<SEC-DOCUMENT>0001553350-22-000916.txt : 20230214
<SEC-HEADER>0001553350-22-000916.hdr.sgml : 20230214
<ACCEPTANCE-DATETIME>20221116163202
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001553350-22-000916
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20221116

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>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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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>November 16, 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>Response dated September 28, 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 &ldquo;<U>Company</U>&rdquo;), we are responding to the comments of the staff (the &ldquo;<U>Staff</U>&rdquo;)
of the U.S. Securities and Exchange Commission contained in its letter dated November 7, 2022 (the &ldquo;<U>Comment Letter</U>&rdquo;),
relating to the above-referenced filing of the Company&rsquo;s Annual Report on Form 20-F (the &ldquo;<U>Form 20-F</U>&rdquo;) and the
Company&rsquo;s prior response to the Staff&rsquo;s prior comments (the &ldquo;<U>Prior Response</U>&rdquo;).</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&rsquo;s
responses to the Staff&rsquo;s comments. The responses set forth below are based upon information provided by the Company, which we have
not independently verified. 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&rsquo;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">November 16, 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">&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, page
1</U></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><I>1.</I></TD><TD STYLE="text-align: justify"><I>We note from your response to prior comment 3 that you will add disclosure under the heading of &ldquo;Transfers
of Cash and Assets Between our Company and Our Subsidiaries.&#8221; In this regard, your response describes three primary types of cash
and asset transfers (i.e. capital contributions, shareholder loans and dividends). With reference to the tabular disclosure of &#8220;all
cash or asset transfers between the Company and its subsidiaries,&#8221; please further revise to quantify the amounts presented by type
or clearly state if none have been made to date.</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 proposed disclosure under the heading of &#8220;Transfers
of Cash and Assets Between our Company and Our Subsidiaries&#8221; contained in the Prior Response. The Company undertakes to make conforming
changes in future Annual Reports on Form 20-F. For the Staff&#8217;s convenience, the proposed new text is underlined and removed text
is struck through.</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 1pc; text-align: justify"><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 0 1pc; text-align: justify; text-indent: 3pc">Cash and asset transfers through
the Group are primarily attributed to<STRIKE>: (1) capital contributions from the Company to its subsidiaries; (2)</STRIKE> shareholder
loans from the Company to its subsidiaries<STRIKE>; and (3) dividends paid from the subsidiaries to the Company</STRIKE>. Under PRC laws
and regulations, we are subject to various restrictions on intercompany fund transfers and foreign exchange control<U>s</U>. 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, <U>including
our U.S. investors, </U>or for other use outside of the PRC, due to the interventions in or the imposition of restrictions and limitations
<U>by the PRC government</U> on our ability <STRIKE>by the PRC government</STRIKE> to transfer cash. The PRC government imposes controls
on the convertibility of <STRIKE>Renminbi</STRIKE> <U>RMB</U> 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<U>, if any,</U>
only out of their accumulated after-tax profits <STRIKE>upon</STRIKE> <U>determined in accordance with Chinese accounting standards and
regulations, only after</U> satisfaction of relevant statutory conditions and procedures<STRIKE>, if any, determined in accordance with
Chinese accounting standards and regulations</STRIKE>, and would be subject to the PRC dividend withholding tax at a tax rate of 10% for
any dividends paid by 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<U>, including U.S. shareholders</U>. 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 <U>or
dividends to investors, including U.S. investors</U>.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></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">November 16, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 3</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; text-indent: 3pc"><FONT STYLE="letter-spacing: -0.05pt"><STRIKE>During
the three years ended December 31, 2021, a</STRIKE><U>A</U>ll cash or asset transfers between the Company and our subsidiaries <U>during
the three years ended December 31, 2021,</U> are set forth in the table below. <U>There were no cash or asset transfers between the Company
and our subsidiaries during the six months ended June 30, 2022. </U></FONT>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. <FONT STYLE="letter-spacing: -0.05pt"><U>The
Company did not make any capital contributions to, or receive any dividends from, our subsidiaries during these periods.</U></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Transferor</B></FONT></TD>
    <TD ROWSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Transferee</B></FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Year ended December 31,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Six Months ended June 30,</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>
    <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>
    <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>
    <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>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 1pt solid"><B>2022</B></P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 1pt solid"><B>2022</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>
    <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="8" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Outbound Transfers</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="4"><FONT STYLE="font-size: 10pt">China Natural Resources, Inc.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Feishang Mining </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>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6,410</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; background-color: white">8,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; background-color: white">8,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,026</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; background-color: white">8,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; background-color: white">8,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,026</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 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">8,000</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">8,000</FONT></P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 1pt solid">8,000</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 1pt solid">1,026</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"><FONT STYLE="background-color: white">&#8212;</FONT></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">24,000</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">24,000</FONT></P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 1pt solid">74,000</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 1pt solid">9,488</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"><FONT STYLE="background-color: white">&#8212;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="8" 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>
