¥ | (23,817) | (18,591) | |||
ATTRIBUTABLE TO: Owners of the Company | ¥ | (6,176) | (29,996) | (23,036) | ||
ATTRIBUTABLE TO: Non-controlling interests | |||||
From continuing operations | ¥ | |||||
From discontinued operations | ¥ | |||||
ATTRIBUTABLE TO: Non-controlling interests | ¥ | |||||
LOSS FOR THE YEAR | ¥ | ¥ (6,176) | ¥ (29,996) | ¥ (23,036) | ||
LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY: Basic | |||||
- For loss from continuing operations | ¥ / shares | ¥ (0.25) | ¥ (0.25) | ¥ (0.18) | ||
- For loss from discontinued operations | ¥ / shares | (0.95) | (0.74) | |||
- Net loss per share | ¥ / shares | (0.25) | (1.20) | (0.92) | ||
LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY: Diluted | |||||
- For loss from continuing operations | ¥ / shares | (0.25) | (0.25) | (0.18) | ||
- For loss from discontinued operations | ¥ / shares | (0.95) | (0.74) | |||
- Net loss per share | ¥ / shares | ¥ (0.25) | ¥ (1.20) | ¥ (0.92) | ||
USD [Member] | |||||
CONTINUING OPERATIONS | |||||
Administrative expenses | $ | $ (902) | ||||
OPERATING LOSS | $ | (902) | ||||
Finance costs | $ | [1] | 1 | |||
Interest income | $ | 4 | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | (897) | ||||
INCOME TAX EXPENSE | $ | |||||
LOSS FOR THE YEAR FROM CONTINUING OPERATIONS | $ | (897) | ||||
DISCONTINUED OPERATIONS | |||||
Loss for the year from discontinued operations, net of tax | $ | |||||
LOSS FOR THE YEAR | $ | (897) | ||||
ATTRIBUTABLE TO: Owners of the Company | |||||
From continuing operations | $ | (897) | ||||
From discontinued operations | $ | |||||
ATTRIBUTABLE TO: Owners of the Company | $ | (897) | ||||
ATTRIBUTABLE TO: Non-controlling interests | |||||
From continuing operations | $ | |||||
From discontinued operations | $ | |||||
ATTRIBUTABLE TO: Non-controlling interests | $ | |||||
LOSS FOR THE YEAR | $ | $ (897) | ||||
LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY: Basic | |||||
- For loss from continuing operations | $ / shares | $ (0.04) | ||||
- For loss from discontinued operations | $ / shares | |||||
- Net loss per share | $ / shares | (0.04) | ||||
LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY: Diluted | |||||
- For loss from continuing operations | $ / shares | (0.04) | ||||
- For loss from discontinued operations | $ / shares | |||||
- Net loss per share | $ / shares | $ (0.04) | ||||
[1] | Finance cost from continuing operations mainly represented bank charges and foreign currency exchange differences. The amount of bank charge was CNY28.00 thousand, CNY1.00 thousand and CNY6.00 thousand (US$1.00 thousand), and the foreign currency exchange differences amounted to negative CNY27.00 thousand, CNY13.00 thousand and negative CNY11.00 thousand (negative US$2.00 thousand) as of December 31, 2016, 2017 and 2018, respectively. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
ForeignCurrencyLineItems [Line Items] | ||||
LOSS FOR THE YEAR | ¥ | ¥ (6,176) | ¥ (29,996) | ¥ (23,036) | |
Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods: | ||||
Reclassification adjustments for a foreign operation disposed of during the year | ¥ | 3,280 | |||
Foreign currency translation adjustments | ¥ | (117) | (1,984) | (834) | |
Total other comprehensive income/(loss) for the year, net of tax | ¥ | (117) | 1,296 | (834) | |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | ¥ | (6,293) | (28,700) | (23,870) | |
Attributable to: Owners of the Company | ||||
From continuing operations | ¥ | (6,293) | (5,758) | (4,445) | |
From discontinued operations | ¥ | (22,942) | (19,425) | ||
Attributable to: Owners of the Company | ¥ | (6,293) | (28,700) | (23,870) | |
ATTRIBUTABLE TO: Non-controlling interests | ||||
From continuing operations | ¥ | ||||
From discontinued operations | ¥ | ||||
Non-controlling interests | ¥ | ||||
TOTAL COMPREHENSIVE IMCOME FOR THE YEAR | ¥ | ¥ (6,293) | ¥ (28,700) | ¥ (23,870) | |
USD [Member] | ||||
ForeignCurrencyLineItems [Line Items] | ||||
LOSS FOR THE YEAR | $ | $ (897) | |||
Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods: | ||||
Reclassification adjustments for a foreign operation disposed of during the year | $ | ||||
Foreign currency translation adjustments | $ | (17) | |||
Total other comprehensive income/(loss) for the year, net of tax | $ | (17) | |||
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | $ | (914) | |||
Attributable to: Owners of the Company | ||||
From continuing operations | $ | (914) | |||
From discontinued operations | $ | ||||
Attributable to: Owners of the Company | $ | (914) | |||
ATTRIBUTABLE TO: Non-controlling interests | ||||
From continuing operations | $ | ||||
From discontinued operations | $ | ||||
Non-controlling interests | $ | ||||
TOTAL COMPREHENSIVE IMCOME FOR THE YEAR | $ | $ (914) |
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 ReservesUSD ($) | Attributable to owners of the Company ReservesCNY (¥) | Attributable to owners of the Company Accumulated lossesUSD ($) | Attributable to owners of the Company Accumulated lossesCNY (¥) | Attributable to owners of the Company Other Comprehensive Income LossUSD ($) | Attributable to owners of the Company Other Comprehensive Income LossCNY (¥) | USD ($) | CNY (¥) |
Beginning Balance at Dec. 31, 2015 | ¥ 312,081 | ¥ 636,960 | ¥ 64,233 | ¥ (1,026,970) | ¥ (4,103) | ¥ (17,799) | ||||||
Statement Line Items [Line Items] | ||||||||||||
Loss for the year | (23,036) | (23,036) | ||||||||||
Foreign currency translation adjustments | (834) | (834) | ||||||||||
Total comprehensive income | (23,036) | (834) | (23,870) | |||||||||
Adjustment in relation to acquisition of Double Grow International Limited ("Double Grow") | (694) | (694) | ||||||||||
Deemed contribution from a related party | 55,558 | 55,558 | ||||||||||
Appropriation and utilization of safety fund, net | (359) | 359 | ||||||||||
Ending Balance at Dec. 31, 2016 | 312,081 | 692,518 | 63,180 | (1,049,647) | (4,937) | 13,195 | ||||||
Statement Line Items [Line Items] | ||||||||||||
Loss for the year | (29,996) | (29,996) | ||||||||||
Foreign currency translation adjustments | 1,296 | 1,296 | ||||||||||
Total comprehensive income | (29,996) | 1,296 | (28,700) | |||||||||
Disposal of the discontinued operations | (63,180) | 63,180 | ||||||||||
Ending Balance at Dec. 31, 2017 | 312,081 | 692,518 | (1,016,463) | (3,641) | (15,505) | |||||||
Statement Line Items [Line Items] | ||||||||||||
Loss for the year | (6,176) | (6,176) | ||||||||||
Foreign currency translation adjustments | (117) | (117) | ||||||||||
Total comprehensive income | (6,176) | (117) | (6,293) | |||||||||
Ending Balance at Dec. 31, 2018 | ¥ 312,081 | ¥ 692,518 | ¥ (1,022,639) | ¥ (3,758) | ¥ (21,798) | |||||||
Ending Balance at Dec. 31, 2018 | $ | $ 45,371 | $ 100,679 | $ (148,673) | $ (546) | $ (3,169) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
OPERATING ACTIVITIES | ||||
Loss for the year: From continuing operations | ¥ | ¥ (6,176) | ¥ (6,179) | ¥ (4,445) | |
Loss for the year: From discontinued operations | ¥ | (23,817) | (18,591) | ||
Adjustments for: | ||||
Depreciation and amortization | ¥ | 67 | 1,748 | 2,655 | |
Gain on disposal of property, plant and equipment | ¥ | (45) | (1) | ||
Reversal of write-down of inventories to net realizable value, net | ¥ | (1,744) | |||
Accretion expenses | ¥ | 60 | 311 | ||
Decrease in deferred income | ¥ | (287) | |||
Loss on disposal of discontinued operations | ¥ | 15,571 | |||
Changes in working capital: | ||||
Rehabilitation fund | ¥ | (11) | (15) | ||
Inventories | ¥ | (746) | (1,452) | ||
Prepayments | ¥ | (354) | (144) | ||
Other receivables | ¥ | (12) | (10,376) | (1,401) | |
Trade payables | ¥ | (115) | (1,426) | (65) | |
Other payables and accrued liabilities | ¥ | (1,287) | 10,727 | (3,088) | |
Taxes payable | ¥ | (4) | 102 | (2) | |
Net cash flows used in operating activities | ¥ | (7,527) | (14,746) | (28,269) | |
INVESTING ACTIVITIES | ||||
Proceeds from disposal of subsidiaries | ¥ | 9,377 | 7,983 | ||
Net cash flows from acquisition of subsidiaries, net | ¥ | (86) | |||
Purchases of property, plant and equipment | ¥ | (5) | (5,029) | (4,946) | |
Net proceeds from disposal of property, plant and equipment | ¥ | 10 | |||
Net cash flows (used in)/from investing activities | ¥ | 9,372 | 2,868 | (4,936) | |
FINANCING ACTIVITIES | ||||
Repayments to the Shareholder | ¥ | (4,600) | |||
Repayments to related companies | ¥ | (11,392) | (2,385) | (2,020) | |
Advances from related companies | ¥ | 2,179 | 15,015 | 7,601 | |
Net cash flows from/(used in) financing activities | ¥ | (13,813) | 12,630 | 5,581 | |
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | ¥ | (11,968) | 752 | (27,624) | |
NET FOREIGN EXCHANGE DIFFERENCE | ¥ | (117) | (1,102) | 1,545 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | ¥ | 18,878 | 19,228 | 45,307 | |
CASH AND CASH EQUIVALENTS AT END OF YEAR | ¥ | 6,793 | 18,878 | 19,228 | |
Supplementary disclosures of cash flow information: | ||||
Cash receipt of government grants | ¥ | 52 | |||
Cash receipt of interest | ¥ | ¥ 26 | ¥ 48 | ¥ 194 | |
USD [Member] | ||||
OPERATING ACTIVITIES | ||||
Loss for the year: From continuing operations | $ | $ (897) | |||
Loss for the year: From discontinued operations | $ | ||||
Adjustments for: | ||||
Depreciation and amortization | $ | 10 | |||
Gain on disposal of property, plant and equipment | $ | ||||
Reversal of write-down of inventories to net realizable value, net | $ | ||||
Accretion expenses | $ | ||||
Decrease in deferred income | $ | ||||
Loss on disposal of discontinued operations | $ | ||||
Changes in working capital: | ||||
Rehabilitation fund | $ | ||||
Inventories | $ | ||||
Prepayments | $ | ||||
Other receivables | $ | (2) | |||
Trade payables | $ | (17) | |||
Other payables and accrued liabilities | $ | (186) | |||
Taxes payable | $ | (1) | |||
Net cash flows used in operating activities | $ | (1,093) | |||
INVESTING ACTIVITIES | ||||
Proceeds from disposal of subsidiaries | $ | 1,363 | |||
Net cash flows from acquisition of subsidiaries, net | $ | ||||
Purchases of property, plant and equipment | $ | (1) | |||
Net proceeds from disposal of property, plant and equipment | $ | ||||
Net cash flows (used in)/from investing activities | $ | 1,362 | |||
FINANCING ACTIVITIES | ||||
Repayments to the Shareholder | $ | (669) | |||
Repayments to related companies | $ | (1,656) | |||
Advances from related companies | $ | 317 | |||
Net cash flows from/(used in) financing activities | $ | (2,008) | |||
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | $ | (1,739) | |||
NET FOREIGN EXCHANGE DIFFERENCE | $ | (17) | |||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | $ | 2,744 | |||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | 988 | |||
Supplementary disclosures of cash flow information: | ||||
Cash receipt of government grants | $ | ||||
Cash receipt of interest | $ | $ 4 |
ORGANIZATION AND PRINCIPAL ACTI
ORGANIZATION AND PRINCIPAL ACTIVITIES | 12 Months Ended |
Dec. 31, 2018 | |
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 15. CHNR ' r Feishang Group Limited (Feishang Group or the Shareholder), a British Virgin Islands corporation. Mr. Li Feilie is the beneficial owner of Feishang Group. In the opinion of the directors of the Company, the ultimate parent of CHNR is Laitan Investment Limited, a British Virgin Islands corporation. The consolidated financial statements of the Group for the year ended December 31, 2018 were authorized for issuance in accordance with a resolution of the directors on April 30, 2019. As at December 31, 2017 and 2018, the Company and its subsidiaries had net current liabilities of CNY15.84 million and CNY22.07 million (US$3.21 million), respectively, and total assets less current liabilities of negative CNY15.51 million and CNY21.80 million (US$3.17 million), respectively. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
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. Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries for the year ended December 31, 2018. 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 or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control above. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes (i) the assets (including goodwill) and liabilities of the subsidiary, (ii) the carrying amount of any non-controlling interest and (iii) the cumulative translation differences recorded in equity; and recognizes (i) the fair value of the consideration received, (ii) the fair value of any investment retained and (iii) any resulting surplus or deficit in profit or loss. The 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. Going concern As of December 31, 2018 and 2017, the Group had net current liabilities of CNY22.07 million (US$3.21 million) and CNY15.84 million, and shareholders deficiency in assets of CNY21.80 million (US$3.17 million) and CNY15.51 million, respectively. In view of these circumstances, the directors have given consideration to the future liquidity and performance of the Group and its available sources of finance in assessing whether the Group will have sufficient financial resources to continue as a going concern. In order to improve the Groups liquidity and cash flows to sustain the Group as a going concern, the directors of the Company have undertaken certain measures to improve the cash flows of the Group, which include but are not limited to obtaining confirmations for continuous financial support from Feishang Group and Feishang Enterprise Group Co., Ltd. (Feishang Enterprise), entities controlled by Mr. Li Feilie, who is the principal beneficial shareholder of the Company, which state that Feishang Group and Feishang Enterprise would provide continuous financial support to the Group in relation to the going concern of its operations, including payments on debts and will not recall any amounts due to them until the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. Accordingly, in the opinion of the directors, it is appropriate for the consolidated financial statements to be prepared on a going concern basis. 2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES The Group has adopted the following new and revised IFRSs for the first time for the current year's financial statements. Amendments to IFRS 2 Classification and Measurement of Share-based Payment Transactions Amendments to IFRS 4 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts IFRS 9 Financial Instruments IFRS 15 Revenue from Contracts with Customers Amendments to IFRS 15 Clarifications to IFRS 15 Revenue from Contracts with Customers Amendments to IAS 40 Transfers of Investment Property IFRIC 22 Foreign Currency Transactions and Advance Consideration Annual Improvements 2014-2016 Cycle Amendments to IFRS 1 and IAS 28 Except for the amendments to IFRS 2, amendments to IFRS 4, amendments to IAS 40, IFRIC 22 and Annual Improvements 2014-2016 Cycle (a) IFRS 9 Financial Instruments replaces IAS 39 Financial Instruments: Recognition and Measurement from January 1, 2018 The comparative information is not restated and the Group recognized any transition adjustments in relation to the adoption of IFRS 9 against the opening balance of equity at January 1, 2018 as further disclosed below. (1) Classification and measurement On January 1, 2018 (the date of initial application of IFRS 9), the Groups management has classified its financial assets into the appropriate IFRS 9 categories. There was no significant effect resulting from this reclassification. (2) Impairment IFRS 9 requires an impairment on debt instruments recorded at amortized cost or at fair value through other comprehensive income, lease receivables, loan commitments and financial guarantee contracts that are not accounted for at fair value through profit or loss under IFRS 9, to be recorded based on an expected credit loss model either on a twelve-month basis or a lifetime basis. The Group has no trade receivables and only has other receivables, and thus, the Group has applied the general approach and recorded twelve-month expected credit losses that were estimated based on the probability of default by applying a loss rate to its other receivables within the next twelve months. The effect of adoption on the consolidated financial statements was minimal. (b) IFRS 15 Revenue from Contracts with Customers and its amendments IFRS 15 and its amendments replace IAS 11 Construction Contracts Revenue There was no revenue generated by the Group during the years ended December 31, 2018 and 2017. 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 Definition of a Business 2 Amendments to IFRS 9 Prepayment Features with Negative Compensation 1 Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 4 IFRS 16 Leases 1 IFRS 17 Insurance Contracts 3 Amendments to IAS 1 and IAS 8 Definition of Material 2 Amendments to IAS 19 Plan Amendment, Curtailment or Settlement 1 Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures 1 IFRIC 23 Uncertainty over Income Tax Treatments 1 Annual Improvements 2015-2017 Cycle Amendments to IFRS 3, IFRS 11, IAS 12 and IAS 23 1 1 Effective for annual periods beginning on or after January 1, 2019 2 Effective for annual periods beginning on or after January 1, 2020 3 Effective for annual periods beginning on or after January 1, 2021 4 No mandatory effective date yet determined but available for adoption Of those standards, IFRS 16 will be applicable for the Groups financial year ending December 31, 2019 and is expected to have some impact upon adoption. Whilst management has performed a detailed assessment of the estimated impacts of these standards, that assessment is based on the information currently available to the Group, including expectations of the application of transitional provision options and policy choices. The actual impacts upon adoption could be different to those below, depending on additional reasonable and supportable information being made available to the Group at the time of applying the standard and the transitional provisions and policy options finally adopted. IFRS 16 replaces IAS 17 Leases Determining whether an Arrangement contains a Lease Operating Leases - Incentives Evaluating the Substance of Transactions Involving the Legal Form of a Lease 2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Business combinations The acquisition of subsidiaries and businesses under common control, where applicable, has been accounted for using merger accounting. The financial statements of the combining entities or businesses under common control are prepared for the same reporting period as the Company, using consistent accounting policies. The merger method of accounting involves incorporating the financial statement items of the combining entities or businesses in which the common control combinations occurs as if they had been combined from the date when the combining entities or businesses first came under the control of the controlling shareholder. The net assets of the combining entities or businesses are combined using the existing book values from the controlling shareholders perspective. No amount is recognized in respect of goodwill or the excess of the acquirers interest in the net fair value of acquirees identifiable assets, liabilities and contingent liabilities over the cost of investment at the time of common control combination. The consolidated statement of profit or loss includes the results of each of the combining entities or businesses from the earliest date presented or since the date when the combining entities or businesses first came under common control or since their respective dates of incorporation/establishment, where this is a shorter period, regardless of the date of the common control combination. All intra-group balances, transactions, unrealized gains and losses resulting from intra-group transactions and dividends are eliminated on consolidation. Business combinations, other than business combinations under common control, are accounted for using the acquisition method. The consideration transferred is measured at the acquisition date fair value which is the sum of the acquisition date fair values of assets transferred by the Group, liabilities assumed by the Group to the former owner of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of net assets in the event of liquidation at fair value or at the proportionate share of the acquirees identifiable net assets. All other components of non-controlling interests are measured at fair value. Acquisition-related costs are expensed as incurred. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree. If the business combination is achieved in stages, the acquisition date fair value of the 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 at December 31. