<SEC-DOCUMENT>0001079973-22-001197.txt : 20230214
<SEC-HEADER>0001079973-22-001197.hdr.sgml : 20230214
<ACCEPTANCE-DATETIME>20220928195243
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001079973-22-001197
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220928

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA NATURAL RESOURCES INC
		CENTRAL INDEX KEY:			0000793628
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		RM 2205 22F WEST TOWER SHUN TAK CENTRE
		STREET 2:		168-200 CONNAUGHT ROAD C
		CITY:			SHEUNG WAN, HONG KONG
		STATE:			F4
		ZIP:			-
		BUSINESS PHONE:		01185228107205

	MAIL ADDRESS:	
		STREET 1:		RM 2205 22F WEST TOWER SHUN TAK CENTRE
		STREET 2:		168-200 CONNAUGHT ROAD C
		CITY:			SHEUNG WAN, HONG KONG
		STATE:			F4
		ZIP:			-

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHINA RESOURCES DEVELOPMENT INC
		DATE OF NAME CHANGE:	19950104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAGENTA CORP
		DATE OF NAME CHANGE:	19940217
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0">Morgan, Lewis &amp; Bockius LLP</P>

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0">1111 Pennsylvania Avenue, NW</P>

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0">Washington, DC 20004</P>

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0">Tel. +1.202.739.3000</P>

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0">Fax: +1.202.739.3001</P>

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0">www.morganlewis.com</P>

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0"><B>Leland S. Benton</B></P>

