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DISCONTINUED OPERATIONS | 12 Months Ended
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Dec. 31, 2019
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’ rights, title and interests in and to the outstanding capital stock of Wuhu Feishang Mining Development Co., Limited (“Wuhu Feishang”), which had been previously included in the Group’s non-ferrous metals segment, for cash consideration of CNY1.00 million (US$0.15 million). The disposal was completed on March 3, 2017. On December 29, 2017, CHNR sold all of CHNR’s rights, title and interests in and to the outstanding capital stock (the “Equity Interests”) of Double Grow International Limited (“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 (US$2.50 million), including the payment of CNY9.38 million (US$1.36 million) in indebtedness of Double Grow to CHNR, which was recognized in other receivables and received on January 26, 2018, and a cash consideration of CNY7.81 million (US$1.14 million). The disposal was completed on December 29, 2017. Wuhu Feishang and Double Grow were the primary contributors to the Group’s 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 gains or losses 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:
|  |  |  |  | For the period from January 1, 2017 to March 3, 2017 |  |
|  |  |  |  | CNY |  |
Administrative expenses |  |  |  |  |  | (991 | )
Losses arising from temporary suspension of production |  |  |  |  |  | (641 | )
Other operating income |  |  |  |  |  | 61 |
OPERATING LOSS |  |  |  |  |  | (1,571 | )
Finance costs |  |  |  |  |  | (30 | )
Interest income |  |  |  |  |  | 9 |
Non-operating income, net |  |  |  |  |  | 230 |
LOSS BEFORE INCOME TAX |  |  |  |  |  | (1,362 | )
LOSS FOR THE PERIOD FROM WUHU FEISHANG |  |  |  |  |  | (1,362 | )
Gain on disposal of Wuhu Feishang |  |  |  |  |  | 12,340 |
PROFIT FOR THE PERIOD FROM WUHU FEISHANG |  |  |  |  |  | 10,978 |
The details of the net assets of Wuhu Feishang as of 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:
|  |  |  |  | For the period from January 1, 2017 to March 3, 2017 |
|  |  |  |  | CNY |
Operating activities |  |  |  |  |  |  | (2,727 | )
Investing activities |  |  |  |  |  |  | 60 |
Financing activities |  |  |  |  |  |  | 1,793 |
Net cash outflows |  |  |  |  |  |  | (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 Double Grow |  |  |  |  |  | 982 |
(b) Discontinued operation of Double Grow The results of Double Grow are presented below:
|  |  |  |  | For the period from January 1, 2017 to December 29, 2017 |
|  |  |  |  | CNY |
Administrative expenses |  |  |  |  |  | (5,966 | )
OPERATING LOSS |  |  |  |  |  | (5,966 | )
Finance costs |  |  |  |  |  | (78 | )
Non-operating expenses, net |  |  |  |  |  | (840 | )
LOSS BEFORE INCOME TAX |  |  |  |  |  | (6,884 | )
LOSS FOR THE PERIOD FROM DOUBLE GROW |  |  |  |  |  | (6,884 | )
Loss on disposal of Double Grow |  |  |  |  |  | (27,911 | )
LOSS FOR THE PERIOD FROM DOUBLE GROW |  |  |  |  |  | (34,795 | )
The details of the net assets of Double Grow as of 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 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:
|  |  |  |  | For the period from January 1, 2017 to December 29, 2017 |
|  |  |  |  | CNY |
Operating activities |  |  |  |  |  |  | (5,796 | )
Investing activities |  |  |  |  |  |  | (5,823 | )
Financing activities |  |  |  |  |  |  | 10,173 |
Net foreign exchange difference |  |  |  |  |  |  | (100 | )
Net cash outflows |  |  |  |  |  |  | (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 period from January 1, 2017 to December 29, 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:
|  |  |  |  | For the period from January 1, 2017 to December 29, 2017 |
|  |  |  |  | CNY |
Loss per share from the discontinued operations (Presented in CNY per share) |  |  |  |  |  |  |
Basic |  |  |  |  |  | (0.95 | )
Diluted |  |  |  |  |  | (0.95 | )
The calculations of basic and diluted loss per share from the discontinued operations are based on:
|  |  |  |  |  | For the period from January 1, 2017 to December 29, 2017 |
|  |  |  |  |  | CNY |
Loss attributable to owners of the Company from the discontinued operations |  |  |  |  |  | (23,817 | )
Weighted average number of common shares in issue during the period used in the loss per share calculations: |  |  |  |  |  |  |
Basic (Note 14) |  |  |  |  |  | 24,910,916 |
Diluted (Note 14) |  |  |  |  |  | 24,910,916

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