China Natural Resources, Inc. Releases 2012 Annual Results

          China Natural Resources, Inc. Releases 2012 Annual Results

PR Newswire

HONG KONG, April 29, 2013

HONG KONG, April 29, 2013 /PRNewswire/ --CHINA NATURAL RESOURCES, INC.
(NASDAQ: CHNR), a company based in the People's Republic of China, today
released annual results for the year ended December 31, 2012 (derived from the
Company's audited financial statements) as follows.



CHINA NATURAL RESOURCES, INC.
CONSOLIDATED INCOME STATEMENTS
YEARS ENDED DECEMBER 31, 2010, 2011 AND 2012
(Amounts in thousands, except share and per share data)
                                   Year Ended December 31,
                                   2010      2011      2012         2012
                                   CNY       CNY       CNY          US$
REVENUES                            93,354    148,151   156,667     25,145
COST OF SALES                       (        (        ( 104,925)  ( 16,841)
                                    53,539)   95,534)
GROSS PROFIT                        39,815    52,617    51,742      8,304
SELLING AND DISTRIBUTION EXPENSES   (       (       (         (   
                                    3,303)    3,282)    3,887)      624)
ADMINISTRATIVE EXPENSES             (        (        (          ( 15,529)
                                    88,787)   73,668)   96,759)
OTHER OPERATING EXPENSES, NET       (       (       (         (   
                                    9,031)    1,545)    4,081)      655)
OPERATING LOSS                      (        (        (          ( 
                                    61,306)   25,878)   52,985)     8,504)
FINANCE COSTS                       (       (        (          ( 
                                    6,007)    32,215)   44,858)     7,200)
INTEREST INCOME                     1,112     1,713     2,622       421
SHARE OF LOSSES OF ASSOCIATES       (       —         —           —
                                    6,310)
GAIN ON DISPOSAL OF ASSOCIATES      30,571    —         —           —
GAIN FROM BARGAIN PURCHASE OF A                                     
SUBSIDIARY                          624,148   —         —
                                                                    —
NON-OPERATING (EXPENSES) INCOME,    (       4,299     (         (   
NET                                 1,874)              2,401)      385)
PROFIT (LOSS) BEFORE INCOME TAX     580,334   (        (          ( 
                                              52,081)   97,622)     15,668)
INCOME TAX (EXPENSE) BENEFIT        (        (        16,175      2,596
                                    12,224)   14,035)
PROFIT (LOSS) FOR THE YEAR          568,110   (        (          ( 
                                              66,116)   81,447)     13,072)
ATTRIBUTABLE TO:
Owners of the Company               572,251   (        (          ( 
                                              65,975)   89,703)     14,397)
Non-controlling interests           (       (      8,256       1,325
                                    4,141)    141)
                                    568,110   (        (          ( 
                                              66,116)   81,447)     13,072)
EARNINGS (LOSSES) PER SHARE
ATTRIBUTABLE TO ORDINARY
EQUITYHOLDERS OF THE COMPANY:
Basic                               25.50     (       (         (  
                                              2.79)    3.60)      0.58)
Diluted                             25.15     (       (         (  
                                              2.79)    3.60)      0.58)



The consolidated income statements of the Company for the years ended December
31, 2010, 2011 and 2012 have been prepared in accordance with International
Financial Reporting Standards ("IFRS") as issued by the International
Accounting Standards Board ("IASB"). The consolidated income statements are
derived from, and should be read in conjunction with, the Company's
consolidated financial statements for the years ended December 31, 2010, 2011
and 2012, as filed with the Securities and Exchange Commission on April 29,
2013 under cover of Form 20-F.

Mr. Li Feilie, the Company's Chairman, commented on the results: "China
Natural Resources recorded total revenues of CNY156.67 million (US$25.15
million) in 2012, up by 5.74% from a year earlier. The rise in revenues was
mainly attributable to the higher production output of anthracite in our coal
division. Following the gradual completion of construction and upgrade of our
acquired coal mines, revenue from our coal division surpassed that of our
metal division in 2012 and we expect it will become our major source of
revenue in the coming years. Application for the pilot run of Yongsheng mine,
one of our two largest anthracite mines, was lodged in March 2013 and we
anticipate the commencement of commercial run in the last quarter of 2013
after the passing of pilot run inspection. Identifying undervalued assets and
pursuing growth through the acquisition and consolidation of small to medium
sized coal mines in Guizhou province of mainland China is our competitive
edge. We intend to take advantage of the coal mine consolidation opportunity
in Guizhou province this year and the year ahead."

For the convenience of the reader, amounts in Chinese Yuan ("CNY") have been
translated into United States dollars ("US$") at the rate of US$1.00=CNY6.2306
quoted by Bloomberg Finance L.P. on December 31, 2012. The CNY is not freely
convertible into foreign currencies and no representation is made that the CNY
amounts could have been, or could be, converted into US$ at that rate, or at
all.

About China Natural Resources:
China Natural Resources, Inc., a British Virgin Islands corporation, through
its operating subsidiaries in the People's Republic of China, is currently
engaged in (a) the acquisition and exploitation of mining rights, including
the exploration, mineral extraction, processing and sale of iron, zinc and
other nonferrous metals, extracted or produced at mines primarily located in
Anhui Province in the PRC, and (b) the acquisition, development and production
of coal resources in Guizhou Province in the PRC.

Forward-Looking Statements:
This press release includes forward-looking statements within the meaning of
federal securities laws. These forward-looking statements are based upon
assumptions believed to be reliable, but involve risks and uncertainties that
may cause actual results of operations to differ materially from the
forward-looking statements. Among the risks and uncertainties that could
cause our actual results to differ from our forward-looking statements are our
intent, belief and current expectations as to business operations and
operating results of the Company, uncertainties regarding the governmental,
economic, legal and political circumstances in the People's Republic of China,
risks and hazards associated with the Company's mining activities,
uncertainties associated with ore reserve estimates, uncertainties associated
with metal and coal price volatility, uncertainties associated with the
Company's reliance on third-party contractors, uncertainties relating to
possible future increases in operating expenses, including costs of labor and
materials, and other risks detailed from time to time in the Company's
Securities and Exchange Commission filings. Although the Company's management
believes that the expectations reflected in forward-looking statements are
reasonable, it can provide no assurance that such expectations will prove to
be accurate.



SOURCE China Natural Resources, Inc.

Contact: Edward Wong, Chief Financial Officer, 011-852-2810-7205 or
cfo@chnr.net