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0">Partner</P>

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0">+1.202.739.5091</P>

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0">leland.benton@morganlewis.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center"><A NAME="a_Hlk115088519"></A>September 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc"><B><U>VIA EDGAR AS CORRESPONDENCE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Office of Energy &amp; Transportation<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attention: Jennifer O&#8217;Brien</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><B>Re:</B></TD><TD><B>China Natural Resources, Inc.</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><B>&nbsp;</B></TD><TD><B>Form 20-F for Fiscal Year Ended December 31, 2021</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><B>&nbsp;</B></TD><TD><B>Filed May 17, 2022</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="color: windowtext"><B>&nbsp;</B></FONT></TD><TD><B>File No. 000-26046</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Dear Ms. O&#8217;Brien:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">On behalf of China Natural Resources,
Inc., a British Virgin Islands company (the &#8220;<U>Company</U>&#8221;), we are responding to the comments of the staff (the &#8220;<U>Staff</U>&#8221;)
of the U.S. Securities and Exchange Commission contained in its letter dated August 30, 2022 (the &#8220;<U>Comment Letter</U>&#8221;),
relating to the above-referenced filing of the Company&#8217;s Annual Report on Form 20-F (the &#8220;<U>Form 20-F</U>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">Set forth below are the Company&#8217;s
responses to the Staff&#8217;s comments. The responses set forth below are based upon information provided by the Company. For the convenience
of the Staff, the responses contained herein utilize the numbering of the comments and the headings used in the Comment Letter, and the
text of the Staff&#8217;s comments is reproduced in italics below. Capitalized terms used but not defined herein have the meanings set
forth in the Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pc"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jennifer O&rsquo;Brien</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">September 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pc"><U>Form 20-F for Fiscal Year Ended
December 31, 2021</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pc"><U>Item 3. Key Information</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pc"><U>D. Risk Factors, page 1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pc">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><I>1.</I></TD><TD STYLE="text-align: justify"><I>Please further expand your introductory section to address the following:</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>How
                                            recent statements and regulatory actions by China&rsquo;s government, such as those related
                                            to data security or anti-monopoly concerns, have or may impact your ability to conduct your
                                            business, accept foreign investments, or list on a U.S. or other foreign exchange.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pc; text-align: justify; text-indent: 0pc">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Whether
                                            and how the Holding Foreign Companies Accountable Act (&ldquo;HFCAA&rdquo;) and related regulations
                                            will affect your company.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pc; text-align: justify; text-indent: 0pc">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>That
                                            you have been included in the list of issuers identified under the HFCAA.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pc; text-align: justify; text-indent: 0pc">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>The
                                            risk that rules and regulations in China can change quickly with little advance notice.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: 0pc"><B>Response:</B> Set forth
below for the Staff&#8217;s consideration are the Company&#8217;s proposed revisions to the introductory section of Item 3.D. The Company
undertakes to make conforming changes in future Annual Reports on Form 20-F, pending developments relating to the Statement of Protocol
Agreement entered into by the China Securities Regulatory Commission, China&#8217;s Ministry of Finance and the Public Company Accounting
Oversight Board on August 26, 2022. For the Staff&#8217;s convenience, the proposed new text is underlined below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><B>D.</B></TD><TD STYLE="text-align: justify"><B>Risk Factors</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc; background-color: white"><I>We are
not a Chinese operating company but a BVI holding company with operations conducted by our subsidiaries established in the PRC and Hong
Kong, and which owns equity interests, directly or indirectly, of the operating subsidiaries. See &#8220;Item 4.C. INFORMATION ON THE
COMPANY &#8211; Organizational Structure&#8221; for further information regarding our subsidiaries&#8217; names, places of incorporation,
and equity ownership. We are subject to legal and operational risks associated with being based in the PRC and Hong Kong and having all
of our operations in the PRC, discussed in greater detail below. The Chinese government may intervene or influence the operation of our
Hong Kong subsidiaries and PRC subsidiaries and exercise significant oversight and discretion over the conduct of their business and may
intervene in or influence their operations at any time or may exert more control over offerings conducted overseas and/or foreign investment
in China-based issuers, which could result in a material change in our operations and/or the value of our common shares. Further, <U>rules
and regulations in China can change quickly with little advance notice, and</U> any actions by the Chinese government to exert more oversight
and control over offerings that are conducted overseas and/or foreign investment in China-based issuers could significantly limit or completely
hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline
or be worthless.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc; background-color: white"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jennifer O&rsquo;Brien</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">September 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 3</P>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"><I></I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc; background-color: white"><I><U></U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc; background-color: white"><I><U>Recent
statements and regulatory actions by the Chinese government, such as those related to data security or anti-monopoly concerns, could have
a significant impact on our ability to conduct our business, accept foreign investments, or maintain our listing on the Nasdaq Capital
Market (&ldquo;Nasdaq&rdquo;) or list on another U.S. or foreign exchange. For example, on June 10, 2021, the Standing Committee of the
PRC National People&rsquo;s Congress promulgated the PRC Data Security Law, which took effect in September 2021. The PRC Data Security
Law imposes data security and privacy obligations on entities and individuals carrying out data activities and introduces a data classification
and hierarchical protection system based on the importance of data in economic and social development, and the degree of harm it will
cause to national security, public interests, or legitimate rights and interests of individuals or organizations when such data is tampered
with, destroyed, leaked, illegally acquired or used. The PRC Data Security Law also provides for a national security review procedure
for data activities that may affect national security and imposes export restrictions on certain data an information. We believe that
our business is not in an industry related to national security, but we cannot preclude the possibility that PRC government authorities
may publish explanations contrary to our understanding or broaden the scope of such reviews in the future, in which case our future activities
may be closely scrutinized or prohibited. Moreover, given the PRC authorities have significant discretion in interpreting and applying
their laws, rules and regulations, if we undertake a transaction in the PRC that involves data security or an industry that the PRC government
is focusing on, we could be subject to review by the China Securities Regulatory Commission (&ldquo;CSRC&rdquo;), Cyberspace Administration
of China (&ldquo;CAC&rdquo;) or other applicable governmental agency. Such review could be time consuming, could cause us to incur significant
costs in responding to such agencies and/or rectifying any potential issues noted by such agencies or completely abandon a potential transaction.
Further, on July 6, 2021, the General Office of the Central Committee of the Communist Party of China and the General Office of the State
Council jointly issued the Opinions on Strictly Cracking Down on Illegal Securities Activities in Accordance with the Law. These opinions
emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based
companies and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the
risks and incidents faced by China-based overseas-listed companies. As a follow-up, on December 24, 2021, the State Council issued a draft
of the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies, or the
Draft Provisions, and the CSRC issued a draft of the Administrative Measures for the Filing of Overseas Securities Offering and Listing
by Domestic Companies, or the Draft Administrative Measures, for public comment. The Draft Provisions and the Draft Administrative Measures
propose to establish a new filing-based regime to regulate overseas offerings of stock, depository receipts, convertible corporate bonds,
or other equity securities, and overseas listing of these securities for trading, by PRC companies. If it is determined in the future
that approval and filing from the CSRC or other regulatory authorities or other procedures are required for our offshore offerings and/or
listings, it is uncertain whether we can or how long it will take us to obtain such approval or complete such filing procedures and any
such approval or filing could be rescinded or rejected. Any failure to obtain or delay in obtaining such approval or completing such filing
procedures for our offshore offerings, including by our inadvertent conclusion that such approval or filing was not required when in fact
it was, or a rescission of any such approval or filing if obtained by us, could subject us to sanctions by the CSRC or other PRC regulatory
authorities. These regulatory authorities may impose fines and penalties on our operations in China, limit our ability to pay dividends
outside of China, limit our operating privileges in China, delay or restrict the repatriation of the proceeds from our offshore offerings
into China or take other actions that could materially and adversely affect our business, financial condition, results of operations,
and prospects, as well as the trading price of our listed securities. The CSRC or other PRC regulatory authorities also may take actions
requiring us, or making it advisable for us, to halt our offshore offerings before settlement and delivery of the securities offered.
Additionally, the PRC government has issued a series of anti-monopoly laws and regulations since 2021, paying more attention to corporate
compliance. We believe that these regulations currently have and will have little impact on us, but we cannot guarantee that regulators
will agree with us or that these regulations will not affect our business operations in the future.</U></I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc; background-color: white"><I><U></U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc; background-color: white"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jennifer O&rsquo;Brien</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">September 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 4</P>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"><I></I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc; background-color: white"><I><U>The
Public Company Accounting Oversight Board (&#8220;PCAOB&#8221;) is currently unable to inspect our auditor in relation to their audit
work, and our common shares will be prohibited from trading in the United States under the Holding Foreign Companies Accountable Act (&#8220;HFCAA&#8221;)
in 2024 if the PCAOB is unable to inspect or fully investigate auditors located in China, or in 2023 if proposed changes to the HFCAA
are enacted. We have been identified by the SEC in its &#8220;conclusive list of issuers identified under the HFCAA,&#8221; indicating
that we are among those companies formally subject to the delisting provisions of the HFCAA. While the PCAOB, the CSRC and PRC Ministry
of Finance entered into a Statement of Protocol on August 26, 2022, designed to allow the PCAOB to fully investigate auditors located
in China, it remains unclear whether the PCAOB will determine that it is able to do so.</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3pc; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc; background-color: white"><I>An investment
in our common shares involves a high degree of risk and should be considered speculative. You should carefully consider the following
risks set out below and other information before investing in our common shares. If any event arising from these risks occurs, our business,
prospects, financial condition, results of operations or cash flows could be adversely affected, the trading price of our common shares
could decline and all or part of your investment may be lost.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pc"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Risk Factors Summary, page 1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pc">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><I>2.</I></TD><TD STYLE="text-align: justify"><I>Please revise the order of your Risk Factor Summary to place the risk factors related to being based
