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PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET

4. PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET

        
   December 31, 
   2023   2024 
   US$’000   US$’000 
Deposits   11    6 
GST receivable   41    7 
Margin deposits *   25    66 
Other receivables – Third parties**   32    337 
Other receivables – Related party   30    30 
Prepayment to suppliers – Third parties***   5,992    3,075 
    6,131    3,521 

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* Margin deposits relate to deposits placed with Phillip Nova Pte. Ltd. for derivative instruments entered into for the purpose of managing the Company’s commodity price risk (Note 15).
** The balance mainly represent current portion of the other receivables reclassified from prepayments made to suppliers. Certain prepayments to two suppliers made in 2023 of US$1,475,566 was reclassified to other receivables as the procurement agreements were cancelled. A repayment schedule was agreed with the suppliers in 2024 and the portion to be settled after 2025 was reclassified as “Other receivables - non-current, net” accordingly. As at December 31, 2024, allowance for expected credit losses of US$284,364 was provided for these other receivables.
*** The amounts represent payments made to third parties for forthcoming goods and services to be derived at the end of the contract term.