    <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>
    <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>
    <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 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>
    <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></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>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 1.5pt double"><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 1.5pt double"><FONT STYLE="background-color: white">&#8212;</FONT></P></TD></TR>
  </TABLE>
<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>In addition to the above, please further expand your disclosure to i) address your ability to transfer
cash to U.S. investors and ii) describe any limitations on your ability to distribute earnings from the company, including your subsidiaries,
to 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> The
Company&#8217;s proposed revisions to the proposed disclosure under the heading of &#8220;Transfers of Cash and Assets Between our
Company and Our Subsidiaries&#8221; contained in the Prior Response is set forth above in response to comment 1. The Company
undertakes to make conforming changes in future Annual Reports on Form 20-F. For the Staff&#8217;s convenience, the proposed new
text is underlined and removed text is struck through.</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"><U>D. Risk Factors, page
1</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 from your disclosure on page iv that you exclude Hong Kong and Macao from your definition of
&#8220;PRC&#8221; or &#8220;China&#8221; for the purpose of your annual report. Please clarify that all the legal and operational risks
associated with having operations in the People&#8217;s Republic of China also apply to operations in Hong Kong and Macao. In this regard,
please ensure that your disclosure does not narrow risks related to operating in the PRC to mainland China only. Where appropriate, you
may describe PRC law and then explain how commensurate laws in Hong Kong and Macao differs from PRC law and describe any risks and consequences
to the company associated with those laws. As an example, please further expand the risk factor on page 21 to also provide disclosure
related to the enforceability of civil liabilities in Hong Kong and Macao.</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>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><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">November 16, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 4</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 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">(a) In response to the Staff&#8217;s
comment, the Company respectfully submits that while its principal executive offices are located in Hong Kong, and certain of the entities
in its corporate structure are formed under Hong Kong law, it has no operations in Hong Kong, limiting any potential operational risks
as a result of Hong Kong law. In addition, it is management&#8217;s understanding that there are no restrictions, limitations, rules,
or regulations under Hong Kong law that are commensurate to those of the PRC with respect to (i) payment of dividends and other distributions
from the Company&#8217;s subsidiaries to the Company, (ii) currency conversion that may affect payment of dividends or foreign currency
denominated obligations, (iii) offshore financing activities, (iv) anti-monopoly laws, or (v) data protection and cybersecurity, that
have impacted or may impact the Company&#8217;s ability to conduct its business, accept foreign investments, or list on a U.S. or other
exchange.</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 0 0 3pc; text-align: justify; text-indent: 0pc">The Company believes that
it is not subject to Macao law because it does not operate any business or have any employees in Macao.</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 0 0 3pc; text-align: justify; text-indent: 0pc">(b) Set forth below for
the Staff&#8217;s consideration are the Company&#8217;s proposed revisions to the risk factor titled &#8220;<I>Failure to make adequate
contributions to various mandatory social security plans as required by PRC regulations may subject us to penalties</I>.&#8221; The Company
undertakes to make conforming changes in future Annual Reports on Form 20-F. For the Staff&#8217;s convenience, the proposed new text
is underlined and removed text is struck through.</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>Failure to make adequate contributions
to various mandatory social security plans as required by PRC regulations may subject us to penalties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">Under the PRC Social Insurance Law
and the Administrative Measures on Housing Fund, our PRC subsidiaries are required to participate in various government sponsored employee
benefit plans, including certain social insurance, housing funds and other welfare-oriented payment obligations, and <U>to </U>contribute
to the plans in amounts equal to certain percentages of salaries, including bonuses and allowances, of the employees up to a maximum amount
specified by the local government from time to time at locations where they operate the businesses. The requirement<U>s</U> of employee
benefit plans <U>have</U> not been implemented consistently by the local governments in China given the different levels of economic development
in different locations. If the local governments deem our subsidiaries&#8217; contribution to be <STRIKE>not</STRIKE> <U>in</U>sufficient,
our subsidiaries may be subject to late contribution fees or fines in relation to any underpaid employee benefits, and our financial condition
and results of operations may be adversely affected.</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"><U>In Hong Kong, employers are required
to select and join a provident fund scheme (&#8220;MPF Scheme&#8221;) in accordance with the statutory requirements of the Mandatory Provident
Fund Schemes Ordinance for all employees in Hong Kong and to make contributions to the MPF Scheme based on the minimum statutory contribution
requirement of 5% of the eligible employees&#8217; relevant aggregate income, subject to a capped amount. Any non-compliance with statutory