in China and Hong Kong and having all of your operations in China, including Risks Relating to Our PRC Operations and Doing Business in
the PRC, as the first risk factors identified in the summary, and as the first risk factors in the detailed risk factor discussion that
follows after the summary section.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: 0pc"><B>Response:</B> Set forth
below for the Staff&#8217;s consideration are the Company&#8217;s proposed revisions to the Risk Factor Summary section. Please note that
in response to Staff Comments 4 and 5, two new risk factors will be added to the Annual Report on Form 20-F, and accordingly added to
the Risk Factor Summary. For the Staff&#8217;s convenience, the proposed new text is underlined below and removed text is struck through.
The Company undertakes to make conforming changes in future Annual Reports on Form 20-F consistent with the proposed revisions and to
reorder the detailed risk factor discussion that follows after the summary section accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><B><U>Risk Factor Summary</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><B><I>Risks Relating to
Our PRC Operations and Doing Business in the PRC</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in China&#8217;s economic, political or social conditions or government
policies could adversely affect our business and operations, and uncertainties with respect to the PRC legal system could adversely affect
us.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">PRC laws and regulations governing our current business operations are sometimes
vague and uncertain.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">PRC regulation of loans to and direct investment in PRC entities by offshore
holding companies may delay or prevent us from making loans or additional capital contributions to our PRC subsidiaries.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Inflation in the PRC, or a slowing PRC economy, could negatively affect
our profitability and growth.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our PRC subsidiaries are subject to restrictions on paying dividends and
making other payments to us.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Governmental control of currency conversion may affect payment of any dividends
or foreign currency denominated obligations, and the value of your investment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Public Company Accounting Oversight Board is currently unable to inspect
our auditor in relation to their audit work; our common shares will be prohibited from trading in the United States under the Holding
Foreign Companies Accountable Act in 2024 if the PCAOB is unable to inspect or fully investigate auditors located in China, or 2023 if
proposed changes to the law are enacted.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">It may be difficult for overseas regulators to conduct investigations or
collect evidence within China.</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jennifer O&rsquo;Brien</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">September 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 5&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pc; text-align: justify; text-indent: 0pc">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If we fail to protect our intellectual property rights, it could harm our
business and competitive position.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">PRC regulations establish complex procedures for some acquisitions conducted
by foreign investors, which could make it more difficult for us to pursue growth through acquisitions in China.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>We and our PRC subsidiaries are required to maintain a series of licenses,
permits, and approvals from PRC authorities to operate our business in the PRC, and failure to maintain or renew such licenses, permits,
or approvals in a timely manner could materially affect our business.</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The approval of <STRIKE>and</STRIKE>/or filing with the China Securities
Regulatory Commission or other PRC government authorities may be required in connection with our offshore offerings under PRC law, and,
if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Failure to comply with PRC regulations and other legal obligations concerning
data protection and cybersecurity may materially and adversely affect our business, as we routinely collect, store and use data during
the conduct of our business.</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may be classified as a &#8220;resident enterprise&#8221; for PRC enterprise
income tax purposes; such classification could result in unfavorable tax consequences to us and our non-PRC shareholders.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any failure to comply with PRC regulations regarding the registration requirements
for employee stock incentive plans may subject the PRC plan participants or us to fines and other legal or administrative sanctions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Failure to make adequate contributions to mandatory social security plans
as required by PRC laws may subject us to penalties.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Enforcement of stricter labor laws and regulations may increase our labor
costs.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If the chops of our PRC subsidiaries are not kept safely, are stolen or
are used by unauthorized persons or for unauthorized purposes, the corporate governance of these entities could be severely and adversely
compromised.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><B><I>Risks Relating to
Our Rural Wastewater Treatment Activities in the PRC</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Risks associated with the collection, treatment and disposal of wastewater
may impose significant costs and liabilities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We could incur significant costs for violations of applicable environmental
laws and regulations, and new environmental regulations could result in higher operating costs in the future.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We are subject to risks associated with operating cost inflation and potential
cost overruns.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Supply chain issues, including shortages of equipment and construction supplies,
could increase our costs or cause delays in our ability to complete projects.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our results of operations could be adversely affected by labor shortages,
turnover and labor cost increases.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Failure to maintain safe work sites could result in significant losses,
which could materially affect our business and reputation.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The rural wastewater treatment industry is highly dependent upon the policies
of the PRC government, and any unforeseen changes in future government policies could adversely affect our operations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In the PRC, the environmental protection industry is fragmented and highly
competitive, and there is no assurance that we will be able to compete successfully, especially if significant technological breakthroughs
occur.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tight local government budgets and delayed payments has in the past and
may in the future adversely affect our cash flows.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jennifer O&rsquo;Brien</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">September 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 6</P>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"><B><I></I></B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><B><I>Risks Relating to
Our Mine Exploration Activities in Inner Mongolia</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Moruogu Tong Mine is in the exploration stage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The northern part of Moruogu Tong Mine is currently being explored under
an agreement that reduces our share in any future profits.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any estimates of the reserves contained in the Moruogu Tong Mine may be
inaccurate.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">There are no assurances that we can produce minerals on a commercially viable
basis.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Volatility in the market prices of metals may adversely affect the results
of our operations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We are subject to government regulations in various aspects of our exploration
activities and our failure to comply with applicable government regulations could adversely affect us.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We do not have binding agreements with customers to purchase any future
output of metals.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><B><I>Risks Relating to
Our Acquisition of PST Technology</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We incurred substantial costs in our recent acquisition of PST Technology,
and our future investments and integration costs in connection with the acquisition may prove higher than we anticipate.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The integration of PST Technology may create strains on our management and
operational resources, disrupt our business and adversely affect our operating results.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our business will be impacted by risks applicable to PST Technology and
Shanghai Onway.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><B><I>Risks Relating to
Additional Acquisitions and Expansion into Other Sectors</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may acquire other businesses or form joint ventures that could negatively
affect our operating results, dilute our stockholders&#8217; ownership, increase our debt or cause us to incur significant expense.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Future acquisitions or strategic investments could be difficult to identify
and integrate, divert the attention of management, and could disrupt our business, dilute stockholder value and adversely affect our business,
results of operations, and financial condition.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may become subject to additional extensive and evolving regulatory requirements,
noncompliance with which, or changes in which, may materially and adversely affect our business and prospects.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><B><I>Risks Relating to
Our Financial Condition and Business</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We have incurred losses from operations in each of the preceding three fiscal
years and there is no assurance that we will generate profits from operations in the future.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We currently generate revenues from water treatment operations and have
ceased our trading of copper ore. We will continue to incur operating expenses in connection with our exploratory activities and wastewater
treatment operations.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><B><I>Risks Relating to
Foreign Private Issuer Status</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Because our assets are located outside of the United States and all of our
directors and officers reside outside of the United States, it may be difficult for you to enforce your rights based on the U.S. federal
securities laws against us or our officers and directors or to enforce a judgment of a United States court against us or our officers
and directors in the PRC.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our status as a &#8220;foreign private issuer&#8221; results in less information
being available about us.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Due to our status as a &#8220;foreign private issuer,&#8221; we have adopted
IFRS accounting principles, which are different from accounting principles under U.S. generally accepted accounting principles (&#8220;U.S.
GAAP&#8221;).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">As a &#8220;foreign private issuer&#8221; we are not subject to certain
requirements that other Nasdaq-listed issuers are required to comply with, some of which are designed to provide information to and protect
investors.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jennifer O&rsquo;Brien</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">September 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 7</P>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"><B><I></I></B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><B><I>Risks Relating to
Our Common Shares</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">You may experience dilution to the extent that our common shares are issued
upon the exercise of outstanding warrants or other securities that we may issue in the future.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our principal beneficial owner and his affiliates control us through their
stock ownership; and their interests may differ from those of other shareholders.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The rights of our shareholders are governed by BVI law, which may not be
as favorable to shareholders as U.S. law, and our directors may take actions with which you disagree without first receiving shareholder
approval.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may be classified as a passive foreign investment company, which could
result in adverse U.S. federal income tax consequences to U.S. shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><B><I>Risks Relating to
the Ongoing COVID-19 Pandemic</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">COVID-19 has disrupted our operations, may further disrupt our operations
or adversely affect our operations and financial position in the future, and may exacerbate the various other Risk Factors that we face.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><U>Risks Relating to Our
PRC Operations and Doing Business in the PRC</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><U>PRC regulation of loans
