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PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET (Tables)

6 Months Ended

Jun. 30, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of prepaid expenses and other current assets


	December 31,		June 30,
	2024		2025
	US$’000		US$’000
Deposits		6		7
GST receivable		7		2
Margin deposits *		66		63
Other receivables – Third parties **		337		682
Other receivables – Related party		30		30
Unrealized gain on commodity future contract		–		230
Prepayment to suppliers – Third parties ***		3,075		3,204
		3,521		4,218

*	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 14).

The balance mainly represents 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 in 2024. A repayment schedule was agreed with the suppliers in 2024 and the portion to be settled after June 30, 2025 was reclassified as “Other receivables - non-current, net” accordingly. As at June 30, 2025, allowance for credit losses of US$284,364 was provided for these other receivables.

***	The amount represents payments made to third parties for forthcoming goods and services to be derived at the end of the contract term.