requirements with respect to our employees located in Hong Kong may result in enforcement being taken by the relevant authorities, which
could lead to financial penalties or imprisonment.</U></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</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">November 16, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 5</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 0 3pc; text-align: justify; text-indent: 0pc">(c) Set forth below for
the Staff&#8217;s consideration are the Company&#8217;s proposed revisions to the risk factor titled &#8220;<I>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</I>.&#8221; The Company undertakes to make conforming changes
in future Annual Reports on Form 20-F. For the Staff&#8217;s convenience, the proposed new text is underlined and removed text is struck through.</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 0.5pc; text-align: justify; background-color: white"><B><I>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.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: justify; text-indent: 3pc; background-color: white">We
are a BVI company, our officers and directors are nonresidents of the United States, our assets are located in the PRC <U>and Hong Kong</U>,
and our operations are conducted in the PRC. We do not maintain a business presence in the United States. Therefore, it may not be possible
to effect service of process on such persons in the United States, and it may be difficult to enforce any judgments rendered against us
or them. Moreover, there is doubt whether courts in the BVI<U>,</U> <STRIKE>or</STRIKE> the PRC<U>, or Hong Kong</U> would enforce (a)
judgments of United States courts against us, our directors or officers based on the civil liability provisions of the securities laws
of the United States or any state, or (b) in original actions brought in the BVI<U>,</U> <STRIKE>or</STRIKE> the PRC<U>, or Hong Kong</U>,
liabilities against us or any nonresidents based upon the securities laws of the United States or any state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; 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>4.</I></TD><TD STYLE="text-align: justify"><I>Please further expand your disclosure to address how regulatory actions related to data security or
anti-monopoly concerns in Hong Kong or Macao have impacted or may impact the company&#8217;s ability to conduct its business, accept foreign
investments, or list on a U.S. or other foreign exchange.</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> The Company
respectfully submits that there are no such regulatory actions related to data security or anti-monopoly concerns in Hong Kong or Macao
that have impacted or may impact the Company&#8217;s ability to conduct its business, accept foreign investments, or list on a U.S. or
other foreign exchange. Set forth below for the Staff&#8217;s consideration are the Company&#8217;s proposed revisions to the second paragraph
in the proposed revisions to the introductory section of Item 3.D. contained in the Prior Response. The Company undertakes to make conforming
changes in future Annual Reports on Form 20-F. For the Staff&#8217;s convenience, the proposed new text is underlined.</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; text-align: justify; background-color: white"><I>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 (&#8220;Nasdaq&#8221;)
or list on another U.S. or foreign exchange. <U>There have not been comparable developments in Hong Kong yet, but such developments may
occur.</U></I></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"><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">November 16, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 6</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>Please further expand your disclosure to explain whether there are any commensurate laws or regulations
in Hong Kong or Macao which result in oversight over data security and explain how this oversight impacts the company&#8217;s business
and to what extent the company believes that it is compliant with the regulations or policies that have been issued.</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> The Company
respectfully submits that there are no laws in Hong Kong or Macao regarding data security that have impacted or may impact the Company&#8217;s
business. Set forth below for the Staff&#8217;s consideration are the Company&#8217;s proposed revisions to the last paragraph in the
proposed additional 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; contained in the Prior Response. The Company undertakes to make conforming changes in future Annual Reports on
Form 20-F. For the Staff&#8217;s convenience, the proposed new text is underlined.</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; text-indent: 0pc">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. <U>There have not been comparable developments in Hong Kong, but those could occur, <A NAME="a_Hlk119157792"></A>and
we believe are currently in compliance with all Hong Kong laws and regulations regarding data security.</U> 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, 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
continue to promulgate and issue new laws, regulations and rules in this regard. 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; 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>6.</I></TD><TD STYLE="text-align: justify"><I>We note your response to prior comment 4 and your proposed additional risk factor disclosure stating
that i) you have obtained all necessary licenses, permits, and approvals to operate your business in the PRC and ii) you have received
all requisite permissions or approvals in connection with your offshore offerings under PRC law. However, we are unable to locate an affirmative
statement indicating whether any permissions or approvals have been denied. Please further expand your disclosure to address this point.</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>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3pc; text-align: justify; text-indent: 0pc"></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">November 16, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 7</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 0 3pc; text-align: justify; text-indent: 0pc"><I>Moreover, if you relied
on the advice of counsel in making these determinations, please revise to identify counsel. If you did not consult counsel in making these
determinations, please revise to provide your basis for your conclusions.</I></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 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 proposed additional risk factor contained
in the Prior Response. The Company undertakes to make conforming changes in future Annual Reports on Form 20-F. For the Staff&#8217;s
convenience, the proposed new text is underlined and removed text is struck through.</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.