to and direct investment in PRC entities &#8230;, page 12</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><I>3.</I></TD><TD STYLE="text-align: justify"><I>We note the disclosure under this risk factor, and the risk factors on page 13 regarding restrictions
on paying dividends and governmental control of currency conversion. Please further expand your discussion regarding liquidity risks to
provide a clear description of how cash is transferred through your organization. Quantify any cash flows and transfers of other assets
by type that have occurred between the holding company and its subsidiaries and direction of transfer. Quantify any dividends or distributions
that a subsidiary has made to the holding company and which entity made such transfer, and their tax consequences. Your disclosure should
make clear if no transfers, dividends, or distributions have been made to date. Describe, in more detail, your ability to transfer cash
between entities, across borders, and to U.S. investors. Describe, in more detail, any limitations on your ability to distribute earnings
from the company, including your subsidiaries, the parent company and U.S. investors.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: 0pc"><B>Response:</B> Set forth
below for the Staff&#8217;s consideration is the Company&#8217;s proposed responsive disclosure, covering the same periods as addressed
in the financial statements in the Form 20-F. The Company undertakes to make conforming changes in future Annual Reports on Form 20-F
consistent with the proposed disclosure below, placing such disclosure immediately after the heading &#8220;Item 3. Key Information&#8221;
in subsequent Annual Reports on Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: 0pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Transfers of Cash and
Assets Between our Company and Our Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">Cash and asset transfers through
the Group are primarily attributed to: (1) capital contributions from the Company to its subsidiaries; (2) shareholder loans from the
Company to its subsidiaries; and (3) dividends paid from the subsidiaries to the Company. Under PRC laws and regulations, we are subject
to various restrictions on intercompany fund transfers and foreign exchange control. To the extent our cash is in the PRC or a PRC entity,
the funds may not be available for the distribution of dividends to our investors, or for other use outside of the PRC, due to the interventions
in or the imposition of restrictions and limitations on our ability by the PRC government to transfer cash. The PRC government imposes
controls on the convertibility of Renminbi into foreign currencies and, in certain cases, the remittance of currency out of mainland China.
Our PRC subsidiaries receive substantially all revenue in RMB. Our PRC subsidiaries may pay dividends only out of their accumulated after-tax
profits upon satisfaction of relevant statutory conditions and procedures, if any, determined in accordance with Chinese accounting standards
and regulations, and would be subject to the PRC dividend withholding tax at a tax rate of 10% for any dividends paid by</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jennifer O&rsquo;Brien</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">September 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 8</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">the Company&#8217;s PRC subsidiaries from their earnings
derived after January 1, 2008, to the Company&#8217;s Hong Kong subsidiaries, or a reduced rate of 5% if certain conditions are met. If
the PRC foreign exchange control system prevents us from obtaining sufficient foreign currency to satisfy foreign currency demands, we
may not be able to pay dividends in foreign currencies to our shareholders. PRC regulation of loans to and direct investment in PRC entities
by offshore holding companies and governmental control of currency conversion may delay or prevent us from using our funds to make loans
or additional capital contributions to our PRC subsidiaries, which could materially and adversely affect the liquidity of our PRC subsidiaries
and our ability to fund and expand our business in the PRC and cause the value of our securities to significantly decline or become worthless.
We cannot assure you that the PRC government will not intervene in or impose restrictions on our ability to make intercompany cash transfers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.75pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 3pc">During the three years ended
December 31, 2021, all cash or asset transfers between the Company and its subsidiaries are set forth in the table below. The purpose
of the outbound transfers, in the form of shareholder loans, was to pay off the subsidiaries&#8217; expenses. The purpose of the inbound
transfers, in the form of loan repayments, was to centralize the treasury function of the Group. There are no fixed repayment terms and
no tax implication for these transfers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.75pc">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="3"><FONT STYLE="font-size: 10pt"><B>Transferor</B></FONT></TD>
    <TD ROWSPAN="3"><FONT STYLE="font-size: 10pt"><B>Transferee</B></FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><B>2019</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><B>2020</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><B>2021</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><B>2021</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>HK$</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>HK$</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>HK$</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>US$</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Outbound Transfers</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="width: 33%"><FONT STYLE="font-size: 10pt">China Natural Resources, Inc.</FONT></TD>
    <TD STYLE="width: 31%; text-align: justify"><FONT STYLE="font-size: 10pt">Feishang Mining </FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">6,410</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">China Coal</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; background-color: white">&#8212;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; background-color: white">&#8212;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">88,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11,282</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Feishang Yongfu </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; background-color: white">&#8212;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; background-color: white">&#8212;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">32,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4,103</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Feishang Dayun</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="background-color: white">&#8212;</FONT></P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="background-color: white">&#8212;</FONT></P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1pt solid">32,000</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1pt solid">4,103</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="background-color: white">&#8212;</FONT></P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="background-color: white">&#8212;</FONT></P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1pt solid">202,000</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1pt solid">25,898</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Inbound Transfers</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Feishang Mining</FONT></TD>
    <TD ROWSPAN="4"><FONT STYLE="font-size: 10pt">China Natural Resources, Inc.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">150,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">China Coal</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; background-color: white">&#8212;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; background-color: white">&#8212;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Feishang Yongfu</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,846</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Feishang Dayun</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1pt solid">&#8212;</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1pt solid">50,000</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1pt solid">30,000</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1pt solid">3,846</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double">&#8212;</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double">280,000</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double">60,000</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double">7,692</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><U>The approval of and/or
filing with the CSRC or other PRC government authorities &#8230;, page 17</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><I>4.</I></TD><TD STYLE="text-align: justify"><I>We note your disclosure regarding permissions requirements from the China Securities Regulatory Commission
(CSRC). Please further elaborate on this disclosure to address the following:</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Disclose
                                            each permission or approval that you or your subsidiaries are required to obtain from Chinese
                                            authorities to operate your business and to offer the securities being registered to foreign
                                            investors.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pc; text-align: justify; text-indent: 0pc">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>In
                                            addition to the CSRC, state whether you or your subsidiaries are covered by permissions requirements
                                            from the Cyberspace Administration of China (CAC) or any other governmental agency that is
                                            required to approve your operations.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pc; text-align: justify; text-indent: 0pc">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>State
                                            affirmatively whether you have received all requisite permissions or approvals and whether
                                            any permissions or approvals have been denied.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><I>&nbsp;</I></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pc; text-align: justify; text-indent: -1.5pc"><FONT STYLE="font-size: 10pt"><I></I></FONT></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jennifer O&rsquo;Brien</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">September 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 9</P>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pc; text-align: justify; text-indent: 0pc"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Describe
                                            the consequences to you and your investors if you or your subsidiaries: (i) do not receive
                                            or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions
                                            or approvals are not required, or (iii) applicable laws, regulations, or interpretations
                                            change and you are required to obtain such permissions or approvals in the future.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: -3pc">&nbsp;<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: 0pc"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: 0pc">(1) Set forth below for
the Staff&#8217;s consideration are the Company&#8217;s proposed responsive additional risk factors. The Company undertakes to make conforming
changes in future Annual Reports on Form 20-F consistent with the proposed additions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><B><I>We and our PRC subsidiaries are required
to maintain a series of licenses, permits, and approvals from PRC authorities to operate our business in the PRC, and failure to maintain
or renew such licenses, permits, or approvals in a timely manner could materially affect our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Our PRC subsidiaries mainly
carry out rural wastewater treatment and metal exploration activities in the PRC, which are subject to a series of PRC laws and regulations.
In order to carry out such business, licenses, permits, and approvals are required from different PRC authorities, including an exploration
permit with regards to our metal exploration activity, received from the Land and Resources Department of the Inner Mongolia Autonomous
Region, construction permits in relation to our EPC activities, and business licenses from local industry and commercial bureaus as required
upon company registration. As of the date of this annual report, we have obtained all necessary licenses, permits, and approvals to operate
our business in the PRC. If we or our PRC subsidiaries fail to maintain or renew such licenses, permits, and approvals in a timely manner
in the future, our business may be materially affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><B><I>Failure to comply with PRC regulations
and other legal obligations concerning data protection and cybersecurity may materially and adversely affect our business, as we routinely
collect, store and use data during the conduct of our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 1pc; text-align: justify; text-indent: 3pc">On December&nbsp;28, 2021,
the Cyberspace Administration of China, or the CAC, announced the adoption of the Cybersecurity Review Measures, which became effective
on February&nbsp;15, 2022 and pursuant to which network platform operators possessing personal information of more than one million individual
user must undergo a cybersecurity review by the CAC when they seek a listing on a foreign exchange. The Cybersecurity Review Measures
provide that critical information infrastructure operators purchasing network products and services and network platform operators carrying
out data processing activities, which affect or may affect national security, shall apply for cybersecurity review to the applicable local
cyberspace administration in accordance with the provisions thereunder.</P>