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the 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 until is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on the disposal. Goodwill disposed of in these circumstances is measured based on the relative value of the operation disposed of and the portion of the cash-generating unit retained. (b) Related parties A party is considered to be related to the Group if: (1) the party is a person or a close member of that 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, mining structures, mining rights, machinery and equipment, motor vehicles, exploration rights and construction in progress. Exploration rights are capitalized and amortized over the term of the license granted to the Group by the authorities. When proved and probable coal reserves have been determined, costs incurred to develop coal mines are capitalized as part of the cost of the mining structures. Buildings, mining structures, machinery and equipment, and motor vehicles are stated at cost less accumulated depreciation and any impairment losses. Expenditures for routine repairs and maintenance are expensed as incurred. Mining rights are stated at cost less accumulated amortization and any impairment losses. The costs of mining rights are initially capitalized when purchased. If proved and probable reserves are established for a property and it has been determined that a mineral property can be economically developed, costs are capitalized and are amortized upon production based on actual units of production over the estimated proved and probable reserves of the mines. For mining rights in which proved and probable reserves have not yet been established, the Group assesses the carrying value for impairment at the end of each reporting period. The Groups rights to extract minerals are contractually limited by time. However, the Group believes that it will be able to extend its licenses. Mining related buildings, mining structures and mining related machinery and equipment are stated at cost less accumulated depreciation and any impairment losses. Those mining related assets for which proved and probable reserves have been established are depreciated upon production based on actual units of production over the estimated proved and probable reserves of the mines. Reserve estimates are reviewed when information becomes available that indicates a reserve change is needed, or at a minimum once a year. Any material effect from changes in estimates is considered in the period the change occurs. Depreciation for the following items is calculated on the straight-line basis over each assets estimated useful life down to the estimated residual value of each asset. Estimated useful lives are as follows: Non-mining related buildings 8 - 35 years Non-mining related machinery and equipment 3 - 15 years Motor vehicles 4 - 8 years Residual values, useful 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 disposition is recognized in the statement of profit or loss. Construction in progress is carried at cost and is to be depreciated when placed into service over the estimated useful lives or units of production of those assets. Construction costs are capitalized as incurred. Interest is capitalized as incurred during the construction period. 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. (d) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market 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 is expensed as incurred. Once the exploration right to explore has been acquired, exploration and evaluation expenditure is charged to the consolidated statement of profit or loss as incurred, unless a future economic benefit is more likely than not to be realized. Exploration and evaluation assets acquired in a business combination are initially recognized at fair value. They are subsequently stated at cost less accumulated impairment. When it can be reasonably ascertained that a mining property is capable of commercial production, exploration and evaluation costs are transferred to tangible or intangible assets according to the nature of the exploration and evaluation assets. If any project is abandoned during the evaluation stage, the total expenditure thereon will be written off. (f) Impairment of non-financial assets Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than inventories, financial assets, etc.), the assets recoverable amount is estimated. An impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs. The calculation of fair value less costs of disposal is based on available data from binding sales transactions in arms length transactions of similar assets or observable market prices less incremental costs for disposing of the asset or other appropriate valuation techniques. The value in use calculation is based on a discounted cash flow model, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to the consolidated statement of profit or loss in the period in which it arises in those categories consistent with the function of the impaired asset. An assessment is made at the end of each reporting period as to whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortization) had no impairment loss been recognized for the asset in prior years. (g) Investments and other financial assets (i) Policies under IFRS 9 applicable from January 1, 2018 The Groups financial assets within the scope of IFRS 9 are all classified as financial assets at amortized cost. All financial assets are recognized initially at fair value plus transaction costs that are attributable to the acquisition of the 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 - Applicable from January 1, 2018 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. 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. 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) The Group measures financial assets at amortized cost if both of the following conditions are met: · The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows. · The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. 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. Fair value of financial assets at amortized cost As at December 31, 2018, the carrying values of other financial assets approximated to their fair values due to the short-term maturities of these instruments. (ii) Policies under IAS 39 applicable before January 1, 2018 The Groups financial assets within the scope of IAS 39 are all classified as loans and receivables. All financial assets are recognized initially at fair value plus transaction costs that are attributable to the acquisition of the financial assets. All regular way purchases and sales of financial assets are recognized on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace. Subsequent measurement of loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the reporting date, which are classified as non-current assets. Loans and receivables are included in prepayments, other receivables and cash and cash equivalents in the consolidated statement of financial position. These assets are subsequently carried at amortized cost using the effective interest method less any provision for impairment. Gains and losses are recognized in interest income or finance costs in the consolidated statement of profit or loss when the loans and receivables are derecognized as well as through the amortization process. Fair value of loans and receivables The carrying values of other financial assets approximated to their fair values due to the short-term maturities of these instruments. (h) Derecognition of financial assets (policies under IFRS 9 applicable from January 1, 2018 and policies under IAS 39 applicable before January 1, 2018) 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. (i) Impairment of financial assets (i) Policies under IFRS 9 applicable from January 1, 2018 The Group recognizes an allowance for ECLs for all debt instruments not held at fair value through profit or loss. ECLs are based on |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of discontinued operations [Abstract] | |
DISCONTINUED OPERATIONS | 3. DISCONTINUED OPERATIONS On February 24, 2017, Feishang Mining Holdings Limited (Feishang Mining), a wholly-owned subsidiary of CHNR, and Wuhu City Feishang Industrial Development Co., Ltd. (Wuhu Industrial), as nominee for Feishang Mining (collectively referred to as the Sellers), entered into an agreement with Shen Yandi, an unrelated individual (the Purchaser), pursuant to which the Sellers sold and the Purchaser purchased, all of the Sellers right, title and interest in and to the outstanding capital stock of Wuhu Feishang Mining Development Co., Limited (Wuhu Feishang), which had been previously included in the Groups non-ferrous metals segment, at a cash consideration of CNY1.00 million. The disposal was completed on March 3, 2017. On December 29, 2017, CHNR sold all of CHNRs rights, title and interest in and to the outstanding capital stock (the Equity Interests) of Double Grow and its subsidiaries (including Planta Metalurgica Antay Pacha S.A., Antay Pacha) to Shanghai Kangzheng Investment Management Co., Ltd., an unrelated third party. The purchase price for the Equity Interests was CNY17.19 million, including the payment of CNY9.38 million in indebtedness of Double Grow to CHNR, which was recognized in other receivables (Note 6(a)) and cash consideration of CNY7.81 million. The disposal was completed on December 29, 2017. Wuhu Feishang and Double Grow were the primary contributors to the Groups exploration and mining-non-ferrous metals segment and copper smelting segment, respectively, which represented separate major lines of business with separately identifiable operations and cash flows. Accordingly, the results of Wuhu Feishang and Double Grow are classified and separately reported as "discontinued operations" in the consolidated statement of profit or loss for the year ended December 31, 2017. In addition, the gain or loss recognized on the disposal of Wuhu Feishang and Double Grow were included in the results of the discontinued operations. With Wuhu Feishang and Double Grow being classified as discontinued operations, the exploration and mining-non-ferrous metals segment and copper smelting segment businesses are no longer included in the note for operating segment information. (a) Discontinued operation of Wuhu Feishang The results of Wuhu Feishang are presented below: 2016 For the 2017 CNY CNY Selling expenses (23 ) Administrative expenses (6,588 ) (991 ) Losses arising from temporary suspension of production (4,073 ) (641 ) Reversal of write-down of inventories to net realizable value 1,744 Other operating income 393 61 OPERATING LOSS (8,547 ) (1,571 ) Finance costs (258 ) (30 ) Interest income 119 9 Non-operating (expenses)/income, net (2,267 ) 230 LOSS BEFORE INCOME TAX (10,953 ) (1,362 ) LOSS FOR THE PERIOD FROM WUHU FEISHANG (10,953 ) (1,362 ) Gain on disposal of Wuhu Feishang 12,340 (LOSS)/PROFIT FOR THE PERIOD FROM WUHU FEISHANG (10,953 ) 10,978 The details of the net assets of Wuhu Feishang as at March 3, 2017 are as follows: March 3, 2017 CNY Net assets disposed of: Property, plant and equipment 7,613 Rehabilitation fund 3,983 Inventories 5,644 Prepayments 73 Other receivables 47 Cash and cash equivalents 18 Trade payables (30 ) Other payables and accrued liabilities (13,303 ) Taxes payable (5,316 ) Due to related companies (5,117 ) Asset retirement obligations (4,952 ) Net assets disposed of (11,340 ) Gain on disposal of Wuhu Feishang 12,340 Consideration 1,000 Satisfied by: Cash received 1,000 The net cash flows incurred by Wuhu Feishang, excluding the cash consideration received from the disposal of Wuhu Feishang, are as follows: 2016 For the 2017 CNY CNY Operating activities (16,632 ) (2,727 ) Investing activities (81 ) 60 Financing activities 1,920 1,793 Net cash outflows (14,793 ) (874 ) An analysis of the cash flows of cash and cash equivalents in respect of the disposal of Wuhu Feishang is as follows: March 3, 2017 CNY Cash consideration received 1,000 Less: Cash and cash equivalents disposed of (18 ) Net cash inflows from the disposal of Wuhu Feishang 982 (b) Discontinued operation of Double Grow The results of Double Grow are presented below: 2016 For the 2017 CNY CNY Administrative expenses (3,907 ) (5,966 ) Other operating expenses, net (3,575 ) OPERATING LOSS (7,482 ) (5,966 ) Finance costs (72 ) (78 ) Non-operating expenses, net (84 ) (840 ) LOSS BEFORE INCOME TAX (7,638 ) (6,884 ) LOSS FOR THE PERIOD FROM DOUBLE GROW (7,638 ) (6,884 ) Loss on disposal of Double Grow (27,911 ) LOSS FOR THE PERIOD FROM DOUBLE GROW (7,638 ) (34,795 ) The details of the net assets of Double Grow as at December 29, 2017 are as follows: December 29, 2017 CNY Net assets disposed of: Property, plant and equipment 45,442 Intangible assets 5 Inventories 5,659 Trade and bills receivables 340 Prepayments 572 Other receivables 5,962 Cash and cash equivalents 807 Trade payables (786 ) Other payables and accrued liabilities (2,561 ) Taxes payable (621 ) Due to related companies (21,994 ) Asset retirement obligations (386 ) Net assets disposed of 32,439 Exchange fluctuation reserve 3,280 35,719 Loss on disposal of Double Grow (27,911 ) Consideration 7,808 Satisfied by: Cash received 7,808 The net cash flows incurred by Double Grow, excluding the cash consideration received from the disposal of Double Grow, are as follows: 2016 For the 2017 CNY CNY Operating activities (11,879 ) (5,796 ) Investing activities (4,453 ) (5,823 ) Financing activities 5,915 10,173 Net foreign exchange difference 303 (100 ) Net cash outflows (10,114 ) (1,546 ) An analysis of the cash flows of cash and cash equivalents in respect of the disposal of Double Grow is as follows: For the 2017 CNY Cash consideration received 7,808 Less: Cash and cash equivalents disposed of (807 ) Net cash inflows from the disposal of Double Grow 7,001 The results of the above discontinued operations are presented below: 2016 For the 2017 CNY CNY Loss per share from the discontinued operations (Presented in CNY per share) Basic (0.74 ) (0.95 ) Diluted (0.74 ) (0.95 ) The calculations of basic and diluted loss per share from the discontinued operations are based on: 2016 For the 2017 CNY CNY Loss attributable to owners of the Company from the discontinued operations (18,591 ) (23,817 ) Weighted average number of ordinary shares in issue during the period used in the loss per share calculations: Basic (Note 13) 24,910,916 24,910,916 Diluted (Note 13) 24,910,916 24,910,916 |
BUSINESS ACQUISITIONS
BUSINESS ACQUISITIONS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about business combination [abstract] | |
BUSINESS ACQUISITIONS | 4. BUSINESS ACQUISITIONS Asset acquisition On November 30, 2017, Yangpu Shuanghu Industrial Development Co., Limited, an indirect subsidiary of the Company, consummated its acquisition of approximately 98.32% and 1.68% of the issued and outstanding capital shares of Bayannaoer City Feishang Mining Company Limited (Bayannaoer Mining) from Feishang Enterprise and Shenzhen Chaopeng Investment Co., Ltd., respectively, each of which is a related party. The total cash consideration was CNY716,900. Bayannaoer Mining was established in 2005 and engages in mineral exploration activities in Bayannaoer City, in the Inner Mongolia Autonomous Region of the PRC. In 2005, Bayannaoer Mining obtained 11 exploration rights from the Land and Resources Department of the Inner Mongolia Autonomous Region. Management subsequently determined to focus solely on exploration of Moruogu Tong Mine. At November 30, 2017, the underlying set of assets acquired was not capable of being conducted and managed as a business to generate revenue. As such, the Company determined that the acquisition of Bayannaoer Mining did not constitute a business combination for accounting purposes. The details of the net assets of Bayannaoer Mining as at November 30, 2017 are as follows: November 30, 2017 CNY Cash and cash equivalents 631 Other current assets 361 Property, plant and equipment 336 Current liabilities (611 ) Net assets 717 An analysis of the cash flows in respect of the acquisition of Bayannaoer Mining in the year 2017 is as follows: November 30, 2017 CNY Cash consideration (717 ) Cash and bank balances acquired 631 Net cash outflows from the acquisition of Bayannaoer Mining (86 ) |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 5. PROPERTY, PLANT AND EQUIPMENT Buildings Mining structures and mining rights Machinery and equipment Motor vehicles Construction in progress Total CNY CNY CNY CNY CNY CNY At January 1, 2017 28,713 33,942 7,654 7,356 36,060 113,725 Acquisition of Bayannaoer Mining 43 12 280 335 Additions 71 4,137 4,208 Disposals (5,781 ) (4,688 ) (786 ) (2,017 ) (13,272 ) Exchange adjustment (104 ) (21 ) (173 ) (35 ) (2,388 ) (2,721 ) Disposal of subsidiaries (22,828 ) (29,233 ) (5,939 ) (5,305 ) (37,809 ) (101,114 ) At December 31, 2017 43 839 279 1,161 Additions 5 5 Exchange adjustment 45 45 At December 31, 2018 43 889 279 1,211 At December 31, 2018 (US$) 6 129 40 175 Accumulated depreciation and amortization and impairment losses At January 1, 2017 (14,605 ) (33,608 ) (7,541 ) (3,448 ) (59,202 ) Depreciation charge (530 ) (25 ) (1,193 ) (1,748 ) Disposals 5,121 4,688 715 1,742 12,266 Exchange adjustment (84 ) (69 ) (46 ) (199 ) Disposal of subsidiaries 10,098 28,920 6,100 2,941 48,059 At December 31, 2017 (820 ) (4 ) (824 ) Depreciation charge (3 ) (5 ) (59 ) (67 ) Exchange adjustment (45 ) (45 ) At December 31, 2018 (3 ) (870 ) (63 ) (936 ) At December 31, 2018 (US$) (126 ) (9 ) (135 ) Net carrying amount At December 31, 2017 43 19 275 337 At December 31, 2018 40 19 216 275 At December 31, 2018 (US$) 6 3 31 40 There is no impairment loss on property, plant and equipment during the years ended December 31, 2017 and 2018. |
OTHER RECEIVABLES
OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2018 | |
Other Receivables | |
OTHER RECEIVABLES | 6. OTHER RECEIVABLES December 31, 2017 2018 2018 CNY CNY US$ Withholding social insurance 6 6 1 Advance to a third party 493 Input VAT 597 597 86 Staff advances 13 2 Deposit 21 20 3 Receivables in relation to the disposal of Double Grow (a) 9,377 10,494 636 92 (a) The amount represented receivables due from Shanghai Kangzheng Investment Management Co., Ltd. amounting to CNY9.38 million in relation to the disposal of Double Grow on December 29, 2017 as disclosed in Note 3, and the amount was received on January 26, 2019. Impairment under IFRS 9 for the year ended December 31, 2018 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 during the year. Impairment under IAS 39 for the year ended December 31, 2017 There was no impairment of the Groups other receivables as at December 31, 2017. For the balances of other receivables of the Group, management was of the opinion that the counterparties were with good credit quality and the balances were considered fully recoverable. |
TRADE PAYABLES
TRADE PAYABLES | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of trade payables [Abstract] | |
TRADE PAYABLES | 7. TRADE PAYABLES December 31, 2017 2018 2018 CNY CNY US$ Trade payables 215 100 15 Trade payables are non-interest-bearing. The aging analysis of trade payables as at December 31, 2017 and 2018 is as follows: December 31, 2017 2018 2018 CNY CNY US$ Within 1 year 15 1 to 2 years 100 Over 2 years 100 100 15 215 100 15 |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of other payables and accrued liabilities [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 8. OTHER PAYABLES AND ACCRUED LIABILITIES December 31, 2017 2018 2018 CNY CNY US$ Contract deposits 102 102 15 Social security payable (a) 68 102 15 Payroll payable 376 442 64 Welfare payable 1 14 2 Accrued expenses 2,372 964 140 Others 7 15 2 2,926 1,639 238 (a) The social security represents amounts payable to the PRC government-managed retirement insurance, medical insurance, etc. |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of asset retirement obligations [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | 9. ASSET RETIREMENT OBLIGATIONS Asset retirement obligations primarily relate to the closure of mines of Wuhu Feishang, which includes dismantlement of mining related structures and the reclamation of land upon exhaustion of coal or metal reserves. Asset retirement obligations also include the dismantlement upon the closure of the copper smelting plant of Antay Pacha. The following table describes the changes to the Group's asset retirement obligation liability: Amount CNY At January 1, 2017 5,302 Accretion expenses 60 Disposal of subsidiaries (5,338 ) Exchange adjustment (24 ) At December 31, 2017 and 2018 At December 31, 2018 (US$) The inflation rate, discount rate and market risk premium used for estimating the provision for asset retirement obligations of Wuhu Feishang at January 1, 2017 were 2.53%, 9.91% and 6.09%, respectively. The inflation rate, discount rate and market risk premium used for estimating the provision for asset retirement obligations of Antay Pacha at January 1, 2017 were 4.80%, 8.42% and 6.09%, respectively. |
LOSS BEFORE INCOME TAX FROM CON
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of loss before income tax from continuing operations [Abstract] | |