<P STYLE="text-indent: 3pc; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 1pc; text-align: justify">On July&nbsp;30, 2021, the PRC State Council
promulgated the Regulations on Protection of Critical Information Infrastructure, which became effective on September&nbsp;1, 2021. Pursuant
to the Regulations on Protection of Critical Information Infrastructure, critical information infrastructure shall mean any important
network facilities or information systems of an important industry or field, such as public communications and information services, energy,
transportation, water conservation, finance, public services, e-government affairs and science and technology industries for and national
defense, which may seriously endanger national security, peoples&#8217; livelihoods and the public interest in the event of damage, function
loss or data leakage. In addition, the relevant administrative departments of each critical industry and sector shall be responsible for
formulating eligibility criteria and determining the critical information infrastructure operator in the respective industry or sector.
The operators shall be informed about the final determination as to whether they are categorized as critical information infrastructure
operators. Among these industries, the energy and telecommunications industries are mandated to take measures to provide key assurances
for the safe operation of critical information infrastructure in other industries and fields. We believe our wastewater treatment activities
do not fall under the water conservation industry, although we cannot assure you that local administrative departments would not have
different interpretations.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jennifer O&rsquo;Brien</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">September 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 3pc; font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-left: 0pt">We and our PRC subsidiaries
do not carry out business in China through any self-owned network platform and hold personal information from PRC operations of less than
one million individuals. We and our PRC subsidiaries have not been identified as critical information infrastructure operators by any
PRC authorities. The data collected from our China operations is mainly information related to our production, customers, suppliers, and
our employees. We believe that we and our PRC subsidiaries do not commit any acts that threaten or endanger the national security of the
PRC, and to our knowledge we and our PRC subsidiaries have not received or been subject to any investigation, notice, warning or sanction
from any PRC authority with respect to national security issues arising from our business operations. As of the date of this Annual Report,
we do not believe that we need to proactively apply for the cybersecurity review required by the CAC.</P>

<P STYLE="text-indent: 3pc; font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0pt; margin-left: 0pt">Furthermore, the CAC promulgated
the Security Assessment Measures for Outbound Data Transfers, which became effective on July&nbsp;7, 2022, and require that to provide
data abroad under any of the following circumstances, a data processor shall declare security assessment for its outbound data transfer
to the CAC through the local cyberspace administration at the provincial level: (i) where a data processor provides critical data abroad;
(ii) where a key information infrastructure operator or a data processor processing the personal information of more than one million
individuals provides personal information abroad; (iii) where a data processor has provided personal information of 100,000 individuals
or sensitive personal information of 10,000 individuals in total abroad since January 1 of the previous year; and (iv) in other circumstances
prescribed by the CAC for which declaration of a security assessment for outbound data transfers is required. As we and our PRC subsidiaries
do not provide any data collected from China operations abroad, we do not believe it is necessary for us to declare any security assessments
pursuant to the Security Assessment Measures for Outbound Data Transfers.</P>

<P STYLE="text-indent: 3pc; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">However, there remains uncertainty as to how these
regulations will be interpreted or implemented and whether the PRC regulatory agencies, including the CAC, may adopt new laws, regulations,
rules, or detailed implementation and interpretation and there is no assurance that PRC regulatory agencies, including the CAC, would
take the same view as we do. If any such new laws, regulations, rules, or implementation and interpretation comes into effect, we will
take all reasonable measures and actions to comply and to minimize the adverse effect of such laws on us. However, we cannot assure you
that we can fully or timely comply with such laws. In the event that we are subject to any mandatory cybersecurity reviews and/or other
requirements of the CAC, we face uncertainty as to whether any clearance or other required actions can be timely completed, or at all.
Given such uncertainty, it is possible that we may be required to suspend the relevant business, or face other penalties, which could
materially and adversely affect our business, financial condition, and results of operations, and/or the value of our securities or could
significantly limit or completely hinder our ability to offer or continue to offer securities to investors. As of the date of this Annual
Report, we have not been informed that we have been identified as a critical information infrastructure operator by any governmental authorities.
These laws and regulations are relatively new and the PRC authorities are continuing to promulgate and issue new laws, regulations and
rules in this regard, and therefore there is substantial uncertainty with respect to the interpretation and implementation of these data
security laws and regulations. We will closely monitor the relevant regulatory environment and will assess and determine whether we are
required to apply for the cybersecurity review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: 0pc">(2) Additionally, set forth
below for the Staff&#8217;s consideration are the Company&#8217;s proposed revisions to the risk factor that is the subject of Comment
4. For the Staff&#8217;s convenience, the proposed new text is underlined below and removed text is struck through. The Company undertakes
to make conforming changes in future Annual Reports on Form 20-F consistent with the proposed revisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pc">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I><A NAME="a_Hlk114750639"></A>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jennifer O&rsquo;Brien</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">September 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 11</P>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><B><I>The approval of <STRIKE>and/</STRIKE>or
filing with the CSRC or other PRC government authorities may be required in connection with our offshore offerings under PRC law, and,
if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing.</I></B></P>