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | 10. LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS The Group's loss before tax from continuing operations is arrived at after charging/(crediting): Year Ended December 31, 2016 2017 2018 2018 CNY CNY CNY US$ Crediting: Interest income on bank deposits 75 39 26 4 Charging: Finance costs* 1 14 (5 ) (1 ) Auditors' remuneration: - Audit fee 1,480 2,000 1,000 145 Employee benefit expenses (Note 11) 715 697 1,878 273 Depreciation and amortization: - Property, plant and equipment 2 8 67 10 Operating lease rental: - Office properties 948 747 1,189 173 * Finance cost from continuing operations mainly represented bank charges and foreign currency exchange differences. The amount of bank charge was CNY28.00 thousand, CNY1.00 thousand and CNY6.00 thousand (US$1.00 thousand), and the foreign currency exchange differences amounted to negative CNY27.00 thousand, CNY13.00 thousand and negative CNY11.00 thousand (negative US$2.00 thousand) as of December 31, 2016, 2017 and 2018, respectively. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of defined benefit plans [abstract] | |
EMPLOYEE BENEFITS | 11. EMPLOYEE BENEFITS The Groups employee benefits from continuing operations comprise the following: Year Ended December 31, 2016 2017 2018 2018 CNY CNY CNY US$ Wages, salaries and allowances 565 566 1,513 220 Housing funds (a) 40 33 67 10 Contribution to pension plans (a) 104 79 76 11 Welfare and other expenses 6 19 222 32 715 697 1,878 273 (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 EXPENSE
INCOME TAX EXPENSE | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of income tax expense [Abstract] | |
INCOME TAX EXPENSE | 12. INCOME TAX EXPENSE The Company is incorporated in 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 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% (2017: 25%). Under the prevailing CIT Law and its relevant regulations, any dividends paid by the Companys PRC subsidiaries from their earnings derived after January 1, 2008 to the Companys Hong Kong subsidiaries are subject to PRC dividend withholding tax of 5% or 10%, depending on the applicability of the Sino-Hong Kong tax treaty. Bolivia The Companys subsidiary in Bolivia before December 29, 2017 is subject to Bolivian enterprise income tax at a rate of 25% applicable to both foreign investment enterprises and domestic companies. Loss before income tax consists of: Year Ended December 31, 2016 2017 2018 2018 CNY CNY CNY US$ PRC (1,171 ) (1,071 ) (2,321 ) (337 ) BVI (3,225 ) (5,064 ) (3,805 ) (553 ) Hong Kong (49 ) (44 ) (50 ) (7 ) Total loss before income tax for the year from continuing operations (4,445 ) (6,179 ) (6,176 ) (897 ) Total loss before income tax for the year from discontinued operations (18,591 ) (23,817 ) (23,036 ) (29,996 ) (6,176 ) (897 ) A reconciliation of the income taxes computed at the PRC and Bolivian statutory tax rate of 25% to the actual income tax expense/(benefit) is as follows: Year Ended December 31, 2016 2017 2018 2018 CNY CNY CNY US$ Loss before income tax for the year from continuing operations (4,445 ) (6,179 ) (6,176 ) (897 ) Loss before income tax for the year from discontinued operations (18,591 ) (23,817 ) (23,036 ) (29,996 ) (6,176 ) (897 ) Tax at the statutory tax rate 25% 25% 25% 25% Computed income tax benefit (5,759 ) (7,499 ) (1,544 ) (224 ) Effect of different tax rates for the Company and overseas subsidiaries 820 1,269 955 139 Tax losses not recognized 4,259 6,230 588 85 Non-deductible expenses 680 1 Income tax expense Income tax expense from continuing operations at the effective rate Income tax expense from discontinued operations at the effective rate As of December 31, 2017 and 2018, the Group did not recognize deferred tax assets or deferred tax liabilities. The total amounts of unused tax losses for which no deferred tax assets were recognized amounted to CNY9.24 million and CNY6.74 million (US$0.98 million) as of December 31, 2017 and 2018, respectively. As of December 31, 2018, unused tax losses of CNY1.08 million (US$0.16 million), CNY1.10 million (US$0.16 million), CNY1.17 million (US$0.17 million), CNY1.07 million (US$0.15 million) and CNY2.32 million (US$0.34 million), if unused, will expire by the end of 2019, 2020, 2021, 2022 and 2023 respectively. |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2018 | |
Earnings per share [abstract] | |
LOSS PER SHARE | 13. LOSS PER SHARE Basic and diluted loss per share for the years ended December 31, 2016, 2017 and 2018 are calculated as follows: Year Ended December 31, 2016 2017 2018 2018 CNY CNY CNY US$ Loss for the year: From continuing operations (4,445 ) (6,179 ) (6,176) (897 ) From discontinued operations (18,591 ) (23,817 ) Weighted average number of common shares: Basic and diluted 24,910,916 24,910,916 24,910,916 24,910,916 Loss per share: Basic and diluted: From continuing operations (0.18 ) (0.25 ) (0.25 ) (0.04 ) From discontinued operations (0.74 ) (0.95 ) (0.92 ) (1.20 ) (0.25 ) (0.04 ) The Company did not have any potential diluted shares throughout the years. Accordingly, the diluted loss per share amounts are the same as the basic loss per share amounts. |
DIVIDEND
DIVIDEND | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of dividend [Abstract] | |
DIVIDEND | 14. DIVIDEND No dividend was paid or declared by the Company for the years ended December 31, 2016, 2017 and 2018. |
RELATED PARTY BALANCES AND TRAN
RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTY BALANCES AND TRANSACTIONS | 15. 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 for 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 In addition to the transactions detailed elsewhere in the consolidated financial statements, the Group had the following transactions and balances with related parties: (a) Commercial transactions with related parties Year Ended December 31, 2016 2017 2018 2018 CNY CNY CNY US$ Notes CHNR's share of office rental, rates and others to Anka Consultants Limited (Anka) i 953 1,316 1,442 210 Sales of equipment to Wuhu Industrial ii 1,056 Purchase of raw ore from Empressa Minera Jacha Uru S.A. (Jacha Uru) iii 20 240 Feishang Management 's share of office rental to Feishang Enterprise iv 166 24 (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 parties, pursuant to which the Company shares 184 square meters of the total area of the office premises. The agreement also provides that the Company shares certain costs and expenses in connection with their use of the office, in addition to some of the accounting and secretarial services and day-to-day office administration services provided by Anka. In 2018, Ankas lease with the unrelated landlord was extended for two years, from July 1, 2018 to June 30, 2020. (ii) On February 22, 2017, Wuhu Feishang signed an agreement with Wuhu Industrial, controlled by Mr. Li Feilie, to dispose of certain equipment with the carrying amount of CNY1.06 million. The disposal gain was CNY0.05 million. (iii) In 2016 and 2017, Antay Pacha purchased copper ores from Jacha Uru, a copper mine located in Bolivia and controlled by Feishang Hesheng. (iv) On January 1, 2018, Feishang Management signed an office sharing agreement with Feishang Enterprise, a related company controlled by Mr. Li Feilie. Pursuant to the agreement, Feishang Management shared 40 square meters of the office premises. The agreement was valid for 33 months from January 1, 2018 to September 30, 2021. (b) Balances with related parties The Group has payables with related parties, which are all unsecured and non-interest-bearing. Balances with related companies are summarized as follows: December 31, 2017 2018 2018 CNY CNY US$ Current: Payable to related companies: Feishang Enterprise (1) 3,719 4,041 587 Feishang Hesheng (2) 10,028 13,747 4,041 587 Payable to the Shareholder: Feishang Group (3) 11,573 6,973 1,014 Feishang Enterprise, Feishang Group and Feishang Hesheng are controlled by Mr. Li Feilie, who is the beneficial shareholder of the Company. (1) Payable to Feishang Enterprise by Feishang Management for the net amount of loans from Feishang Enterprise. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. (2) Payable to Feishang Hesheng for the acquisition of Double Grow as well as the assumption of indebtedness due to Feishang Hesheng by Double Grow. The balance is unsecured and interest-free. The balance as at December 31, 2017 was repaid during 2018. (3) Payable to Feishang Group for the acquisition of Feishang Anthracite. 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, 2016 2017 2018 2018 CNY CNY CNY US$ Wages, salaries and allowances 479 264 580 84 Housing subsidies 2 16 2 Contribution to pension plans 22 29 75 11 501 295 671 97 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, 2018 | |
Disclosure of classes of share capital [abstract] | |
EQUITY | 16. EQUITY (a) Issued capital December 31, 2016 2017 2018 2018 CNY CNY CNY US$ Authorized: 10,000,000 preferred shares, no par 200,000,000 ordinary shares, no par Issued and fully paid: 24,910,916 (2016 and 2017: 24,910,916) common shares, no par 312,081 312,081 312,081 45,371 (b) Other capital reserves Other capital reserves CNY At January 1, 2016 636,960 Deemed contribution from a related party* 55,558 At December 31, 2016, 2017 and 2018 692,518 At December 31, 2018 (US$) 100,679 * On December 23, 2016, Feishang Hesheng waived a payment of CNY55.56 million (US$8.00 million) indebtedness owed to it by Double Grow. (c) Dividend restrictions and reserves Due to the Group's structure, the payment of dividends is subject to numerous controls imposed under PRC law, including foreign exchange control on the conversion of the local currency into United States dollars and other currencies. In accordance with the relevant PRC regulations and the Articles of Association of Wuhu Feishang, appropriations of net income as reflected in its PRC statutory financial statements are to be allocated to each of the general reserve and enterprise expansion reserve, respectively, as determined by the resolution of the Board of Directors annually. No amounts were appropriated to the general reserve and enterprise expansion reserve in 2016, 2017 and 2018. |
FINANCIAL RISK MANAGEMENT OBJEC
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | 17. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES Financial instruments of the Group primarily include cash, certain other current assets, trade payables, other payables and certain accrued liabilities, amounts due from and due to related parties, and an amount due to the Shareholder. The Group is exposed to credit risk, foreign currency risk, business and economic risk and liquidity risk. The Group has not used any derivatives and other instruments for hedging purposes. The Group does not hold or issue derivative financial instruments for trading purposes. The Group reviews and agrees policies for managing each of these risks and they are summarized below. (a) Credit risk Maximum exposure and year-end staging as at December 31, 2018 The table below shows 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 at December 31, 2018. The amounts presented are gross carrying amounts for financial assets. 12-month ECLs Lifetime ECLs Simplified Stage 1 Stage 2 Stage 3 approach Total CNY CNY CNY CNY CNY Financial assets included in other receivables - Normal* 33 33 - Doubtful* Cash and cash equivalents - Not yet past due 6,793 6,793 Total 6,826 6,826 * 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. Maximum exposure as at December 31, 2017 The carrying amounts of the Group's cash and cash equivalents and other receivables represent the Group's maximum exposure to credit risk in relation to its financial assets. 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. (b) Foreign currency risk The CNY is not freely convertible into foreign currencies. The State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of the CNY into foreign currencies. The value of the CNY is subject to changes in PRC government policies and to international economic and political developments affecting the supply and demand in the China Foreign Exchange Trading System market. All foreign exchange transactions continue to take place either through the People's Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People's Bank of China. (c) Business and economic risk The Group's operations may be adversely affected by significant political, economic and social uncertainties in the PRC. Although the PRC government has been pursuing economic reform policies for more than 30 years, no assurance can be given that the PRC government will continue to pursue such policies or that such policies may not be significantly altered, especially in the event of a change in leadership, social or political disruption or unforeseen circumstances affecting the 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, 2018 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 1,081 1,081 Due to related companies 4,041 4,041 Due to the Shareholder 6,973 6,973 12,195 12,195 December 31, 2018 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 157 157 Due to related companies 587 587 Due to the Shareholder 1,014 1,014 1,773 1,773 December 31, 2017 On demand Less than 1 to 5 years More than Total CNY CNY CNY CNY CNY Trade payables 215 215 Other payables and accrued liabilities 2,481 2,481 Due to related companies 13,747 13,747 Due to the Shareholder 11,573 11,573 28,016 28,016 (e) Capital management There were no interest-bearing debts as at December 31, 2017 and 2018. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of commitments [Abstract] | |
COMMITMENTS | 18. COMMITMENTS (a) Operating lease At the end of the reporting period, the Group had commitments for future minimum lease payments under a non-cancellable operating lease in respect of the rented premises which fall due as follows: December 31, 2017 2018 2018 CNY CNY US$ Within the first year 476 1,245 181 After one year but not more than five years 646 94 476 1,891 275 (b) Capital commitments There was no capital commitment as at December 31, 2017 and 2018. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of operating segments [abstract] | |
SEGMENT INFORMATION | 19. SEGMENT INFORMATION Prior to the disposal of Wuhu Feishang and Double Grow (Note 3) and acquisition of Bayannaoer Mining, the Group operated in operating segments: exploration and mining-non-ferrous metals and copper smelting. As at December 31, 2018, the Company had one operating segment: exploration and mining. The accounting policies for the segment are as described in the summary of significant accounting policies. The Group evaluates performance based on operating earnings of the respective business units. The segment analysis below is provided for the Group's continuing operations, and does not include any amount for discontinued operations, namely the exploration and mining-non-ferrous metals and copper smelting. Management monitors the results of the Group's operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on reportable segment profit/loss, which is a measure of adjusted profit/loss before tax from continuing operations. The adjusted profit/loss before tax from continuing operations is measured consistently with the Group's profit/loss before tax from continuing operations except that interest income, finance costs as well as head office and corporate expenses are excluded from such measurement. As disclosed in Note 3 to the consolidated financial statements, the Group disposed of its equity interests of Wuhu Feishang and Double Grow in the exploration and mining-non-ferrous metals segment and the copper smelting segment on March 3, 2017 and December 29, 2017, respectively. Accordingly, the exploration and mining-non-ferrous metals segment and the copper smelting segment have been classified as discontinued operations and were excluded from the segment information for the years ended December 31, 2016 and 2017. For the year ended December 31, 2018, the segment results were as follows: CNY Exploration and mining Corporate activities Total From continuing operations: Depreciation and amortization 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 from continuing operations 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 US$ Exploration and mining Corporate activities Total From continuing operations: Depreciation and amortization 9 1 10 Operating loss 221 681 902 Interest income (4 ) (4 ) Finance costs (1 ) (1 ) Loss for the year from continuing operations 221 676 897 Capital expenditure 1 1 Total assets 77 1,049 1,126 Total liabilities 270 4,025 4,295 For the year ended December 31, 2017, the segment results were as follows: CNY Exploration and mining Corporate activities Total From continuing operations: Depreciation and amortization 5 3 8 Operating loss 258 5,946 6,204 Interest income (1 ) (38 ) (39 ) Finance costs 14 14 Loss for the year from continuing operations 257 5,922 6,179 Total assets 705 29,043 29,748 Total liabilities 509 44,744 45,253 For the year ended December 31, 2016, the segment results were as follows: CNY Corporate activities Total From continuing operations: Depreciation and amortization 2 2 Operating loss 4,519 4,519 Interest income (75 ) (75 ) Finance costs 1 1 Loss for the year from continuing operations 4,445 4,445 Total assets 94,793 94,793 Total liabilities 81,598 81,598 The reconciliation of loss for the year from continuing operations to net loss is as follows: 2016 2017 2018 2018 CNY CNY CNY US$ Loss for the year from continuing operations (4,445 ) (6,179 ) (6,176 ) (897 ) Loss for the year from discontinued operations (18,591 ) (23,817 ) Net loss (23,036 ) (29,996 ) (6,176 ) (897 ) |
NOTES TO THE CONSOLIDATED STATE
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2018 | |
Notes To Consolidated Statement Of Cash Flows | |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS | 20. NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS (a) Major non-cash transactions In the year 2016, the Group received a deemed contribution from a related party of the Company amounting to CNY55.56 million (Note 16(b)). No major non-cash transactions incurred in the years 2017 and 2018. (b) Changes in liabilities arising from financing activities Due to related companies Due to the Shareholder Total CNY CNY CNY Year ended December 31, 2018 At January 1, 2018 13,747 11,573 25,320 Changes from financing cash flows (9,213 ) (4,600 ) (13,813 ) Changes from operating activities (493 ) (493 ) At December 31, 2018 4,041 6,973 11,014 Due to related companies CNY Year ended December 31, 2017 At January 1, 2017 21,007 Changes from financing cash flows 12,630 Decrease arising from disposal of discontinued operations (18,607 ) Changes from operating activities 271 Foreign exchange movement (1,554 ) At December 31, 2017 13,747 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS | 21. SUBSEQUENT EVENTS The Company has no material subsequent events. |
CONDENSED FINANCIAL INFORMATION
CONDENSED FINANCIAL INFORMATION OF THE COMPANY | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of condensed financial information of company [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF THE COMPANY | 22. 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, 2017 2018 2018 CNY CNY US$ ASSETS NON-CURRENT ASSETS Investments in subsidiaries CURRENT ASSETS Amounts due from subsidiaries 9,266 13,925 2,025 Cash and cash equivalents 13,912 4,122 599 Other receivables (Note 6(a)) 9,377 TOTAL CURRENT ASSETS 32,555 18,047 2,624 TOTAL ASSETS 32,555 18,047 2,624 LIABILITIES AND EQUITY CURRENT LIABILITIES Other payables and accrued liabilities 2,350 943 137 Due to the Shareholder 11,573 6,973 1,014 Due to a related party 10,028 TOTAL CURRENT LIABILITIES 23,951 7,916 1,151 TOTAL LIABILITIES 23,951 7,916 1,151 EQUITY Issued capital 290,179 290,179 42,186 Other capital reserves 823,581 823,581 119,733 Accumulated losses (1,087,839 ) (1,091,633 ) (158,702 ) Other comprehensive loss (17,317 ) (11,996 ) (1,744 ) TOTAL EQUITY 8,604 10,131 1,473 TOTAL LIABILITIES AND EQUITY 32,555 18,047 2,624 CONDENSED STATEMENTS OF PROFIT OR LOSS December 31, 2016 2017 2018 2018 CNY CNY CNY US$ Administrative expenses (3,216 ) (5,055 ) (3,794 ) (552 ) Gain on disposal of a subsidiary 7,114 Profit/(loss) before income tax (3,216 ) 2,059 (3,794 ) (552 ) Profit/(loss) for the year (3,216 ) 2,059 (3,794 ) (552 ) CONDENSED STATEMENTS OF CASH FLOWS December 31, 2016 2017 2018 2018 CNY CNY CNY US$ Net cash flows used in operating activities (2,796 ) (3,647 ) (5,200 ) (756 ) Net cash flows from investing activities 7,808 10,243 1,489 Net cash flows used in financing activities (276 ) (15,811 ) (2,299 ) NET INCREASE/(DECREASE) IN CASH (3,072 ) 4,161 (10,768 ) (1,566 ) CASH AT BEGINNING OF THE YEAR 13,062 10,678 13,912 2,023 Net foreign exchange difference 688 (927 ) 978 142 CASH AT END OF THE YEAR 10,678 13,912 4,122 599 The above financial statements have been provided pursuant to the requirements of Rule 12-04(a) and 4-08(e)(3) of Regulation S-X, which require condensed financial information as to financial position, results of operations and cash flows of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries and the parent's equity in the undistributed earnings of 50 percent or less owned persons, accounted for by the equity method, together exceed 25 percent of the consolidated net assets as of the end of the most recently completed fiscal year. As of December 31, 2018, CNY13.78 million (US$2.00 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, 2016, 2017 and 2018. In the parent-company-only financial statements, the Company's investments in subsidiaries are stated at cost. The parent-company-only financial statements should be read in conjunction with the Company's consolidated financial statements. The Company does not have any significant commitments or long-term obligations as of any of the years presented, except for those disclosed in the consolidated financial statements. During the years ended December 31, 2016, 2017 and 2018, 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, 2018 | |