<P STYLE="text-indent: 3pc; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0.5pc; text-align: justify">The M&amp;A Rules require an overseas special
purpose vehicle formed for listing purposes through acquisitions of PRC domestic companies and controlled by PRC persons or entities to
obtain the approval of the CSRC prior to the listing and trading of such special purpose vehicle&#8217;s securities on an overseas stock
exchange. The interpretation and application of the regulations remain unclear, and our offshore offerings may ultimately require approval
of the CSRC. If the CSRC approval is required, it is uncertain whether we can or how long it will take us to obtain the approval and,
even if we obtain such CSRC approval, the approval could be rescinded. Any failure to obtain or delay in obtaining the CSRC approval for
any of our offshore offerings, or a rescission of such approval if obtained by us, would subject us to sanctions imposed by the CSRC or
other PRC regulatory authorities, which could include fines and penalties on our operations in China, restrictions or limitations on our
ability to pay dividends outside of China, and other forms of sanctions that may materially and adversely affect our business, financial
condition, and results of operations.</P>

<P STYLE="text-indent: 3pc; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0.5pc; text-align: justify">On July 6, 2021, the relevant PRC government
authorities issued Opinions on Strictly Cracking Down <U>on</U> Illegal Securities Activities in Accordance with the Law. These opinions
emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based
companies and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the
risks and incidents faced by China-based overseas listed companies. <STRIKE>As a follow up, on</STRIKE></P>

<P STYLE="text-indent: 3pc; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0.5pc; text-align: justify"><U>On</U> December 24, 2021, the State Council
issued a draft of the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies,
or the Draft Provisions, and the CSRC issued a draft of the <STRIKE>Administration</STRIKE> <U>Administrative</U> Measures for the Filing
of Overseas Securities Offering and Listing by Domestic Companies, or the Draft <STRIKE>Administration</STRIKE> <U>Administrative</U>
Measures, for public comment. The Draft Provisions and the Draft <STRIKE>Administration</STRIKE> <U>Administrative</U> Measures propose
to establish a new filing-based regime to regulate overseas offerings of stock, depository receipts, convertible corporate bonds, or other
equity securities, and overseas listing of these securities for trading, by <STRIKE>domestic</STRIKE> <U>PRC</U> companies. According
to the Draft Provisions and the Draft <STRIKE>Administration</STRIKE> <U>Administrative</U> Measures, an overseas offering and listing
by a domestic company, whether directly or indirectly, shall be filed with the CSRC. Specifically, the examination and determination of
an indirect offering and listing will be conducted on a substance-over-form basis, and an offering and listing shall be considered as
an indirect overseas offering and listing by a domestic company if the issuer meets the following conditions: (i) the operating income,
gross profit, total assets, or net assets of the domestic enterprise in the most recent fiscal year was more than 50% of the relevant
line item in the issuer&#8217;s audited consolidated financial statement<U>s</U> for that year; and (ii) senior management personnel responsible
for business operations and management are mostly PRC citizens or are ordinarily resident in the PRC, and the main place of business is
in the PRC or business is mainly carried out in the PRC. According to the Draft <STRIKE>Administration</STRIKE> <U>Administrative</U>
Measures, the issuer or its affiliated domestic company, as the case may be, shall file with the CSRC for its initial public offering,
follow-on offering and other equivalent offering activities. Particularly, the issuer shall submit the filing with respect to its initial
public offering and listing within three business days after its initial filing of the listing application, and submit the filing with
respect to a follow-on offering within three business days after completion of the follow-on offering. Failure to comply with the filing
requirements may result in fines to the relevant domestic companies, suspension of their businesses, revocation of their business licenses
and operation permits and fines on the controlling shareholder and other responsible persons. The Draft <STRIKE>Administration</STRIKE>
<U>Administrative</U> Measures also sets forth certain regulatory red lines for overseas offerings and listings by domestic enterprises.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jennifer O&rsquo;Brien</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">September 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 3pc; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0.5pc; text-align: justify">As of t<A NAME="a_Hlk114068836"></A>he date
of this Annual Report, the Draft Provisions and the Draft <STRIKE>Administration</STRIKE> <U>Administrative</U> Measures have been released
for public comment only<STRIKE>. There</STRIKE><U>, and therefore, filing or approval under the Draft Administrative Measures is not necessary
at present. However, there</U> are uncertainties as to whether the Draft Provisions and the Draft <STRIKE>Administration</STRIKE> <U>Administrative</U>
Measures would be further amended, revised or updated. Substantial uncertainties exist with respect to the enactment timetable and final
content of the Draft Provisions and the Draft <STRIKE>Administration</STRIKE> <U>Administrative</U> Measures. As the CSRC may formulate
and publish guidelines for filings in the future, the Draft Administration Measures does not provide for detailed requirements of the
substance and form of the filing documents. In a Q&amp;A released on its official website, the respondent CSRC official indicated that
the CSRS will start applying the filing requirements to new offerings and listings. Only new initial public offerings and refinancing
by existing overseas listed Chinese companies will be required to go through the filing process. As for the filings for the existing companies,
the regulator will grant adequate transition period to complete their filing procedures. Given the substantial uncertainties surrounding
the latest CSRC filing requirements at this stage, we cannot assure you that we will be able to complete the filings and fully comply
with the relevant new rules on a timely basis, if at all.</P>