Disclosure of basis of preparation [Abstract] | |
Business combinations | (a) Business combinations The acquisition of subsidiaries and businesses under common control, where applicable, has been accounted for using merger accounting. The financial statements of the combining entities or businesses under common control are prepared for the same reporting period as the Company, using consistent accounting policies. The merger method of accounting involves incorporating the financial statement items of the combining entities or businesses in which the common control combinations occurs as if they had been combined from the date when the combining entities or businesses first came under the control of the controlling shareholder. The net assets of the combining entities or businesses are combined using the existing book values from the controlling shareholders perspective. No amount is recognized in respect of goodwill or the excess of the acquirers interest in the net fair value of acquirees identifiable assets, liabilities and contingent liabilities over the cost of investment at the time of common control combination. The consolidated statement of profit or loss includes the results of each of the combining entities or businesses from the earliest date presented or since the date when the combining entities or businesses first came under common control or since their respective dates of incorporation/establishment, where this is a shorter period, regardless of the date of the common control combination. All intra-group balances, transactions, unrealized gains and losses resulting from intra-group transactions and dividends are eliminated on consolidation. Business combinations, other than business combinations under common control, are accounted for using the acquisition method. The consideration transferred is measured at the acquisition date fair value which is the sum of the acquisition date fair values of assets transferred by the Group, liabilities assumed by the Group to the former owner of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of net assets in the event of liquidation at fair value or at the proportionate share of the acquirees identifiable net assets. All other components of non-controlling interests are measured at fair value. Acquisition-related costs are expensed as incurred. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree. If the business combination is achieved in stages, the acquisition date fair value of the 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 at December 31. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the 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 until is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on the disposal. Goodwill disposed of in these circumstances is measured based on the relative value of the operation disposed of and the portion of the cash-generating unit retained. |
Related parties | (b) Related parties A party is considered to be related to the Group if: (1) the party is a person or a close member of that 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, mining structures, mining rights, machinery and equipment, motor vehicles, exploration rights and construction in progress. Exploration rights are capitalized and amortized over the term of the license granted to the Group by the authorities. When proved and probable coal reserves have been determined, costs incurred to develop coal mines are capitalized as part of the cost of the mining structures. Buildings, mining structures, machinery and equipment, and motor vehicles are stated at cost less accumulated depreciation and any impairment losses. Expenditures for routine repairs and maintenance are expensed as incurred. Mining rights are stated at cost less accumulated amortization and any impairment losses. The costs of mining rights are initially capitalized when purchased. If proved and probable reserves are established for a property and it has been determined that a mineral property can be economically developed, costs are capitalized and are amortized upon production based on actual units of production over the estimated proved and probable reserves of the mines. For mining rights in which proved and probable reserves have not yet been established, the Group assesses the carrying value for impairment at the end of each reporting period. The Groups rights to extract minerals are contractually limited by time. However, the Group believes that it will be able to extend its licenses. Mining related buildings, mining structures and mining related machinery and equipment are stated at cost less accumulated depreciation and any impairment losses. Those mining related assets for which proved and probable reserves have been established are depreciated upon production based on actual units of production over the estimated proved and probable reserves of the mines. Reserve estimates are reviewed when information becomes available that indicates a reserve change is needed, or at a minimum once a year. Any material effect from changes in estimates is considered in the period the change occurs. Depreciation for the following items is calculated on the straight-line basis over each assets estimated useful life down to the estimated residual value of each asset. Estimated useful lives are as follows: Non-mining related buildings 8 - 35 years Non-mining related machinery and equipment 3 - 15 years Motor vehicles 4 - 8 years Residual values, useful 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 disposition is recognized in the statement of profit or loss. Construction in progress is carried at cost and is to be depreciated when placed into service over the estimated useful lives or units of production of those assets. Construction costs are capitalized as incurred. Interest is capitalized as incurred during the construction period. 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. |
Fair value measurement | (d) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market 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 is expensed as incurred. Once the exploration right to explore has been acquired, exploration and evaluation expenditure is charged to the consolidated statement of profit or loss as incurred, unless a future economic benefit is more likely than not to be realized. Exploration and evaluation assets acquired in a business combination are initially recognized at fair value. They are subsequently stated at cost less accumulated impairment. When it can be reasonably ascertained that a mining property is capable of commercial production, exploration and evaluation costs are transferred to tangible or intangible assets according to the nature of the exploration and evaluation assets. If any project is abandoned during the evaluation stage, the total expenditure thereon will be written off. |
Impairment of non-financial assets | (f) Impairment of non-financial assets Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than inventories, financial assets, etc.), the assets recoverable amount is estimated. An impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs. The calculation of fair value less costs of disposal is based on available data from binding sales transactions in arms length transactions of similar assets or observable market prices less incremental costs for disposing of the asset or other appropriate valuation techniques. The value in use calculation is based on a discounted cash flow model, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to the consolidated statement of profit or loss in the period in which it arises in those categories consistent with the function of the impaired asset. An assessment is made at the end of each reporting period as to whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortization) had no impairment loss been recognized for the asset in prior years. |
Investments and other financial assets | (g) Investments and other financial assets (i) Policies under IFRS 9 applicable from January 1, 2018 The Groups financial assets within the scope of IFRS 9 are all classified as financial assets at amortized cost. All financial assets are recognized initially at fair value plus transaction costs that are attributable to the acquisition of the 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 - Applicable from January 1, 2018 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. 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. 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) The Group measures financial assets at amortized cost if both of the following conditions are met: · The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows. · The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. 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. Fair value of financial assets at amortized cost As at December 31, 2018, the carrying values of other financial assets approximated to their fair values due to the short-term maturities of these instruments. (ii) Policies under IAS 39 applicable before January 1, 2018 The Groups financial assets within the scope of IAS 39 are all classified as loans and receivables. All financial assets are recognized initially at fair value plus transaction costs that are attributable to the acquisition of the financial assets. All regular way purchases and sales of financial assets are recognized on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace. Subsequent measurement of loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the reporting date, which are classified as non-current assets. Loans and receivables are included in prepayments, other receivables and cash and cash equivalents in the consolidated statement of financial position. These assets are subsequently carried at amortized cost using the effective interest method less any provision for impairment. Gains and losses are recognized in interest income or finance costs in the consolidated statement of profit or loss when the loans and receivables are derecognized as well as through the amortization process. Fair value of loans and receivables The carrying values of other financial assets approximated to their fair values due to the short-term maturities of these instruments. |
Derecognition of financial assets | (h) Derecognition of financial assets (policies under IFRS 9 applicable from January 1, 2018 and policies under IAS 39 applicable before January 1, 2018) 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 (i) Policies under IFRS 9 applicable from January 1, 2018 The Group recognizes an allowance for 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 at the reporting date with the risk of a default occurring on the financial instrument as at 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. Debt investments at fair value through other comprehensive income and 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 and contract assets 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. (ii) Impairment of financial assets (policies under IAS 39 applicable before January 1, 2018) Impairment of loans and receivables The Group assesses at the end of each reporting date whether there is objective evidence that the loans and receivables are impaired. The Group first assesses whether impairment exists individually for loans and receivables that are individually significant, or collectively for loans and receivables that are not individually significant. If the Group determines that no objective evidence of impairment exists for an individually assessed loans and receivables, whether significant or not, it includes the asset in a group of loans and receivables with similar credit risk characteristics and collectively assesses them for impairment. Loans and receivables that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective assessment of impairment. The amount of any impairment loss identified is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset's original effective interest rate (i.e., the effective interest rate computed at initial recognition). The carrying amount of the asset is reduced through the use of an allowance account and the loss is recognized in the consolidated statement of profit or loss. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Loans and receivables together with any associated allowance are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Group. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. Any subsequent reversal of an impairment loss is recognized in the consolidated statement of profit or loss, to the extent that the carrying value of the asset does not exceed amortized cost at the reversal date. In relation to trade and other receivables, a provision for impairment is made when there is objective evidence (such as the probability of insolvency or significant financial difficulties of the debtor and significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor) that the Group will not be able to collect all of the amounts due under the original terms of an invoice. |
Financial liabilities | (j) Financial liabilities (policies under IFRS 9 applicable from January 1, 2018 and IAS 39 applicable before January 1, 2018) 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: Loans and borrowings After initial recognition, interest-bearing loans and borrowings 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 (policies under IFRS 9 applicable from January 1, 2018 and IAS 39 applicable before January 1, 2018) 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 | (k) Offsetting of financial instruments (policies under IFRS 9 applicable from January 1, 2018 and IAS 39 applicable before January 1, 2018) 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 | (l) 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 | (m) Employee benefits Pension obligations The Group contributes on a monthly basis to various defined contribution retirement benefit plans administered by the PRC government. The relevant government agencies undertake to assume the retirement benefit obligation payable to all existing and future retired employees under these plans and the Group has no further obligation for post-retirement benefits beyond the contributions made. Further information is set out in Note 11. Housing funds All full-time employees of the Group are entitled to participate in various government-sponsored housing funds. The Group contributes on a monthly basis to these funds based on certain percentages of the salaries of the employees. The Group's liability in respect of these funds is limited to the contributions payable in each year. |
Asset retirement obligations | (n) Asset retirement obligations The Groups legal or constructive obligations associated with the retirement of non-financial assets are recognized at fair value at the time the obligations are incurred and if it is probable that an outflow of resources will be required to settle the obligation, and a reasonable estimate of fair value can be made. Upon initial recognition of a liability, a corresponding amount is capitalized as part of the carrying amount of the related property, plant and equipment. Asset retirement obligations are regularly reviewed by management and are revised for changes in future estimated costs and regulatory requirements. Changes in the estimated timing of retirement or future estimated costs are dealt prospectively by recording an adjustment against the carrying value of the provision and a corresponding adjustment to property and equipment. Depreciation of the capitalized asset retirement cost is generally determined on a units-of-production basis. Accretion of the asset retirement obligation is recognized over time and generally will escalate over the life of the producing asset, typically as production declines. Accretion is included in the finance costs in the consolidated statement of profit or loss. Any difference between the recorded obligation and the actual costs of reclamation is recorded in the consolidated statement of profit or loss in the period the obligation is settled. |
Borrowing costs | (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 assets. The capitalization of such borrowing costs ceases when the assets are substantially ready for their intended use or sale. All other borrowing costs are expensed in the period in which they are incurred. |
Revenue recognition | (p) Revenue recognition (i) Applicable from January 1, 2018 Revenue from contracts with customers Revenue from contracts with customers 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 is estimated to which the Group will be entitled in exchange for transferring the goods or services to the customer. 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 associated uncertainty with the variable consideration is subsequently resolved. When the contract contains a financing component which provides the customer a 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 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. There was no revenue generated by the Group during the years ended December 31, 2018 and 2017. 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. (ii) Applicable before January 1, 2018 Revenue is measured at the fair value of the consideration received or receivable. Provided it is probable that the economic benefits will flow to the Group and the revenue and costs, if applicable, can be measured reliably, revenue is recognized in profit or loss as follows: The Group sells its products pursuant to sales contracts entered into with its customers. Revenue from all products is recognized when the significant risks and rewards of ownership have been transferred to the customer, provided that the Group does not maintain neither managerial involvement to the degree usually associated with ownership nor effective control over the goods sold, and when collectability is reasonably assured. The transfer of the significant risks and rewards of ownership to the customer is based on the terms of the sales contract, generally upon delivery and acceptance of the product by the customer. In accordance with the relevant tax laws in the PRC, value-added tax (VAT) is levied on the invoiced value of sales and is payable by the purchaser. The Group is required to remit the VAT it collects to the tax authority, but may deduct the VAT it has paid on eligible purchases. The difference between the amounts collected and paid is presented as VAT recoverable or payable in the consolidated statement of financial position. The Group recognizes revenues net of VAT. 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. |
Contract assets | (q) Contract assets (applicable from January 1, 2018) A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. |
Contract liabilities | (r) Contract liabilities (applicable from January 1, 2018) A contract liability is the obligation to transfer goods or services to a customer for which the Group has received a consideration (or an amount of consideration that is due) from the customer. If a customer pays the consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract. |
Government grants | (s) Government grants Government grants are recognized at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the period that the costs, which it is intended to compensate, are expensed. Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the consolidated statement of profit or loss over the expected useful life of the relevant asset by equal annual instalments or deducted from the carrying amount of the asset and released to the consolidated statement of profit or loss by way of a reduced depreciation charge. |
Income taxes | (t) Income taxes Income tax comprises current and deferred tax. Income tax relating to items recognized outside profit or loss is recognized outside profit or loss, either as other comprehensive income or loss, or directly in equity. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted, by the end of the reporting date, taking into consideration interpretations and practices prevailing in the countries where the Group operates and generates taxable income. Deferred tax is provided, using the liability method, on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except: · when the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and · in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the 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 | (u) Foreign currencies The functional currency of substantially all the operations of the Group is the CNY, the national currency of the PRC. Transactions denominated in currencies other than the CNY recorded by the entities of the Group are initially recorded using their respective functional currency rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in other currencies have been translated into CNY at the functional currency rates of exchange prevailing at the end of the reporting period. The resulting exchange gains or losses are credited or charged to the consolidated statement of profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the date of the initial transactions. The consolidated financial statements of certain overseas subsidiary operations with a functional currency other than the CNY have been translated into CNY. The assets and liabilities of these entities have been translated using the exchange rates prevailing at the reporting date and their consolidated statements of profit or loss have been translated using the weighted average exchange rate for the year. Resulting translation adjustments are reported as a separate component of other comprehensive income. On disposal of a foreign operation, the deferred cumulative amount recognized in equity relating to that particular foreign operation is recognized in the consolidated statement of profit or loss. |
Convenience translation | (v) 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 UKForex on December 31, 2018 of US$1.00 = CNY6.8785. No representation is made that the CNY amounts could have been, or could be, converted into US$ at that rate on December 31, 2018 or at any other date. |
Provisions | (w) 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 | (x) Leases Leases that transfer substantially all the rewards and risks of ownership of assets to the Group, other than legal title, are accounted for as finance leases. At the inception of a finance lease, the cost of the leased asset is capitalized at the lower of its fair value of the present value of the minimum lease payments and recorded together with the obligation, excluding the interest element, to reflect the purchase and financing. Assets held under capitalized finance leases are included in property, plant and equipment, and depreciated over the shorter of the lease terms and the estimated useful lives of the assets. The finance costs of such leases are charged to the consolidated statement of profit or loss so as to provide a constant periodic rate of charge over the lease terms. Leases where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Where the Group is the lessee, rentals payable under operating leases net of any incentives received from the lessor are charged to the consolidated statement of profit or loss on the straight-line basis over the lease terms. Prepaid land lease payments under operating leases are initially stated at cost and subsequently recognized on the straight-line basis over the lease terms. |
Dividends | (y) 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, 2018 | |
Disclosure of basis of preparation [Abstract] | |
Schedule of Estimated Useful Life | Estimated useful lives are as follows: Non-mining related buildings 8 - 35 years Non-mining related machinery and equipment 3 - 15 years Motor vehicles 4 - 8 years |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | |
Schedule of Calculations of Basic and Diluted Earnings Per Share | The calculations of basic and diluted loss per share from the discontinued operations are based on: 2016 For the 2017 CNY CNY Loss attributable to owners of the Company from the discontinued operations (18,591 ) (23,817 ) Weighted average number of ordinary shares in issue during the period used in the loss per share calculations: Basic (Note 13) 24,910,916 24,910,916 Diluted (Note 13) 24,910,916 24,910,916 |
Discontinued operation of Wuhu Feishang [Member] | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | |
Schedule of discontinued operations | The results of Wuhu Feishang are presented below: 2016 For the 2017 CNY CNY Selling expenses (23 ) Administrative expenses (6,588 ) (991 ) Losses arising from temporary suspension of production (4,073 ) (641 ) Reversal of write-down of inventories to net realizable value 1,744 Other operating income 393 61 OPERATING LOSS (8,547 ) (1,571 ) Finance costs (258 ) (30 ) Interest income 119 9 Non-operating (expenses)/income, net (2,267 ) 230 LOSS BEFORE INCOME TAX (10,953 ) (1,362 ) LOSS FOR THE PERIOD FROM WUHU FEISHANG (10,953 ) (1,362 ) Gain on disposal of Wuhu Feishang 12,340 (LOSS)/PROFIT FOR THE PERIOD FROM WUHU FEISHANG (10,953 ) 10,978 The details of the net assets of Wuhu Feishang as at March 3, 2017 are as follows: March 3, 2017 CNY Net assets disposed of: Property, plant and equipment 7,613 Rehabilitation fund 3,983 Inventories 5,644 Prepayments 73 Other receivables 47 Cash and cash equivalents 18 Trade payables (30 ) Other payables and accrued liabilities (13,303 ) Taxes payable (5,316 ) Due to related companies (5,117 ) Asset retirement obligations (4,952 ) Net assets disposed of (11,340 ) Gain on disposal of Wuhu Feishang 12,340 Consideration 1,000 Satisfied by: Cash received 1,000 The net cash flows incurred by Wuhu Feishang, excluding the cash consideration received from the disposal of Wuhu Feishang, are as follows: 2016 For the 2017 CNY CNY Operating activities (16,632 ) (2,727 ) Investing activities (81 ) 60 Financing activities 1,920 1,793 Net cash outflows (14,793 ) (874 ) An analysis of the cash flows of cash and cash equivalents in respect of the disposal of Wuhu Feishang is as follows: March 3, 2017 CNY Cash consideration received 1,000 Less: Cash and cash equivalents disposed of (18 ) Net cash inflows from the disposal of Wuhu Feishang 982 |
Discontinued operation of Double Grow [Member] | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | |
Schedule of discontinued operations | The results of Double Grow are presented below: 2016 For the 2017 CNY CNY Administrative expenses (3,907 ) (5,966 ) Other operating expenses, net (3,575 ) OPERATING LOSS (7,482 ) (5,966 ) Finance costs (72 ) (78 ) Non-operating expenses, net (84 ) (840 ) LOSS BEFORE INCOME TAX (7,638 ) (6,884 ) LOSS FOR THE PERIOD FROM DOUBLE GROW (7,638 ) (6,884 ) Loss on disposal of Double Grow (27,911 ) LOSS FOR THE PERIOD FROM DOUBLE GROW (7,638 ) (34,795 ) The details of the net assets of Double Grow as at December 29, 2017 are as follows: December 29, 2017 CNY Net assets disposed of: Property, plant and equipment 45,442 Intangible assets 5 Inventories 5,659 Trade and bills receivables 340 Prepayments 572 Other receivables 5,962 Cash and cash equivalents 807 Trade payables (786 ) Other payables and accrued liabilities (2,561 ) Taxes payable (621 ) Due to related companies (21,994 ) Asset retirement obligations (386 ) Net assets disposed of 32,439 Exchange fluctuation reserve 3,280 35,719 Loss on disposal of Double Grow (27,911 ) Consideration 7,808 Satisfied by: Cash received 7,808 The net cash flows incurred by Double Grow, excluding the cash consideration received from the disposal of Double Grow, are as follows: 2016 For the 2017 CNY CNY Operating activities (11,879 ) (5,796 ) Investing activities (4,453 ) (5,823 ) Financing activities 5,915 10,173 Net foreign exchange difference 303 (100 ) Net cash outflows (10,114 ) (1,546 ) An analysis of the cash flows of cash and cash equivalents in respect of the disposal of Double Grow is as follows: For the 2017 CNY Cash consideration received 7,808 Less: Cash and cash equivalents disposed of (807 ) Net cash inflows from the disposal of Double Grow 7,001 The results of the above discontinued operations are presented below: 2016 For the 2017 CNY CNY Loss per share from the discontinued operations (Presented in CNY per share) Basic (0.74 ) (0.95 ) Diluted (0.74 ) (0.95 ) |
BUSINESS ACQUISITIONS (Tables)
BUSINESS ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Acquisitions | |
Schedule of the net assets of Bayannaoer Mining | The details of the net assets of Bayannaoer Mining as at November 30, 2017 are as follows: November 30, 2017 CNY Cash and cash equivalents 631 Other current assets 361 Property, plant and equipment 336 Current liabilities (611 ) Net assets 717 |
Schedule of analysis of the cash flows in respect of the acquisition of Double Grow | An analysis of the cash flows in respect of the acquisition of Bayannaoer Mining in the year 2017 is as follows: November 30, 2017 CNY Cash consideration (717 ) Cash and bank balances acquired 631 Net cash outflows from the acquisition of Bayannaoer Mining (86 ) |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property Plant and Equipment | Buildings Mining structures and mining rights Machinery and equipment Motor vehicles Construction in progress Total CNY CNY CNY CNY CNY CNY At January 1, 2017 28,713 33,942 7,654 7,356 36,060 113,725 Acquisition of Bayannaoer Mining 43 12 280 335 Additions 71 4,137 4,208 Disposals (5,781 ) (4,688 ) (786 ) (2,017 ) (13,272 ) Exchange adjustment (104 ) (21 ) (173 ) (35 ) (2,388 ) (2,721 ) Disposal of subsidiaries (22,828 ) (29,233 ) (5,939 ) (5,305 ) (37,809 ) (101,114 ) At December 31, 2017 43 839 279 1,161 Additions 5 5 Exchange adjustment 45 45 At December 31, 2018 43 889 279 1,211 At December 31, 2018 (US$) 6 129 40 175 Accumulated depreciation and amortization and impairment losses At January 1, 2017 (14,605 ) (33,608 ) (7,541 ) (3,448 ) (59,202 ) Depreciation charge (530 ) (25 ) (1,193 ) (1,748 ) Disposals 5,121 4,688 715 1,742 12,266 Exchange adjustment (84 ) (69 ) (46 ) (199 ) Disposal of subsidiaries 10,098 28,920 6,100 2,941 48,059 At December 31, 2017 (820 ) (4 ) (824 ) Depreciation charge (3 ) (5 ) (59 ) (67 ) Exchange adjustment (45 ) (45 ) At December 31, 2018 (3 ) (870 ) (63 ) (936 ) At December 31, 2018 (US$) (126 ) (9 ) (135 ) Net carrying amount At December 31, 2017 43 19 275 337 At December 31, 2018 40 19 216 275 At December 31, 2018 (US$) 6 3 31 40 |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Receivables Tables Abstract | |
Schedule of other receivables | December 31, 2017 2018 2018 CNY CNY US$ Withholding social insurance 6 6 1 Advance to a third party 493 Input VAT 597 597 86 Staff advances 13 2 Deposit 21 20 3 Receivables in relation to the disposal of Double Grow (a) 9,377 10,494 636 92 (a) The amount represented receivables due from Shanghai Kangzheng Investment Management Co., Ltd. amounting to CNY9.38 million in relation to the disposal of Double Grow on December 29, 2017 as disclosed in Note 3, and the amount was received on January 26, 2019. |
TRADE PAYABLES (Tables)
TRADE PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of trade payables [Abstract] | |
Schedule of Trade Payables | December 31, 2017 2018 2018 CNY CNY US$ Trade payables 215 100 15 |
Schedule of Aging Analysis of Trade Payables | The aging analysis of trade payables as at December 31, 2017 and 2018 is as follows: December 31, 2017 2018 2018 CNY CNY US$ Within 1 year 15 1 to 2 years 100 Over 2 years 100 100 15 215 100 15 |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of other payables and accrued liabilities [Abstract] | |
Schedule of Other Payables and Accrued Liabilities | December 31, 2017 2018 2018 CNY CNY US$ Contract deposits 102 102 15 Social security payable (a) 68 102 15 Payroll payable 376 442 64 Welfare payable 1 14 2 Accrued expenses 2,372 964 140 Others 7 15 2 2,926 1,639 238 (a) The social security represents amounts payable to the PRC government-managed retirement insurance, medical insurance, etc. |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of asset retirement obligations [Abstract] | |
Schedule of Asset Retirement Obligations | The following table describes the changes to the Group's asset retirement obligation liability: Amount CNY At January 1, 2017 5,302 Accretion expenses 60 Disposal of subsidiaries (5,338 ) Exchange adjustment (24 ) At December 31, 2017 and 2018 At December 31, 2018 (US$) |
LOSS BEFORE INCOME TAX FROM C_2
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of loss before income tax from continuing operations [Abstract] | |
Schedule of Group's Loss Before Tax from Continuing Operations | The Group's loss before tax from continuing operations is arrived at after charging/(crediting): Year Ended December 31, 2016 2017 2018 2018 CNY CNY CNY US$ Crediting: Interest income on bank deposits 75 39 26 4 Charging: Finance costs* 1 14 (5 ) (1 ) Auditors' remuneration: - Audit fee 1,480 2,000 1,000 145 Employee benefit expenses (Note 11) 715 697 1,878 273 Depreciation and amortization: - Property, plant and equipment 2 8 67 10 Operating lease rental: - Office properties 948 747 1,189 173 * Finance cost from continuing operations mainly represented bank charges and foreign currency exchange differences. The amount of bank charge was CNY28.00 thousand, CNY1.00 thousand and CNY6.00 thousand (US$1.00 thousand), and the foreign currency exchange differences amounted to negative CNY27.00 thousand, CNY13.00 thousand and negative CNY11.00 thousand (negative US$2.00 thousand) as of December 31, 2016, 2017 and 2018, respectively. |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of defined benefit plans [abstract] | |
Schedule of employee benefits from Continuing Operations | The Groups employee benefits from continuing operations comprise the following: Year Ended December 31, 2016 2017 2018 2018 CNY CNY CNY US$ Wages, salaries and allowances 565 566 1,513 220 Housing funds (a) 40 33 67 10 Contribution to pension plans (a) 104 79 76 11 Welfare and other expenses 6 19 222 32 715 697 1,878 273 (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 EXPENSE (Tables)
INCOME TAX EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of income tax expense [Abstract] | |
Schedule of loss before income tax from continuing operations | Loss before income tax consists of: Year Ended December 31, 2016 2017 2018 2018 CNY CNY CNY US$ PRC (1,171 ) (1,071 ) (2,321 ) (337 ) BVI (3,225 ) (5,064 ) (3,805 ) (553 ) Hong Kong (49 ) (44 ) (50 ) (7 ) Total loss before income tax for the year from continuing operations (4,445 ) (6,179 ) (6,176 ) (897 ) Total loss before income tax for the year from discontinued operations (18,591 ) (23,817 ) (23,036 ) (29,996 ) (6,176 ) (897 ) |
Schedule of Reconciliation of Income Taxes from Continuing Operations | A reconciliation of the income taxes computed at the PRC and Bolivian statutory tax rate of 25% to the actual income tax expense/(benefit) is as follows: Year Ended December 31, 2016 2017 2018 2018 CNY CNY CNY US$ Loss before income tax for the year from continuing operations (4,445 ) (6,179 ) (6,176 ) (897 ) Loss before income tax for the year from discontinued operations (18,591 ) (23,817 ) (23,036 ) (29,996 ) (6,176 ) (897 ) Tax at the statutory tax rate 25% 25% 25% 25% Computed income tax benefit (5,759 ) (7,499 ) (1,544 ) (224 ) Effect of different tax rates for the Company and overseas subsidiaries 820 1,269 955 139 Tax losses not recognized 4,259 6,230 588 85 Non-deductible expenses 680 1 Income tax expense Income tax expense from continuing operations at the effective rate Income tax expense from discontinued operations at the effective rate |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings per share [abstract] | |
Schedule of Basic and Diluted Loss Per Share | Basic and diluted loss per share for the years ended December 31, 2016, 2017 and 2018 are calculated as follows: Year Ended December 31, 2016 2017 2018 2018 CNY CNY CNY US$ Loss for the year: From continuing operations (4,445 ) (6,179 ) (6,176) (897 ) From discontinued operations (18,591 ) (23,817 ) Weighted average number of common shares: Basic and diluted 24,910,916 24,910,916 24,910,916 24,910,916 Loss per share: Basic and diluted: From continuing operations (0.18 ) (0.25 ) (0.25 ) (0.04 ) From discontinued operations (0.74 ) (0.95 ) (0.92 ) (1.20 ) (0.25 ) (0.04 ) |
RELATED PARTY BALANCES AND TR_2
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 for 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 |
Schedule of Commercial Transactions with Related Parties | Commercial transactions with related parties Year Ended December 31, 2016 2017 2018 2018 CNY CNY CNY US$ Notes CHNR's share of office rental, rates and others to Anka Consultants Limited (Anka) i 953 1,316 1,442 210 Sales of equipment to Wuhu Industrial ii 1,056 Purchase of raw ore from Empressa Minera Jacha Uru S.A. (Jacha Uru) iii 20 240 Feishang Management 's share of office rental to Feishang Enterprise iv 166 24 (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 parties, pursuant to which the Company shares 184 square meters of the total area of the office premises. The agreement also provides that the Company shares certain costs and expenses in connection with their use of the office, in addition to some of the accounting and secretarial services and day-to-day office administration services provided by Anka. In 2018, Ankas lease with the unrelated landlord was extended for two years, from July 1, 2018 to June 30, 2020. (ii) On February 22, 2017, Wuhu Feishang signed an agreement with Wuhu Industrial, controlled by Mr. Li Feilie, to dispose of certain equipment with the carrying amount of CNY1.06 million. The disposal gain was CNY0.05 million. (iii) In 2016 and 2017, Antay Pacha purchased copper ores from Jacha Uru, a copper mine located in Bolivia and controlled by Feishang Hesheng. (iv) On January 1, 2018, Feishang Management signed an office sharing agreement with Feishang Enterprise, a related company controlled by Mr. Li Feilie. Pursuant to the agreement, Feishang Management shared 40 square meters of the office premises. The agreement was valid for 33 months from January 1, 2018 to September 30, 2021. |
Schedule of Group Payables with Related Parties | The Group has payables with related parties, which are all unsecured and non-interest-bearing. Balances with related companies are summarized as follows: December 31, 2017 2018 2018 CNY CNY US$ Current: Payable to related companies: Feishang Enterprise (1) 3,719 4,041 587 Feishang Hesheng (2) 10,028 13,747 4,041 587 Payable to the Shareholder: Feishang Group (3) 11,573 6,973 1,014 Feishang Enterprise, Feishang Group and Feishang Hesheng are controlled by Mr. Li Feilie, who is the beneficial shareholder of the Company. (1) Payable to Feishang Enterprise by Feishang Management for the net amount of loans from Feishang Enterprise. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. (2) Payable to Feishang Hesheng for the acquisition of Double Grow as well as the assumption of indebtedness due to Feishang Hesheng by Double Grow. The balance is unsecured and interest-free. The balance as at December 31, 2017 was repaid during 2018. (3) Payable to Feishang Group for the acquisition of Feishang Anthracite. 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, 2016 2017 2018 2018 CNY CNY CNY US$ Wages, salaries and allowances 479 264 580 84 Housing subsidies 2 16 2 Contribution to pension plans 22 29 75 11 501 295 671 97 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Issued Capital | Issued capital December 31, 2016 2017 2018 2018 CNY CNY CNY US$ Authorized: 10,000,000 preferred shares, no par 200,000,000 ordinary shares, no par Issued and fully paid: 24,910,916 (2016 and 2017: 24,910,916) common shares, no par 312,081 312,081 312,081 45,371 |
Schedule of Other Capital Reserves | Other capital reserves Other capital reserves CNY At January 1, 2016 636,960 Deemed contribution from a related party* 55,558 At December 31, 2016, 2017 and 2018 692,518 At December 31, 2018 (US$) 100,679 * On December 23, 2016, Feishang Hesheng waived a payment of CNY55.56 million (US$8.00 million) indebtedness owed to it by Double Grow. |
FINANCIAL RISK MANAGEMENT OBJ_2
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Credit risk | The table below shows the credit quality and the maximum exposure to credit risk based on the Group's credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and year-end staging classification as at December 31, 2018. The amounts presented are gross carrying amounts for financial assets. 12-month ECLs Lifetime ECLs Simplified Stage 1 Stage 2 Stage 3 approach Total CNY CNY CNY CNY CNY Financial assets included in other receivables - Normal* 33 33 - Doubtful* Cash and cash equivalents - Not yet past due 6,793 6,793 Total 6,826 6,826 * The credit quality of the financial assets included in other receivables is considered to be normal when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be doubtful. |
Schedule of Maturity Profile of the Group's Financial Liabilities | The table below summarizes the maturity profile of the Group's financial liabilities based on contractual undiscounted payments: December 31, 2018 On demand Less than 1 to 5 years More than Total CNY CNY CNY CNY CNY Trade payables 100 100 Other payables and accrued liabilities 1,081 1,081 Due to related companies 4,041 4,041 Due to the Shareholder 6,973 6,973 12,195 12,195 December 31, 2018 On demand Less than 1 to 5 years More than Total US$ US$ US$ US$ US$ Trade payables 15 15 Other payables and accrued liabilities 157 157 Due to related companies 587 587 Due to the Shareholder 1,014 1,014 1,773 1,773 December 31, 2017 On demand Less than 1 to 5 years More than Total CNY CNY CNY CNY CNY Trade payables 215 215 Other payables and accrued liabilities 2,481 2,481 Due to related companies 13,747 13,747 Due to the Shareholder 11,573 11,573 28,016 28,016 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of commitments [Abstract] | |