<P STYLE="text-indent: 3pc; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><STRIKE>In addition</STRIKE> <U>As of the date of
this Annual Report, we have received all requisite permissions or approvals in connection with our offshore offerings under PRC law. However</U>,
we cannot assure you that any new rules or regulations promulgated in the future will not impose additional requirements on us. If it
is determined in the future that approval <U>from</U> and filing <STRIKE>from</STRIKE> <U>with</U> the CSRC or other regulatory authorities
or other procedures<STRIKE>, including the cybersecurity review under the Measures for Cybersecurity Review and the draft of Regulations
on the Network Data Security,</STRIKE> are required for our offshore offerings, it is uncertain whether we can or how long it will take
us to obtain such approval or complete such filing procedures and any such approval or filing could be rescinded or rejected. Any failure
to obtain or delay in obtaining such approval or completing such filing procedures for our offshore offerings<U>, including by our inadvertent
conclusion that such approval or filing was not required when in fact it was,</U> or a rescission of any such approval or filing if obtained
by us, <STRIKE>would</STRIKE> <U>could</U> subject us to sanctions by the CSRC or other PRC regulatory authorities <STRIKE>for failure
to seek CSRC approval or filing or other government authorization for our offshore offerings</STRIKE>. These regulatory authorities may
impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our operating privileges
in China, delay or restrict the repatriation of the proceeds from our offshore offerings into China or take other actions that could materially
and adversely affect our business, financial condition, results of operations, and prospects, as well as the trading price of our listed
securities. The CSRC or other PRC regulatory authorities also may take actions requiring us, or making it advisable for us, to halt our
offshore offerings before settlement and delivery of the <STRIKE>shares</STRIKE> <U>securities</U> offered. Consequently, if investors
engage in market trading or other activities in anticipation of and prior to settlement and delivery, they do so at the risk that settlement
and delivery may not occur. In addition, if the CSRC or other regulatory authorities later promulgate new rules or explanations requiring
that we obtain their approvals or accomplish the required filing or other regulatory procedures for our prior offshore offerings, we may
be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any uncertainties
or negative publicity regarding such approval requirement could materially and adversely affect our business, prospects, financial condition,
reputation, and the trading price of our listed securities.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jennifer O&rsquo;Brien</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">September 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 13</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pc">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><I>5.</I></TD><TD STYLE="text-align: justify"><I>In light of recent events indicating greater oversight by the Cyberspace Administration of China (CAC)
over data security, particularly for companies seeking to list on a foreign exchange, please revise your disclosure to explain how this
oversight impacts your business and your offering and to what extent you believe that you are compliant with the regulations or policies
that have been issued by the CAC to date.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5pc"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: 0pc"><B>Response:</B> In response
to the Staff&#8217;s comment and for the Staff&#8217;s consideration, the Company proposes to add the risk factor titled &#8220;<I>Failure
to comply with PRC regulations and other legal obligations concerning data protection and cybersecurity may materially and adversely affect
our business, as we routinely collect, store and use data during the conduct of our business</I>&#8221; as set forth in the Company&#8217;s
response (1) to Comment 4 above. The Company undertakes to make conforming changes in future Annual Reports on Form 20-F consistent with
the proposed addition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center"><B><I>* * * * * *</I></B></P>

<P STYLE="text-indent: 3pc; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 1pc; text-align: justify">If the Staff has any questions or comments
regarding the foreg<FONT STYLE="background-color: white">oing</FONT>, please contact the undersigned by telephone at (202) 739-5091 or
via email at leland.benton@morganlewis.com. &#9;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Leland S. Benton</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">cc:</TD><TD>Wong Wah On Edward, President and Chief Executive Officer, China Natural Resources, Inc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">&nbsp;</TD><TD>Zhu Youyi, Chief Financial Officer, China Natural Resources, Inc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">&nbsp;</TD><TD>David A. Sirignano, Esq, Morgan, Lewis &amp; Bockius LLP</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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