Schedule of Operating Lease | At the end of the reporting period, the Group had commitments for future minimum lease payments under a non-cancellable operating lease in respect of the rented premises which fall due as follows: December 31, 2017 2018 2018 CNY CNY US$ Within the first year 476 1,245 181 After one year but not more than five years 646 94 476 1,891 275 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 From continuing operations: Depreciation and amortization 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 from continuing operations 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 US$ Exploration and mining Corporate activities Total From continuing operations: Depreciation and amortization 9 1 10 Operating loss 221 681 902 Interest income (4 ) (4 ) Finance costs (1 ) (1 ) Loss for the year from continuing operations 221 676 897 Capital expenditure 1 1 Total assets 77 1,049 1,126 Total liabilities 270 4,025 4,295 For the year ended December 31, 2017, the segment results were as follows: CNY Exploration and mining Corporate activities Total From continuing operations: Depreciation and amortization 5 3 8 Operating loss 258 5,946 6,204 Interest income (1 ) (38 ) (39 ) Finance costs 14 14 Loss for the year from continuing operations 257 5,922 6,179 Total assets 705 29,043 29,748 Total liabilities 509 44,744 45,253 For the year ended December 31, 2016, the segment results were as follows: CNY Corporate activities Total From continuing operations: Depreciation and amortization 2 2 Operating loss 4,519 4,519 Interest income (75 ) (75 ) Finance costs 1 1 Loss for the year from continuing operations 4,445 4,445 Total assets 94,793 94,793 Total liabilities 81,598 81,598 |
Schedule of Reconciliation of Loss for the year from Continuing Operations to Net Loss | The reconciliation of loss for the year from continuing operations to net loss is as follows: 2016 2017 2018 2018 CNY CNY CNY US$ Loss for the year from continuing operations (4,445 ) (6,179 ) (6,176 ) (897 ) Loss for the year from discontinued operations (18,591 ) (23,817 ) Net loss (23,036 ) (29,996 ) (6,176 ) (897 ) |
NOTES TO THE CONSOLIDATED STA_2
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes To Consolidated Statement Of Cash Flows Tables Abstract | |
Schedule of changes in liabilities arising from financing activities | Changes in liabilities arising from financing activities Due to related companies Due to the Shareholder Total CNY CNY CNY Year ended December 31, 2018 At January 1, 2018 13,747 11,573 25,320 Changes from financing cash flows (9,213 ) (4,600 ) (13,813 ) Changes from operating activities (493 ) (493 ) At December 31, 2018 4,041 6,973 11,014 Due to related companies CNY Year ended December 31, 2017 At January 1, 2017 21,007 Changes from financing cash flows 12,630 Decrease arising from disposal of discontinued operations (18,607 ) Changes from operating activities 271 Foreign exchange movement (1,554 ) At December 31, 2017 13,747 |
CONDENSED FINANCIAL INFORMATI_2
CONDENSED FINANCIAL INFORMATION OF THE COMPANY (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Of Company Tables Abstract | |
Schedule of non-consolidated basis | CONDENSED STATEMENTS OF FINANCIAL POSITION December 31, 2017 2018 2018 CNY CNY US$ ASSETS NON-CURRENT ASSETS Investments in subsidiaries CURRENT ASSETS Amounts due from subsidiaries 9,266 13,925 2,025 Cash and cash equivalents 13,912 4,122 599 Other receivables (Note 6(a)) 9,377 TOTAL CURRENT ASSETS 32,555 18,047 2,624 TOTAL ASSETS 32,555 18,047 2,624 LIABILITIES AND EQUITY CURRENT LIABILITIES Other payables and accrued liabilities 2,350 943 137 Due to the Shareholder 11,573 6,973 1,014 Due to a related party 10,028 TOTAL CURRENT LIABILITIES 23,951 7,916 1,151 TOTAL LIABILITIES 23,951 7,916 1,151 EQUITY Issued capital 290,179 290,179 42,186 Other capital reserves 823,581 823,581 119,733 Accumulated losses (1,087,839 ) (1,091,633 ) (158,702 ) Other comprehensive loss (17,317 ) (11,996 ) (1,744 ) TOTAL EQUITY 8,604 10,131 1,473 TOTAL LIABILITIES AND EQUITY 32,555 18,047 2,624 |
Schedule of profit or loss | CONDENSED STATEMENTS OF PROFIT OR LOSS December 31, 2016 2017 2018 2018 CNY CNY CNY US$ Administrative expenses (3,216 ) (5,055 ) (3,794 ) (552 ) Gain on disposal of a subsidiary 7,114 Profit/(loss) before income tax (3,216 ) 2,059 (3,794 ) (552 ) Profit/(loss) for the year (3,216 ) 2,059 (3,794 ) (552 ) |
Schedule of cash flows | CONDENSED STATEMENTS OF CASH FLOWS December 31, 2016 2017 2018 2018 CNY CNY CNY US$ Net cash flows used in operating activities (2,796 ) (3,647 ) (5,200 ) (756 ) Net cash flows from investing activities 7,808 10,243 1,489 Net cash flows used in financing activities (276 ) (15,811 ) (2,299 ) NET INCREASE/(DECREASE) IN CASH (3,072 ) 4,161 (10,768 ) (1,566 ) CASH AT BEGINNING OF THE YEAR 13,062 10,678 13,912 2,023 Net foreign exchange difference 688 (927 ) 978 142 CASH AT END OF THE YEAR 10,678 13,912 4,122 599 |
ORGANIZATION AND PRINCIPAL AC_2
ORGANIZATION AND PRINCIPAL ACTIVITIES (Details Narrative) ¥ in Thousands, $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Disclosure of detailed information about business combination [line items] | |||
Net current liabilities | ¥ | ¥ 22,070 | ¥ 15,840 | |
Total assets less current liabilities | ¥ | ¥ (21,800) | ¥ (15,510) | |
USD [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Net current liabilities | $ | $ 3,210 | ||
Total assets less current liabilities | $ | $ (3,170) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Life) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Non-mining related buildings [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 8 - 35 years |
Non-mining related machinery and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 - 15 years |
Motor vehicles [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 4 - 8 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (BASIS OF PREPARATION) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
ForeignCurrencyLineItems [Line Items] | |||||
Net current liabilities | ¥ | ¥ 22,070 | ¥ 15,840 | |||
Deficiency in assets | ¥ | ¥ (21,798) | ¥ (15,505) | ¥ 13,195 | ¥ (17,799) | |
USD [Member] | |||||
ForeignCurrencyLineItems [Line Items] | |||||
Net current liabilities | $ | $ 3,210 | ||||
Deficiency in assets | $ | $ (3,169) |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS) (Details) ¥ in Thousands | Dec. 31, 2018CNY (¥) |
Disclosure of basis of preparation [Abstract] | |
Right-of-use assets to be recognized | ¥ 1,800 |
Lease liabilities to be recognized | ¥ 1,800 |
DISCONTINUED OPERATIONS (Schedu
DISCONTINUED OPERATIONS (Schedule of Results of Wuhu Feishang) (Details) - CNY (¥) ¥ in Thousands | 2 Months Ended | 12 Months Ended | ||
Mar. 03, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||||
Administrative expense | ¥ (6,207) | ¥ (6,204) | ¥ (4,519) | |
OPERATING LOSS | (6,207) | (6,204) | (4,519) | |
Interest income | 26 | 39 | 75 | |
Loss for the year from discontinued operations, net of tax | ¥ (23,817) | (18,591) | ||
Discontinued operation of Wuhu Feishang [Member] | ||||
Statement Line Items [Line Items] | ||||
Selling expenses | (23) | |||
Administrative expense | (991) | (6,588) | ||
Losses arising from temporary suspension of production | (641) | (4,073) | ||
Reversal of write-down of inventories to net realizable value | 1,744 | |||
Other operating income | 61 | 393 | ||
OPERATING LOSS | (1,571) | (8,547) | ||
Finance costs | (30) | (258) | ||
Interest income | 9 | 119 | ||
Non-operating (expenses)/income, net | 230 | (2,267) | ||
LOSS BEFORE INCOME TAX | (1,362) | (10,953) | ||
Loss for the year from discontinued operations, net of tax | (1,362) | (10,953) | ||
Gain on disposal of Wuhu Feishang | 12,340 | |||
(Loss)/Profit for the period | ¥ 10,978 | ¥ (10,953) |
DISCONTINUED OPERATIONS (Sche_2
DISCONTINUED OPERATIONS (Schedule of The Net Assets of Wuhu Feishang) (Details) - CNY (¥) ¥ in Thousands | 2 Months Ended | 12 Months Ended | |||
Mar. 03, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |
Net assets disposed of: | |||||
Property, plant and equipment | ¥ 275 | ¥ 337 | |||
Prepayments | 39 | 39 | |||
Other receivables | 636 | 10,494 | |||
Cash and cash equivalents | ¥ 19,228 | 6,793 | 18,878 | ¥ 45,307 | |
Trade payables | (100) | (215) | |||
Other payables and accrued liabilities | (1,639) | (2,926) | |||
Taxes payable | (16,788) | (16,792) | |||
Due to related companies | (4,041) | (13,747) | |||
Asset retirement obligations | ¥ (5,302) | ||||
Discontinued operation of Wuhu Feishang [Member] | |||||
Net assets disposed of: | |||||
Property, plant and equipment | ¥ 7,613 | ||||
Rehabilitation fund | 3,983 | ||||
Inventories | 5,644 | ||||
Prepayments | 73 | ||||
Other receivables | 47 | ||||
Cash and cash equivalents | 18 | ||||
Trade payables | (30) | ||||
Other payables and accrued liabilities | (13,303) | ||||
Taxes payable | (5,316) | ||||
Due to related companies | (5,117) | ||||
Asset retirement obligations | (4,952) | ||||
Net assets disposed of | (11,340) | ||||
Gain on disposal of Wuhu Feishang | 12,340 | ||||
Consideration | 1,000 | ||||
Satisfied by: | |||||
Cash received | ¥ 1,000 |
DISCONTINUED OPERATIONS (Sche_3
DISCONTINUED OPERATIONS (Schedule of net cash flows Wuhu Feishang) (Details) - CNY (¥) ¥ in Thousands | 2 Months Ended | 12 Months Ended | ||
Mar. 03, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | ||||
Operating activities | ¥ (7,527) | ¥ (14,746) | ¥ (28,269) | |
Investing activities | 9,372 | 2,868 | (4,936) | |
Financing activities | (13,813) | 12,630 | 5,581 | |
Net cash outflows | ¥ (11,968) | ¥ 752 | (27,624) | |
Discontinued operation of Wuhu Feishang [Member] | ||||
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | ||||
Operating activities | ¥ (2,727) | (16,632) | ||
Investing activities | 60 | (81) | ||
Financing activities | 1,793 | 1,920 | ||
Net cash outflows | ¥ (874) | ¥ (14,793) |
DISCONTINUED OPERATIONS (Sche_4
DISCONTINUED OPERATIONS (Schedule of cash flows of cash and cash equivalents Wuhu Feishang) (Details) - Discontinued operation of Wuhu Feishang [Member] ¥ in Thousands | 2 Months Ended |
Mar. 03, 2017CNY (¥) | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | |
Cash consideration received | ¥ 1,000 |
Less: Cash and cash equivalents disposed of | (18) |
Net cash inflows from the disposal of discontinued operation | ¥ 982 |
DISCONTINUED OPERATIONS (Sche_5
DISCONTINUED OPERATIONS (Schedule of result of Double Grow) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 29, 2017 | Dec. 31, 2016 | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | ||||
Administrative expenses | ¥ (6,207) | ¥ (6,204) | ¥ (4,519) | |
OPERATING LOSS | (6,207) | (6,204) | (4,519) | |
LOSS BEFORE INCOME TAX | (6,176) | (6,179) | (4,445) | |
Loss for the year from discontinued operations, net of tax | ¥ (23,817) | (18,591) | ||
Discontinued operation of Double Grow [Member] | ||||
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | ||||
Administrative expenses | ¥ (5,966) | (3,907) | ||
Other operating income/(expense), net | (3,575) | |||
OPERATING LOSS | (5,966) | (7,482) | ||
Finance costs | (78) | (72) | ||
Non-operating income/(expenses), net | (840) | (84) | ||
LOSS BEFORE INCOME TAX | (6,884) | (7,638) | ||
Loss for the year from discontinued operations, net of tax | (6,884) | (7,638) | ||
Loss on disposal of Double Grow | (27,911) | |||
Loss for the period | ¥ (34,795) | ¥ (7,638) |
DISCONTINUED OPERATIONS (Sche_6
DISCONTINUED OPERATIONS (Schedule of The net assets of Double Grow) (Details) - CNY (¥) ¥ in Thousands | Dec. 29, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Net assets disposed of: | |||||
Property, plant and equipment | ¥ 275 | ¥ 337 | |||
Prepayments | 39 | 39 | |||
Other receivables | 636 | 10,494 | |||
Cash and cash equivalents | 6,793 | 18,878 | ¥ 19,228 | ¥ 45,307 | |
Trade payables | (100) | (215) | |||
Other payables and accrued liabilities | (1,639) | (2,926) | |||
Taxes payable | (16,788) | (16,792) | |||
Due to related companies | (4,041) | (13,747) | |||
Asset retirement obligations | (5,302) | ||||
Net assets | ¥ (22,070) | ¥ (15,840) | |||
Discontinued operation of Double Grow [Member] | |||||
Net assets disposed of: | |||||
Property, plant and equipment | ¥ 45,442 | ||||
Intangible assets | 5 | ||||
Inventories | 5,659 | ||||
Trade and bills receivables | 340 | ||||
Prepayments | 572 | ||||
Other receivables | 5,962 | ||||
Cash and cash equivalents | 807 | ||||
Trade payables | (786) | ||||
Other payables and accrued liabilities | (2,561) | ||||
Taxes payable | (621) | ||||
Due to related companies | (21,994) | ||||
Asset retirement obligations | (386) | ||||
Net assets disposed of | 32,439 | ||||
Exchange fluctuation reserve | 3,280 | ||||
Net assets | 35,719 | ||||
Loss on disposal of Double Grow | (27,911) | ||||
Consideration | 7,808 | ||||
Satisfied by: | |||||
Cash received | ¥ 7,808 |
DISCONTINUED OPERATIONS (Sche_7
DISCONTINUED OPERATIONS (Schedule of net cash flows Double Grow) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 29, 2017 | Dec. 31, 2016 | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | ||||
Operating activities | ¥ (7,527) | ¥ (14,746) | ¥ (28,269) | |
Investing activities | 9,372 | 2,868 | (4,936) | |
Financing activities | (13,813) | 12,630 | 5,581 | |
Net cash (outflows)/inflows | ¥ (11,968) | ¥ 752 | (27,624) | |
Discontinued operation of Double Grow [Member] | ||||
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | ||||
Operating activities | ¥ (5,796) | (11,879) | ||
Investing activities | (5,823) | (4,453) | ||
Financing activities | 10,173 | 5,915 | ||
Net foreign exchange difference | (100) | 303 | ||
Net cash (outflows)/inflows | ¥ (1,546) | ¥ (10,114) |
DISCONTINUED OPERATIONS (Sche_8
DISCONTINUED OPERATIONS (Schedule of cash flows of cash and cash equivalents Double Grow ) (Details) - Discontinued operation of Double Grow [Member] ¥ in Thousands | 12 Months Ended |
Dec. 29, 2017CNY (¥) | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | |
Cash consideration received | ¥ 7,808 |
Less: Cash and cash equivalents disposed of | (807) |
Net cash inflows from the disposal of discontinued operation | ¥ 7,001 |
DISCONTINUED OPERATIONS (Sche_9
DISCONTINUED OPERATIONS (Schedule of Loss Per Share From The Discontinued Operations) (Details) | 12 Months Ended | |||
Dec. 31, 2018¥ / shares | Dec. 31, 2017¥ / shares | Dec. 29, 2017$ / shares | Dec. 31, 2016¥ / shares | |
Loss per share from the discontinued operations (Presented in CNY per share) | ||||
Basic | ¥ / shares | ¥ (0.95) | ¥ (0.74) | ||
Diluted | ¥ / shares | ¥ (0.95) | ¥ (0.74) | ||
Discontinued operation of Double Grow [Member] | ||||
Loss per share from the discontinued operations (Presented in CNY per share) | ||||
Basic | $ / shares | $ (0.95) | |||
Diluted | $ / shares | $ (0.95) |
DISCONTINUED OPERATIONS (Sch_10
DISCONTINUED OPERATIONS (Schedule of loss from discontinued operations and number of ordinary shares) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 29, 2017 | Dec. 31, 2016 | |
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | ||||
Loss attributable to owners of the Company from the discontinued operations | ¥ (23,817) | ¥ (18,591) | ||
Basic (in shares) | 24,910,916 | |||
Diluted (in shares) | 24,910,916 | |||
Discontinued operation of Double Grow [Member] | ||||
ContinuingAndDiscontinuedOperationsLineItems [Line Items] | ||||
Loss attributable to owners of the Company from the discontinued operations | ¥ (23,817) | |||
Basic (in shares) | 24,910,916 | |||
Diluted (in shares) | 24,910,916 |
BUSINESS ACQUISITIONS (Schedule
BUSINESS ACQUISITIONS (Schedule of net assets of Bayannaoer Mining) (Details) - Bayannaoer Mining [Member] ¥ in Thousands | Nov. 30, 2017CNY (¥) |
Statement Line Items [Line Items] | |
Cash and cash equivalents | ¥ 631 |
Other current assets | 361 |
Property, plant and equipment | 336 |
Current liabilities | (611) |
Net assets | ¥ 717 |
BUSINESS ACQUISITIONS (Schedu_2
BUSINESS ACQUISITIONS (Schedule of An analysis of the cash flows in respect of the acquisitions) (Details) - CNY (¥) ¥ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
ForeignCurrencyLineItems [Line Items] | ||||
Net cash outflows from the acquisition of Bayannaoer Mining | ¥ (86) | |||
Bayannaoer Mining [Member] | ||||
ForeignCurrencyLineItems [Line Items] | ||||
Cash consideration | ¥ (717) | |||
Cash and bank balances acquired | 631 | |||
Net cash outflows from the acquisition of Bayannaoer Mining | ¥ (86) |
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, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | ¥ 337 | |||
Depreciation charge | (67) | ¥ (1,748) | ¥ (2,655) | |
At December 31 | 275 | 337 | ||
USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation charge | $ | $ (10) | |||
At December 31 | $ | 40 | |||
Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | 1,161 | 113,725 | ||
Acquisition of Bayannaoer Mining | 335 | |||
Additions | 5 | 4,208 | ||
Transfer | ||||
Disposals | (13,272) | |||
Exchange adjustment | 45 | (2,721) | ||
Disposal of subsidiaries | (101,114) | |||
At December 31 | 1,211 | 1,161 | 113,725 | |
Cost [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | $ | 175 | |||
Cost [Member] | Buildings [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | 43 | 28,713 | ||
Acquisition of Bayannaoer Mining | 43 | |||
Additions | ||||
Transfer | ||||
Disposals | (5,781) | |||
Exchange adjustment | (104) | |||
Disposal of subsidiaries | (22,828) | |||
At December 31 | 43 | 43 | 28,713 | |
Cost [Member] | Buildings [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | $ | 6 | |||
Cost [Member] | Mining structures and mining rights [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | 33,942 | |||
Acquisition of Bayannaoer Mining | ||||
Additions | ||||
Transfer | ||||
Disposals | (4,688) | |||
Exchange adjustment | (21) | |||
Disposal of subsidiaries | (29,233) | |||
At December 31 | 33,942 | |||
Cost [Member] | Mining structures and mining rights [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | $ | ||||
Cost [Member] | Machinery and equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | 839 | 7,654 | ||
Acquisition of Bayannaoer Mining | 12 | |||
Additions | 5 | 71 | ||
Transfer | ||||
Disposals | (786) | |||
Exchange adjustment | 45 | (173) | ||
Disposal of subsidiaries | (5,939) | |||
At December 31 | 889 | 839 | 7,654 | |
Cost [Member] | Machinery and equipment [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | $ | 129 | |||
Cost [Member] | Motor vehicles [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | 279 | 7,356 | ||
Acquisition of Bayannaoer Mining | 280 | |||
Additions | ||||
Transfer | ||||
Disposals | (2,017) | |||
Exchange adjustment | (35) | |||
Disposal of subsidiaries | (5,305) | |||
At December 31 | 279 | 279 | 7,356 | |
Cost [Member] | Motor vehicles [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | $ | 40 | |||
Cost [Member] | Construction in progress [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | 36,060 | |||
Acquisition of Bayannaoer Mining | ||||
Additions | 4,137 | |||
Transfer | ||||
Disposals | ||||
Exchange adjustment | (2,388) | |||
Disposal of subsidiaries | (37,809) | |||
At December 31 | 36,060 | |||
Cost [Member] | Construction in progress [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | $ | ||||
Accumulated depreciation and amortization and impairment losses [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | (824) | (59,202) | ||
Depreciation charge | (67) | (1,748) | ||
Disposals | 12,266 | |||
Exchange adjustment | (45) | (199) | ||
Disposal of subsidiaries | 48,059 | |||
At December 31 | (936) | (824) | (59,202) | |
Accumulated depreciation and amortization and impairment losses [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | $ | (135) | |||
Accumulated depreciation and amortization and impairment losses [Member] | Buildings [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | (14,605) | |||
Depreciation charge | (3) | (530) | ||
Disposals | 5,121 | |||
Exchange adjustment | (84) | |||
Disposal of subsidiaries | 10,098 | |||
At December 31 | (3) | (14,605) | ||
Accumulated depreciation and amortization and impairment losses [Member] | Buildings [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | $ | ||||
Accumulated depreciation and amortization and impairment losses [Member] | Mining structures and mining rights [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | (33,608) | |||
Depreciation charge | ||||
Disposals | 4,688 | |||
Exchange adjustment | ||||
Disposal of subsidiaries | 28,920 | |||
At December 31 | (33,608) | |||
Accumulated depreciation and amortization and impairment losses [Member] | Mining structures and mining rights [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | $ | ||||
Accumulated depreciation and amortization and impairment losses [Member] | Machinery and equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | (820) | (7,541) | ||
Depreciation charge | (5) | (25) | ||
Disposals | 715 | |||
Exchange adjustment | (45) | (69) | ||
Disposal of subsidiaries | 6,100 | |||
At December 31 | (870) | (820) | (7,541) | |
Accumulated depreciation and amortization and impairment losses [Member] | Machinery and equipment [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | $ | (126) | |||
Accumulated depreciation and amortization and impairment losses [Member] | Motor vehicles [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | (4) | (3,448) | ||
Depreciation charge | (59) | (1,193) | ||
Disposals | 1,742 | |||
Exchange adjustment | (46) | |||
Disposal of subsidiaries | 2,941 | |||
At December 31 | (63) | (4) | (3,448) | |
Accumulated depreciation and amortization and impairment losses [Member] | Motor vehicles [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | $ | (9) | |||
Accumulated depreciation and amortization and impairment losses [Member] | Construction in progress [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
At January 1 | ||||
Depreciation charge | ||||
Disposals | ||||
Exchange adjustment | ||||
Disposal of subsidiaries | ||||
At December 31 | ||||
Accumulated depreciation and amortization and impairment losses [Member] | Construction in progress [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exchange adjustment | ||||
At December 31 | $ |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Net Carrying Amount) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | ¥ 275 | ¥ 337 | |
USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | $ | $ 40 | ||
Net carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | 275 | 337 | |
Net carrying amount [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | $ | 40 | ||
Net carrying amount [Member] | Buildings [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | 40 | 43 | |
Net carrying amount [Member] | Buildings [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | $ | 6 | ||
Net carrying amount [Member] | Mining structures and mining rights [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | |||
Net carrying amount [Member] | Mining structures and mining rights [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | $ | |||
Net carrying amount [Member] | Machinery and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | 19 | 19 | |
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 | ¥ | 216 | 275 | |
Net carrying amount [Member] | Motor vehicles [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | $ | 31 | ||
Net carrying amount [Member] | Construction in progress [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | ¥ | |||
Net carrying amount [Member] | Construction in progress [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At December 31 | $ |
OTHER RECEIVABLES (Details)
OTHER RECEIVABLES (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
ForeignCurrencyLineItems [Line Items] | ||||
Withholding social insurance | ¥ | ¥ 6 | ¥ 6 | ||
Advance to a third party | ¥ | 493 | |||
Input VAT | ¥ | 597 | 597 | ||
Staff advances | ¥ | 13 | |||
Deposit | ¥ | 20 | 21 | ||
Receivables in relation to the disposal of Double Grow | ¥ | [1] | 9,377 | ||
Total other receivables | ¥ | ¥ 636 | ¥ 10,494 | ||
USD [Member] | ||||
ForeignCurrencyLineItems [Line Items] | ||||
Withholding social insurance | $ | $ 1 | |||
Advance to a third party | $ | ||||
Input VAT | $ | 86 | |||
Staff advances | $ | 2 | |||
Deposit | $ | 3 | |||
Receivables in relation to the disposal of Double Grow | $ | [1] | |||
Total other receivables | $ | $ 92 | |||
[1] | The amount represented receivables due from Shanghai Kangzheng Investment Management Co., Ltd. amounting to CNY9.38 million in relation to the disposal of Double Grow on December 29, 2017 as disclosed in Note 3, and the amount was received on January 26, 2019. |
TRADE PAYABLES (Schedule of Tra
TRADE PAYABLES (Schedule of Trade Payables) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
ForeignCurrencyLineItems [Line Items] | |||
Trade payables | ¥ | ¥ 100 | ¥ 215 | |
USD [Member] | |||
ForeignCurrencyLineItems [Line Items] | |||
Trade payables | $ | $ 15 |
TRADE PAYABLES (Schedule of Agi
TRADE PAYABLES (Schedule of Aging Analysis of Trade Payables) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
AgingAnalysisOfTradePayablesLineItems [Line Items] | |||
Trade payables | ¥ | ¥ 100 | ¥ 215 | |
USD [Member] | |||
AgingAnalysisOfTradePayablesLineItems [Line Items] | |||
Trade payables | $ | $ 15 | ||
Within 1 year [Member] | |||
AgingAnalysisOfTradePayablesLineItems [Line Items] | |||
Trade payables | ¥ | 15 | ||
Within 1 year [Member] | USD [Member] | |||
AgingAnalysisOfTradePayablesLineItems [Line Items] | |||
Trade payables | $ | |||
Expiring 2019 [Member] | |||
AgingAnalysisOfTradePayablesLineItems [Line Items] | |||
Trade payables | ¥ | 100 | ||
Expiring 2019 [Member] | USD [Member] | |||
AgingAnalysisOfTradePayablesLineItems [Line Items] | |||
Trade payables | $ | |||
Later Than Two Years [Member] | |||
AgingAnalysisOfTradePayablesLineItems [Line Items] | |||
Trade payables | ¥ | ¥ 100 | ¥ 100 | |
Later Than Two Years [Member] | USD [Member] | |||
AgingAnalysisOfTradePayablesLineItems [Line Items] | |||
Trade payables | $ | $ 15 |
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, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
ForeignCurrencyLineItems [Line Items] | ||||
Contract deposits | ¥ | ¥ 102 | ¥ 102 | ||
Social security payable | ¥ | [1] | 102 | 68 | |
Payroll payable | ¥ | 442 | 376 | ||
Welfare payable | ¥ | 14 | 1 | ||
Accrued expenses | ¥ | 964 | 2,372 | ||
Others | ¥ | 15 | 7 | ||
Other payables and accrued liabilities | ¥ | ¥ 1,639 | ¥ 2,926 | ||
USD [Member] | ||||
ForeignCurrencyLineItems [Line Items] | ||||
Contract deposits | $ | $ 15 | |||
Social security payable | $ | [1] | 15 | ||
Payroll payable | $ | 64 | |||
Welfare payable | $ | 2 | |||
Accrued expenses | $ | 140 | |||
Others | $ | 2 | |||
Other payables and accrued liabilities | $ | $ 238 | |||
[1] | The social security represents amounts payable to the PRC government-managed retirement insurance, medical insurance, etc. |
ASSET RETIREMENT OBLIGATIONS (D
ASSET RETIREMENT OBLIGATIONS (Details Narrative) | Dec. 31, 2016 |
Wuhu Feishang [Member] | |
DisclosureOfAssetRetirementObligationsLineItems [Line Items] | |
Inflation rate | 2.53% |
Discount rate | 9.91% |
Market risk premium rate | 6.09% |
Antay Pacha [Member] | |
DisclosureOfAssetRetirementObligationsLineItems [Line Items] | |
Inflation rate | 4.80% |
Discount rate | 8.42% |
Market risk premium rate | 6.09% |
ASSET RETIREMENT OBLIGATIONS (S
ASSET RETIREMENT OBLIGATIONS (Schedule of Asset Retirement Obligations) (Details) - 12 months ended Dec. 31, 2018 ¥ in Thousands | USD ($) | CNY (¥) |
ForeignCurrencyLineItems [Line Items] | ||
At January 1, 2017 | ¥ 5,302 | |
Accretion expenses | 60 | |
Disposal of subsidiaries | (5,338) | |
Exchange adjustment | (24) | |
At December 31, 2018 | ||
USD [Member] | ||
ForeignCurrencyLineItems [Line Items] | ||
At January 1, 2017 | ||
Accretion expenses | ||
Disposal of subsidiaries | ||
Exchange adjustment | ||
At December 31, 2018 | $ |
LOSS BEFORE INCOME TAX FROM C_3
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS (Schedule of Group's Loss Before Tax from Continuing Operations) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | ||
Crediting: | |||||
Interest income on bank deposits | ¥ | ¥ 26 | ¥ 39 | ¥ 75 | ||
Charging: | |||||
Finance costs | ¥ | [1] | (5) | 14 | 1 | |
Auditors' remuneration: | |||||
- Audit fee | ¥ | 1,000 | 2,000 | 1,480 | ||
Employee benefit expenses (Note 14) | ¥ | 1,878 | 697 | 715 | ||
Depreciation and amortization: | |||||
- Property, plant and equipment | ¥ | 67 | 8 | 2 | ||
Operating lease rental: | |||||
- Office properties | ¥ | ¥ 1,189 | ¥ 747 | ¥ 948 | ||
USD [Member] | |||||
Crediting: | |||||
Interest income on bank deposits | $ | $ 4 | ||||
Charging: | |||||
Finance costs | $ | [1] | (1) | |||
Auditors' remuneration: | |||||
- Audit fee | $ | 145 | ||||
Employee benefit expenses (Note 14) | $ | 273 | ||||
Depreciation and amortization: | |||||
- Property, plant and equipment | $ | 10 | ||||
Operating lease rental: | |||||
- Office properties | $ | $ 173 | ||||
[1] | Finance cost from continuing operations mainly represented bank charges and foreign currency exchange differences. The amount of bank charge was CNY28.00 thousand, CNY1.00 thousand and CNY6.00 thousand (US$1.00 thousand), and the foreign currency exchange differences amounted to negative CNY27.00 thousand, CNY13.00 thousand and negative CNY11.00 thousand (negative US$2.00 thousand) as of December 31, 2016, 2017 and 2018, respectively. |
EMPLOYEE BENEFITS (Schedule of
EMPLOYEE BENEFITS (Schedule of Employee Benefits from Continuing Operations) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | ||
Disclosure of defined benefit plans [line items] | |||||
Wages, salaries and allowances | ¥ | ¥ 1,513 | ¥ 566 | ¥ 565 | ||
Housing funds | ¥ | [1] | 67 | 33 | 40 | |
Contribution to pension plans | ¥ | [1] | 76 | 79 | 104 | |
Welfare and other expenses | ¥ | 222 | 19 | 6 | ||
Total employee benefits from continuing operations | ¥ | ¥ 1,878 | ¥ 697 | ¥ 715 | ||
USD [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Wages, salaries and allowances | $ | $ 220 | ||||
Housing funds | $ | [1] | 10 | |||
Contribution to pension plans | $ | [1] | 11 | |||
Welfare and other expenses | $ | 32 | ||||
Total employee benefits from continuing operations | $ | $ 273 | ||||
[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 EXPENSE (Details Nar
INCOME TAX EXPENSE (Details Narrative) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 29, 2017 | Dec. 31, 2016 | Dec. 31, 2018CNY (¥) | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Applicable tax rate | 25.00% | 25.00% | 25.00% | ||
USD [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Applicable tax rate | 25.00% | ||||
Unused tax losses [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Unused tax losses for which no deferred tax assets were recognized | ¥ | ¥ 9,240 | ¥ 6,740 | |||
Unused tax losses [Member] | Expiring 2019 [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Unused tax losses | ¥ | 1,080 | ||||
Expiry date description | Unused tax losses if unused, will expire by the end of 2019 | ||||
Unused tax losses [Member] | Expiring 2020 [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Unused tax losses | ¥ | 1,100 | ||||
Expiry date description | Unused tax losses if unused, will expire by the end of 2020 | ||||
Unused tax losses [Member] | Expiring 2021 [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 2022 [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 2023 [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] | 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 | $ | $ 980 | ||||
Unused tax losses [Member] | USD [Member] | Expiring 2019 [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 2019 | ||||
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 | $ | $ 160 | ||||
Expiry date description | Unused tax losses if unused, will expire by the end of 2020 | ||||
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 | $ | $ 170 | ||||
Expiry date description | Unused tax losses if unused, will expire by the end of 2021 | ||||
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 | $ | $ 150 | ||||
Expiry date description | Unused tax losses if unused, will expire by the end of 2022 | ||||
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 | $ | $ 340 | ||||
Expiry date description | Unused tax losses if unused, will expire by the end of 2023 | ||||
Bolivia | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Applicable tax rate | 25.00% | ||||
HONG KONG | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Applicable tax rate | 16.50% | ||||
PRC | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Applicable tax rate | 25.00% | 25.00% |
INCOME TAX EXPENSE (Schedule of
INCOME TAX EXPENSE (Schedule of Loss before income tax) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Disclosure of geographical areas [line items] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | ¥ | ¥ (6,176) | ¥ (6,179) | ¥ (4,445) | |
LOSS BEFORE INCOME TAX FROM DISCONTINUED OPERATIONS | ¥ | (23,817) | (18,591) | ||
Total loss before income tax for the year | ¥ | (6,176) | (29,996) | (23,036) | |
USD [Member] | ||||
Disclosure of geographical areas [line items] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | $ (897) | |||
LOSS BEFORE INCOME TAX FROM DISCONTINUED OPERATIONS | $ | ||||
Total loss before income tax for the year | $ | (897) | |||
PRC | ||||
Disclosure of geographical areas [line items] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | ¥ | (2,321) | (1,071) | (1,171) | |
PRC | USD [Member] | ||||
Disclosure of geographical areas [line items] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | (337) | |||
VIRGIN ISLANDS, BRITISH | ||||
Disclosure of geographical areas [line items] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | ¥ | (3,805) | (5,064) | (3,225) | |
VIRGIN ISLANDS, BRITISH | USD [Member] | ||||
Disclosure of geographical areas [line items] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | (553) | |||
HONG KONG | ||||
Disclosure of geographical areas [line items] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | ¥ | ¥ (50) | ¥ (44) | ¥ (49) | |
HONG KONG | USD [Member] | ||||
Disclosure of geographical areas [line items] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | $ (7) |
INCOME TAX EXPENSE (Schedule _2
INCOME TAX EXPENSE (Schedule of reconciliation of the income taxes computed) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | ¥ | ¥ (6,176) | ¥ (6,179) | ¥ (4,445) | |
LOSS BEFORE INCOME TAX FROM DISCONTINUED OPERATIONS | ¥ | (23,817) | (18,591) | ||
Total loss before income tax for the year | ¥ | ¥ (6,176) | ¥ (29,996) | ¥ (23,036) | |
Tax at the statutory tax rate | 25.00% | 25.00% | 25.00% | 25.00% |
Computed income tax benefit | ¥ | ¥ (1,544) | ¥ (7,499) | ¥ (5,759) | |
Effect of different tax rates for the Company and overseas subsidiaries | ¥ | 955 | 1,269 | 820 | |
Tax losses not recognized | ¥ | 588 | 6,230 | 4,259 | |
Non-deductible expenses | ¥ | 1 | 680 | ||
Income tax expense | ¥ | ||||
Income tax expense from continuing operations at the effective rate | ¥ | ||||
Income tax expense from discontinued operations at the effective rate | ¥ | ||||
USD [Member] | ||||
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | $ (897) | |||
LOSS BEFORE INCOME TAX FROM DISCONTINUED OPERATIONS | $ | ||||
Total loss before income tax for the year | $ | $ (897) | |||
Tax at the statutory tax rate | 25.00% | 25.00% | ||
Computed income tax benefit | $ | $ (224) | |||
Effect of different tax rates for the Company and overseas subsidiaries | $ | 139 | |||
Tax losses not recognized | $ | 85 | |||
Non-deductible expenses | $ | ||||
Income tax expense | $ | ||||
Income tax expense from continuing operations at the effective rate | $ | ||||
Income tax expense from discontinued operations at the effective rate | $ |
LOSS PER SHARE (Schedule of Bas
LOSS PER SHARE (Schedule of Basic and Diluted Loss Per Share) (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | Dec. 31, 2016CNY (¥)¥ / sharesshares | |
Loss for the year attributable to owners of the Company: | ||||
From continuing operations | ¥ | ¥ (6,176) | ¥ (6,179) | ¥ (4,445) | |
From discontinued operations | ¥ | ¥ (23,817) | ¥ (18,591) | ||
Weighted average number of common shares: | ||||
Basic and diluted | shares | 24,910,916 | 24,910,916 | 24,910,916 | 24,910,916 |
Loss per share - Basic and diluted: | ||||
From continuing operations | ¥ / shares | ¥ (0.25) | ¥ (0.25) | ¥ (0.18) | |
From discontinued operations | ¥ / shares | (0.95) | (0.74) | ||
Loss per share - Basic and diluted | ¥ / shares | ¥ (0.25) | ¥ (1.20) | ¥ (0.92) | |
USD [Member] | ||||
Loss for the year attributable to owners of the Company: | ||||
From continuing operations | $ | $ (897) | |||
From discontinued operations | $ | ||||
Weighted average number of common shares: | ||||
Basic and diluted | shares | 24,910,916 | 24,910,916 | ||
Loss per share - Basic and diluted: | ||||
From continuing operations | $ / shares | $ (0.04) | |||
From discontinued operations | $ / shares | ||||
Loss per share - Basic and diluted | $ / shares | $ (0.04) |
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, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | ||
Nominal value of issued ordinary/ registered share capital | ¥ 312,081 | ¥ 312,081 |
China Coal Mining Investment Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | Hong Kong | |
Nominal value of issued ordinary/ registered share capital | ||
Percentage of equity attributable to company direct | 100.00% | |
Percentage of equity attributable to company indirect | ||
Principal activities | Investment holding | |
FMH Corporate Services Inc. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | United States | |
Nominal value of issued ordinary/ registered share capital | ||
Percentage of equity attributable to company direct | 100.00% | |
Percentage of equity attributable to company indirect | ||
Principal activities | Dormant | |
Feishang Dayun Coal Mining Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | Hong Kong | |
Nominal value of issued ordinary/ registered share capital | ||
Percentage of equity attributable to company direct | ||
Percentage of equity attributable to company indirect | 100.00% | |
Principal activities | Investment holding | |
Feishang Mining Holdings Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | BVI | |
Nominal value of issued ordinary/ registered share capital | ||
Percentage of equity attributable to company direct | 100.00% | |
Percentage of equity attributable to company indirect | ||
Principal activities | Investment holding | |
Feishang Yongfu Mining Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | Hong Kong | |
Nominal value of issued ordinary/ registered share capital | ||
Percentage of equity attributable to company direct | ||
Percentage of equity attributable to company indirect | 100.00% | |
Principal activities | Investment holding | |
Newhold Investments Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | BVI | |
Nominal value of issued ordinary/ registered share capital | ||
Percentage of equity attributable to company direct | 100.00% | |
Percentage of equity attributable to company indirect | ||
Principal activities | Investment holding | |
Pineboom Investments Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | BVI | |
Nominal value of issued ordinary/ registered share capital | ||
Percentage of equity attributable to company direct | 100.00% | |
Percentage of equity attributable to company indirect | ||
Principal activities | Investment holding | |
Shenzhen Feishang Management and Consulting Co., Limited ("Feishang Management") [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | PRC/ Mainland China | |
Nominal value of issued ordinary/ registered share capital | ¥ 10,000 | |
Percentage of equity attributable to company direct | ||
Percentage of equity attributable to company indirect | 100.00% | |
Principal activities | Provision for management and consulting services to other companies in the Group | |
Silver Moon Technologies Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | BVI | |
Nominal value of issued ordinary/ registered share capital | ¥ 1 | |
Percentage of equity attributable to company direct | 80.00% | |
Percentage of equity attributable to company indirect | ||
Principal activities | Dormant | |
Sunwide Capital Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | BVI | |
Nominal value of issued ordinary/ registered share capital | ||
Percentage of equity attributable to company direct | 100.00% | |
Percentage of equity attributable to company indirect | ||
Principal activities | Dormant | |
Yangpu Lianzhong Mining Co., Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | PRC/ Mainland China | |
Nominal value of issued ordinary/ registered share capital | ¥ 115,008 | |
Percentage of equity attributable to company direct | ||
Percentage of equity attributable to company indirect | 100.00% | |
Principal activities | Investment holding | |
Yangpu Shuanghu Industrial Development Co., Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | PRC/ Mainland China | |
Nominal value of issued ordinary/ registered share capital | ¥ 1,000 | |
Percentage of equity attributable to company direct | ||
Percentage of equity attributable to company indirect | 100.00% | |
Principal activities | Investment holding | |
Yunnan Feishang Mining Co., Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | PRC/ Mainland China | |
Nominal value of issued ordinary/ registered share capital | ¥ 50,000 | |
Percentage of equity attributable to company direct | ||
Percentage of equity attributable to company indirect | 100.00% | |
Principal activities | Investment holding | |
Bayannaoer City Feishang Mining Company Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Place of incorporation/registration and operations | PRC/ Mainland China | |
Nominal value of issued ordinary/ registered share capital | ¥ 59,480 | |
Percentage of equity attributable to company direct | ||
Percentage of equity attributable to company indirect | 100.00% | |
Principal activities | Exploration and development of Lead Mine |
RELATED PARTY BALANCES AND TR_4
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Commercial Transactions with Related Parties) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Disclosure of transactions between related parties [line items] | ||||
CHNR's share of office rental, rates and others to Anka Consultants Limited ('Anka') | ¥ | ¥ 1,442 | ¥ 1,316 | ¥ 953 | |
Sales of equipment to Wuhu Industrial | ¥ | 1,056 | |||
Purchase of raw ore from Empressa Minera Jacha Uru S.A. ('Jacha Uru') | ¥ | 240 | 20 | ||
Feishang Management 's share of office rental to Feishang Enterprise | ¥ | ¥ 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') | $ | $ 210 | |||
Sales of equipment to Wuhu Industrial | $ | ||||
Purchase of raw ore from Empressa Minera Jacha Uru S.A. ('Jacha Uru') | $ | ||||
Feishang Management 's share of office rental to Feishang Enterprise | $ | $ 24 |
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, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Current: | ||||
Payable to related companies: | ¥ | ¥ 4,041 | ¥ 13,747 | ||
Payable to the Shareholder: | ¥ | 6,973 | 11,573 | ||
Feishang Enterprise [Member] | ||||
Current: | ||||
Payable to related companies: | ¥ | [1] | 4,041 | 3,719 | |
Feishang Hesheng [Member] | ||||
Current: | ||||
Payable to related companies: | ¥ | [2] | 10,028 | ||
Feishang Group [Member] | ||||
Current: | ||||
Payable to the Shareholder: | ¥ | [3] | ¥ 6,973 | ¥ 11,573 | |
USD [Member] | ||||
Current: | ||||
Payable to related companies: | $ | $ 587 | |||
Payable to the Shareholder: | $ | 1,014 | |||
USD [Member] | Feishang Enterprise [Member] | ||||
Current: | ||||
Payable to related companies: | $ | [1] | 587 | ||
USD [Member] | Feishang Hesheng [Member] | ||||
Current: | ||||
Payable to related companies: | $ | [2] | |||
USD [Member] | Feishang Group [Member] | ||||
Current: | ||||
Payable to the Shareholder: | $ | [3] | $ 1,014 | ||
[1] | Payable to Feishang Enterprise by Feishang Management for the net amount of loans from Feishang Enterprise. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. | |||
[2] | Payable to Feishang Hesheng for the acquisition of Double Grow as well as the assumption of indebtedness due to Feishang Hesheng by Double Grow. The balance is unsecured and interest-free. The balance as at December 31, 2017 was repaid during 2018. | |||
[3] | Payable to Feishang Group for the acquisition of Feishang Anthracite. 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. |
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, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Disclosure of transactions between related parties [line items] | ||||
Wages, salaries and allowances | ¥ | ¥ 580 | ¥ 264 | ¥ 479 | |
Housing subsidies | ¥ | 16 | 2 | ||
Contribution to pension plans | ¥ | 75 | 29 | 22 | |
Total Compensation of key management personnel | ¥ | ¥ 671 | ¥ 295 | ¥ 501 | |
USD [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Wages, salaries and allowances | $ | $ 84 | |||
Housing subsidies | $ | 2 | |||
Contribution to pension plans | $ | 11 | |||
Total Compensation of key management personnel | $ | $ 97 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - Dec. 23, 2016 - Feishang Hesheng [Member] ¥ in Thousands, $ in Thousands | USD ($) | CNY (¥) |
Waived payment due to indebtedness | ¥ | ¥ 55,558 | |
USD [Member] | ||
Waived payment due to indebtedness | $ | $ 8,000 |
EQUITY (Schedule of Issued Capi
EQUITY (Schedule of Issued Capital) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Authorized: | ||||
Authorized 10,000,000 preferred shares, no par | ¥ | ||||
Authorized 200,000,000 ordinary shares, no par | ¥ | ||||
Issued and fully paid: | ||||
24,910,916 (2016 and 2017: 24,910,916) common shares, no par | ¥ | ¥ 312,081 | ¥ 312,081 | ¥ 312,081 | |
USD [Member] | ||||
Authorized: | ||||
Authorized 10,000,000 preferred shares, no par | $ | ||||
Authorized 200,000,000 ordinary shares, no par | $ | ||||
Issued and fully paid: | ||||
24,910,916 (2016 and 2017: 24,910,916) common shares, no par | $ | $ 45,371 |
EQUITY (Schedule of Other Capit
EQUITY (Schedule of Other Capital Reserve) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | ||
Beginning Balance | ¥ (15,505) | ¥ 13,195 | ¥ (17,799) | ||
Ending Balance | (21,798) | (15,505) | 13,195 | ||
Ending Balance | $ | $ (3,169) | ||||
Attributable to owners of the Company Other Capital Reserves | |||||
Beginning Balance | 692,518 | 692,518 | 636,960 | ||
Deemed contribution from related party | [1] | 55,558 | |||
Ending Balance | ¥ 692,518 | ¥ 692,518 | ¥ 692,518 | ||
Ending Balance | $ | $ 100,679 | ||||
[1] | On December 23, 2016, Feishang Hesheng waived a payment of CNY55.56 million (US$8.00 million) indebtedness owed to it by Double Grow. |
FINANCIAL RISK MANAGEMENT OBJ_3
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Schedule of Maturity Profile of the Group's Financial Liabilities) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | ¥ | ¥ 100 | ¥ 215 | |
Other payables and accrued liabilities | ¥ | 1,081 | 2,481 | |
Due to related companies | ¥ | 4,041 | 13,747 | |
Due to the Shareholder | ¥ | 6,973 | 11,573 | |
Trade and other payables, total | ¥ | 12,195 | 28,016 | |
USD [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | $ | $ 15 | ||
Other payables and accrued liabilities | $ | 157 | ||
Due to related companies | $ | 587 | ||
Due to the Shareholder | $ | 1,014 | ||
Trade and other payables, total | $ | 1,773 | ||
On demand [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | ¥ | |||
Other payables and accrued liabilities | ¥ | |||
Due to related companies | ¥ | |||
Due to the Shareholder | ¥ | |||
Trade and other payables, total | ¥ | |||
On demand [Member] | USD [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | $ | |||
Other payables and accrued liabilities | $ | |||
Due to related companies | $ | |||
Due to the Shareholder | $ | |||
Trade and other payables, total | $ | |||
Within 1 year [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | ¥ | 100 | 215 | |
Other payables and accrued liabilities | ¥ | 1,081 | 2,481 | |
Due to related companies | ¥ | 4,041 | 13,747 | |
Due to the Shareholder | ¥ | 6,973 | 11,573 | |
Trade and other payables, total | ¥ | 12,195 | 28,016 | |
Within 1 year [Member] | USD [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | $ | 15 | ||
Other payables and accrued liabilities | $ | 157 | ||
Due to related companies | $ | 587 | ||
Due to the Shareholder | $ | 1,014 | ||
Trade and other payables, total | $ | 1,773 | ||
After one year but not more than five years [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | ¥ | |||
Other payables and accrued liabilities | ¥ | |||
Due to related companies | ¥ | |||
Due to the Shareholder | ¥ | |||
Trade and other payables, total | ¥ | |||
After one year but not more than five years [Member] | USD [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | $ | |||
Other payables and accrued liabilities | $ | |||
Due to related companies | $ | |||
Due to the Shareholder | $ | |||
Trade and other payables, total | $ | |||
Expiring 2023 [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | ¥ | |||
Other payables and accrued liabilities | ¥ | |||
Due to related companies | ¥ | |||
Due to the Shareholder | ¥ | |||
Trade and other payables, total | ¥ | |||
Expiring 2023 [Member] | USD [Member] | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Trade payables | $ | |||
Other payables and accrued liabilities | $ | |||
Due to related companies | $ | |||
Due to the Shareholder | $ | |||
Trade and other payables, total | $ |
FINANCIAL RISK MANAGEMENT OBJ_4
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Maximum exposure) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financial assets | |||||
- Normal | [1] | ¥ 33 | |||
- Doubtful | [1] | ||||
Cash and cash equivalents | |||||
- Not yet past due | 6,793 | ¥ 18,878 | ¥ 19,228 | ¥ 45,307 | |
Total | 6,826 | ||||
ECLs Stage 1 | |||||
Financial assets | |||||
- Normal | [1] | 33 | |||
- Doubtful | [1] | ||||
Cash and cash equivalents | |||||
- Not yet past due | 6,793 | ||||
Total | 6,826 | ||||
ECLs Stage 2 | |||||
Financial assets | |||||
- Normal | [1] | ||||
- Doubtful | [1] | ||||
Cash and cash equivalents | |||||
- Not yet past due | |||||
Total | |||||
ECLs Stage 3 | |||||
Financial assets | |||||
- Normal | [1] | ||||
- Doubtful | [1] | ||||
Cash and cash equivalents | |||||
- Not yet past due | |||||
Total | |||||
Simplified Approach | |||||
Financial assets | |||||
- 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. |
COMMITMENTS (Schedule of Operat
COMMITMENTS (Schedule of Operating Lease) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disclosure of finance lease and operating lease by lessor [line items] | |||
Operating lease | ¥ | ¥ 1,891 | ¥ 476 | |
USD [Member] | |||
Disclosure of finance lease and operating lease by lessor [line items] | |||
Operating lease | $ | $ 275 | ||
Within 1 year [Member] | |||
Disclosure of finance lease and operating lease by lessor [line items] | |||
Operating lease | ¥ | 1,245 | 476 | |
Within 1 year [Member] | USD [Member] | |||
Disclosure of finance lease and operating lease by lessor [line items] | |||
Operating lease | $ | 181 | ||
After one year but not more than five years [Member] | |||
Disclosure of finance lease and operating lease by lessor [line items] | |||
Operating lease | ¥ | ¥ 646 | ||
After one year but not more than five years [Member] | USD [Member] | |||
Disclosure of finance lease and operating lease by lessor [line items] | |||
Operating lease | $ | $ 94 |
SEGMENT INFORMATION (Schedule o
SEGMENT INFORMATION (Schedule of Segment Results) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2018CNY (¥) | ||
Disclosure of operating segments [line items] | ||||||
Depreciation and amortization | ¥ 67 | ¥ 8 | ¥ 2 | |||
Operating loss | 6,207 | 6,204 | 4,519 | |||
Interest income | (26) | (39) | (75) | |||
Finance costs | [1] | (5) | 14 | 1 | ||
Loss for the year from continuing operations | 6,176 | 6,179 | 4,445 | |||
Capital expenditure | 5 | |||||
Total assets | 29,748 | 94,793 | ¥ 7,743 | |||
Total liabilities | 45,253 | 81,598 | 29,541 | |||
USD [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Depreciation and amortization | $ | $ 10 | |||||
Operating loss | $ | 902 | |||||
Interest income | $ | (4) | |||||
Finance costs | $ | [1] | (1) | ||||
Loss for the year from continuing operations | $ | 897 | |||||
Capital expenditure | $ | 1 | |||||
Total assets | $ | 1,126 | |||||
Total liabilities | $ | 4,295 | |||||
Exploration and Mining [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Depreciation and amortization | 63 | 5 | ||||
Operating loss | 1,523 | 258 | ||||
Interest income | (1) | (1) | ||||
Finance costs | 1 | |||||
Loss for the year from continuing operations | 1,523 | 257 | ||||
Capital expenditure | ||||||
Total assets | 705 | 527 | ||||
Total liabilities | 509 | 1,854 | ||||
Exploration and Mining [Member] | USD [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Depreciation and amortization | $ | 9 | |||||
Operating loss | $ | 221 | |||||
Interest income | ||||||
Finance costs | ||||||
Loss for the year from continuing operations | $ | 221 | |||||
Capital expenditure | $ | ||||||
Total assets | $ | 77 | |||||
Total liabilities | $ | 270 | |||||
Corporate Activity [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Depreciation and amortization | 4 | 3 | 2 | |||
Operating loss | 4,684 | 5,946 | 4,519 | |||
Interest income | (25) | (38) | (75) | |||
Finance costs | (6) | 14 | 1 | |||
Loss for the year from continuing operations | 4,653 | 5,922 | 4,445 | |||
Capital expenditure | 5 | |||||
Total assets | 29,043 | 94,793 | 7,216 | |||
Total liabilities | ¥ 44,744 | ¥ 81,598 | ¥ 27,687 | |||
Corporate Activity [Member] | USD [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Depreciation and amortization | $ | 1 | |||||
Operating loss | $ | 681 | |||||
Interest income | (4) | |||||
Finance costs | ¥ (1) | |||||
Loss for the year from continuing operations | $ | 676 | |||||
Capital expenditure | $ | 1 | |||||
Total assets | $ | 1,049 | |||||
Total liabilities | $ | $ 4,025 | |||||
[1] | Finance cost from continuing operations mainly represented bank charges and foreign currency exchange differences. The amount of bank charge was CNY28.00 thousand, CNY1.00 thousand and CNY6.00 thousand (US$1.00 thousand), and the foreign currency exchange differences amounted to negative CNY27.00 thousand, CNY13.00 thousand and negative CNY11.00 thousand (negative US$2.00 thousand) as of December 31, 2016, 2017 and 2018, respectively. |
SEGMENT INFORMATION (Schedule_2
SEGMENT INFORMATION (Schedule of Reconciliation of Loss for the Year from Continuing Operations to Net Loss) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Disclosure of operating segments [line items] | ||||
Loss for the year from continuing operations | ¥ | ¥ (6,176) | ¥ (6,179) | ¥ (4,445) | |
Loss for the year from discontinued operations, net of tax | ¥ | (23,817) | (18,591) | ||
Loss for the year | ¥ | ¥ (6,176) | ¥ (29,996) | ¥ (23,036) | |
USD [Member] | ||||
Disclosure of operating segments [line items] | ||||
Loss for the year from continuing operations | $ | $ (897) | |||
Loss for the year from discontinued operations, net of tax | $ | ||||
Loss for the year | $ | $ (897) |
NOTES TO THE CONSOLIDATED STA_3
NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | ||
At begiinning | ¥ 25,320 | |
Changes from financing cash flows | (13,813) | |
Changes from operating activities | (493) | |
At end | 11,014 | ¥ 25,320 |
Due to the related companies [Member] | ||
Statement Line Items [Line Items] | ||
At begiinning | 13,747 | 21,007 |
Changes from financing cash flows | (9,213) | 12,630 |
Decrease arising from disposal of discontinued operations | (18,607) | |
Changes from operating activities | (493) | 271 |
Foreign exchange movement | (1,554) | |
At end | 4,041 | 13,747 |
Due to the shareholder [Member] | ||
Statement Line Items [Line Items] | ||
At begiinning | 11,573 | |
Changes from financing cash flows | (4,600) | |
Changes from operating activities | ||
At end | ¥ 6,973 | ¥ 11,573 |
NOTES TO THE CONSOLIDATED STA_4
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (Details Narrative) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Attributable to owners of the Company Other Capital Reserves | ||||
Deemed contribution from related party | [1] | ¥ 55,558 | ||
[1] | On December 23, 2016, Feishang Hesheng waived a payment of CNY55.56 million (US$8.00 million) indebtedness owed to it by Double Grow. |
CONDENSED FINANCIAL INFORMATI_3
CONDENSED FINANCIAL INFORMATION OF THE COMPANY (Details Narrative) - Condensed [Member] ¥ in Thousands, $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
CondensedFinancialInformationOfCompanyLineItems [Line Items] | ||||
Restricted capital and reserves | ¥ | ¥ 13,780 | |||
Dividend Payables | ¥ | ||||
USD [Member] | ||||
CondensedFinancialInformationOfCompanyLineItems [Line Items] | ||||
Restricted capital and reserves | $ | $ 2,000 | |||
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, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
CURRENT ASSETS | ||||||
Cash and cash equivalents | ¥ | ¥ 6,793 | ¥ 18,878 | ¥ 19,228 | ¥ 45,307 | ||
Other receivables | ¥ | 636 | 10,494 | ||||
TOTAL CURRENT ASSETS | ¥ | 7,468 | 29,411 | ||||
TOTAL ASSETS | ¥ | 7,743 | 29,748 | 94,793 | |||
CURRENT LIABILITIES | ||||||
Other payables and accrued liabilities | ¥ | 1,639 | 2,926 | ||||
Due to the Shareholder | ¥ | 6,973 | 11,573 | ||||
Due to a related party | ¥ | 4,041 | 13,747 | ||||
TOTAL LIABILITIES | ¥ | 29,541 | 45,253 | 81,598 | |||
EQUITY | ||||||
Issued capital | ¥ | 312,081 | 312,081 | ||||
Other capital reserves | ¥ | 692,518 | 692,518 | ||||
Accumulated losses | ¥ | (1,022,639) | (1,016,463) | ||||
Other comprehensive income | ¥ | (3,758) | (3,641) | ||||
TOTAL EQUITY | ¥ | (21,798) | (15,505) | ¥ 13,195 | ¥ (17,799) | ||
TOTAL LIABILITIES AND EQUITY | ¥ | 7,743 | 29,748 | ||||
USD [Member] | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | $ | $ 988 | $ 2,744 | ||||
Other receivables | $ | 92 | |||||
TOTAL CURRENT ASSETS | $ | 1,086 | |||||
TOTAL ASSETS | $ | 1,126 | |||||
CURRENT LIABILITIES | ||||||
Other payables and accrued liabilities | $ | 238 | |||||
Due to the Shareholder | $ | 1,014 | |||||
Due to a related party | $ | 587 | |||||
TOTAL LIABILITIES | $ | 4,295 | |||||
EQUITY | ||||||
Issued capital | $ | 45,371 | |||||
Other capital reserves | $ | 100,679 | |||||
Accumulated losses | $ | (148,673) | |||||
Other comprehensive income | $ | (546) | |||||
TOTAL EQUITY | $ | (3,169) | |||||
TOTAL LIABILITIES AND EQUITY | $ | 1,126 | |||||
Condensed [Member] | ||||||
NON-CURRENT ASSETS | ||||||
Investments in subsidiaries | ¥ | ||||||
CURRENT ASSETS | ||||||
Amounts due from subsidiaries | ¥ | 13,925 | 9,266 | ||||
Cash and cash equivalents | ¥ | 4,122 | 13,912 | ||||
Other receivables | ¥ | 9,377 | |||||
TOTAL CURRENT ASSETS | ¥ | 18,047 | 32,555 | ||||
TOTAL ASSETS | ¥ | 18,047 | 32,555 | ||||
CURRENT LIABILITIES | ||||||
Other payables and accrued liabilities | ¥ | 943 | 2,350 | ||||
Due to the Shareholder | ¥ | 6,973 | 11,573 | ||||
Due to a related party | ¥ | 10,028 | |||||
TOTAL CURRENT LIABILITIES | ¥ | 7,916 | 23,951 | ||||
TOTAL LIABILITIES | ¥ | 7,916 | 23,951 | ||||
EQUITY | ||||||
Issued capital | ¥ | 290,179 | 290,179 | ||||
Other capital reserves | ¥ | 823,581 | 823,581 | ||||
Accumulated losses | ¥ | (1,091,633) | (1,087,839) | ||||
Other comprehensive income | ¥ | (11,996) | (17,317) | ||||
TOTAL EQUITY | ¥ | 10,131 | 8,604 | ||||
TOTAL LIABILITIES AND EQUITY | ¥ | ¥ 18,047 | ¥ 32,555 | ||||
Condensed [Member] | USD [Member] | ||||||
NON-CURRENT ASSETS | ||||||
Investments in subsidiaries | $ | ||||||
CURRENT ASSETS | ||||||
Amounts due from subsidiaries | $ | 2,025 | |||||
Cash and cash equivalents | $ | 599 | |||||
Other receivables | $ | ||||||
TOTAL CURRENT ASSETS | $ | 2,624 | |||||
TOTAL ASSETS | $ | 2,624 | |||||
CURRENT LIABILITIES | ||||||
Other payables and accrued liabilities | $ | 137 | |||||
Due to the Shareholder | $ | 1,014 | |||||
Due to a related party | $ | ||||||
TOTAL CURRENT LIABILITIES | $ | 1,151 | |||||
TOTAL LIABILITIES | $ | 1,151 | |||||
EQUITY | ||||||
Issued capital | $ | 42,186 | |||||
Other capital reserves | $ | 119,733 | |||||
Accumulated losses | $ | (158,702) | |||||
Other comprehensive income | $ | (1,744) | |||||
TOTAL EQUITY | $ | 1,473 | |||||
TOTAL LIABILITIES AND EQUITY | $ | $ 2,624 |
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, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Statement Line Items [Line Items] | ||||
Administrative expenses | ¥ | ¥ 6,207 | ¥ 6,204 | ¥ 4,519 | |
Profit/ (loss) before income tax | ¥ | (6,176) | (6,179) | (4,445) | |
Profit/ (loss) for the year | ¥ | (6,176) | (29,996) | (23,036) | |
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Administrative expenses | $ | $ 902 | |||
Profit/ (loss) before income tax | $ | (897) | |||
Profit/ (loss) for the year | $ | (897) | |||
Condensed [Member] | ||||
Statement Line Items [Line Items] | ||||
Administrative expenses | ¥ | (3,794) | (5,055) | (3,216) | |
Gain on disposal of a subsidiary | ¥ | 7,114 | |||
Profit/ (loss) before income tax | ¥ | (3,794) | 2,059 | (3,216) | |
Profit/ (loss) for the year | ¥ | ¥ (3,794) | ¥ 2,059 | ¥ (3,216) | |
Condensed [Member] | USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Administrative expenses | $ | (552) | |||
Gain on disposal of a subsidiary | $ | ||||
Profit/ (loss) before income tax | $ | (552) | |||
Profit/ (loss) for the year | $ | $ (552) |
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, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Statement Line Items [Line Items] | ||||
Net cash flows used in operating activities | ¥ | ¥ (7,527) | ¥ (14,746) | ¥ (28,269) | |
Net cash flows from investing activities | ¥ | 9,372 | 2,868 | (4,936) | |
Net cash flows used in financing activities | ¥ | (13,813) | 12,630 | 5,581 | |
NET INCREASE/(DECREASE) IN CASH | ¥ | (11,968) | 752 | (27,624) | |
Net foreign exchange difference | ¥ | (117) | (1,102) | 1,545 | |
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Net cash flows used in operating activities | $ | $ (1,093) | |||
Net cash flows from investing activities | $ | 1,362 | |||
Net cash flows used in financing activities | $ | (2,008) | |||
NET INCREASE/(DECREASE) IN CASH | $ | (1,739) | |||
Net foreign exchange difference | $ | (17) | |||
Condensed [Member] | ||||
Statement Line Items [Line Items] | ||||
Net cash flows used in operating activities | ¥ | (5,200) | (3,647) | (2,796) | |
Net cash flows from investing activities | ¥ | 10,243 | 7,808 | ||
Net cash flows used in financing activities | ¥ | (15,811) | (276) | ||
NET INCREASE/(DECREASE) IN CASH | ¥ | (10,768) | 4,161 | (3,072) | |
CASH AT BEGINNING OF THE YEAR | ¥ | 13,912 | 10,678 | 13,062 | |
Net foreign exchange difference | ¥ | 978 | (927) | 688 | |
CASH AT END OF THE YEAR | ¥ | ¥ 4,122 | ¥ 13,912 | ¥ 10,678 | |
Condensed [Member] | USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Net cash flows used in operating activities | $ | (756) | |||
Net cash flows from investing activities | $ | 1,489 | |||
Net cash flows used in financing activities | $ | (2,299) | |||
NET INCREASE/(DECREASE) IN CASH | $ | (1,566) | |||
CASH AT BEGINNING OF THE YEAR | $ | 2,023 | |||
Net foreign exchange difference | $ | 142 | |||
CASH AT END OF THE YEAR | $ | $ 599 |