<STRIKE>In order to carry out s</STRIKE><U>S</U>uch business <U>activities require us to obtain</U><STRIKE>,</STRIKE> licenses, permits,
and approvals <STRIKE>are required</STRIKE> from different PRC authorities, including an exploration permit <U>from the Land and Resources
Department of the Inner Mongolia Autonomous Region</U> with regards to our metal exploration activity<STRIKE>, received from the Land
and Resources Department of the Inner Mongolia Autonomous Region</STRIKE>, 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,
<U>as far as we are aware and in the judgment of management,</U> we have obtained all necessary licenses, permits, and approvals to operate
our business in the PRC<U>, and have not been denied any such licenses, permits or approvals</U>. 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; text-align: justify; text-indent: 0pc"><I><U>We may be classified as a
&#8220;resident enterprise&#8221; for PRC enterprise income tax purposes ..., page 19</U></I></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>7.</I></TD><TD STYLE="text-align: justify"><I>We note your disclosure on pages 19 and 20. Please expand to provide disclosure about the arrangement
between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal
Evasion with respect to Taxes on Income which took effect in the PRC on January 1, 2007, if applicable.</I></TD></TR></TABLE>

<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 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 that is the subject of comment
7. The Company undertakes to make conforming changes in future Annual Reports on Form 20-F. For the Staff&#8217;s convenience, the proposed
new text is underlined and removed text is struck through.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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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">November 16, 2022</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Enterprise Income Tax
Law provides that enterprises established outside of China whose &#8220;de facto management bodies&#8221; are located in China are considered
PRC tax resident enterprises and will generally be subject to the uniform 25% PRC enterprise income tax rate on their global income. In
2009, the <U>State Administration of Taxation (&#8220;</U>SAT<U>&#8221;)</U> issued the Circular of the State Administration of Taxation
on Issues Concerning the Identification of Chinese-Controlled Overseas Registered Enterprises as Resident Enterprises in Accordance with
the Actual Standards of Organizational Management<STRIKE>, known as</STRIKE> <U>(&#8220;</U>SAT Circular 82<U>&#8221;)</U>, which was
partially amended by <U>the</U> Announcement on Issues concerning the Determination of Resident Enterprises Based on the Standards of
Actual Management Institutions issued by <U>the </U>SAT on January 29, 2014, and further partially amended by the Decision on Issuing
the Lists of Invalid and Abolished Tax Departmental Rules and Taxation Normative Documents issued by the SAT on December 29, 2017. SAT
Circular 82, as amended, provides certain specific criteria for determining whether the &#8220;de facto management body&#8221; of a Chinese-controlled
offshore-incorporated enterprise is located in China, which include all of the following conditions: (i) the location where senior management
members responsible for an enterprise&#8217;s daily operations discharge their duties; (ii) the location where financial and human resource
decisions are made or approved by organizations or persons; (iii) the location where the major assets and corporate documents are kept;
and (iv) the location where more than half (inclusive) of all directors with voting rights or senior management have their habitual residence.
SAT Circular 82 further clarifies that the identification of the &#8220;de facto management body&#8221; must follow the &#8220;substance
over form&#8221; principle. In addition, <U>the </U>SAT issued the Announcement of State Administration of Taxation on Promulgation of
the Administrative Measures on Income Tax on Overseas Registered Chinese-funded Holding Resident Enterprises (Trial Implementation) <STRIKE>or</STRIKE>
<U>(</U>the <U>&#8220;</U>SAT Bulletin 45<U>&#8221;)</U> on July 27, 2011, effective from September 1, 2011, and partially amended on
April 17, 2015, June 28, 2016, and June 15, 2018, <STRIKE>respectively,</STRIKE> providing more guidance on the implementation of SAT
Circular 82. SAT Bulletin 45 clarifies matters including resident status determination, post-determination administration and competent
tax authorities. Although both SAT Circular 82 and SAT Bulletin 45 only apply to offshore enterprises controlled by PRC enterprises or
PRC enterprise groups, not those controlled by PRC individuals or foreign individuals, the determining criteria set forth in SAT Circular
82 and SAT Bulletin 45 may reflect <U>the </U>SAT&#8217;s general position on how the &#8220;de facto management body&#8221; test should
be applied in determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises
or PRC enterprise groups or by PRC or foreign individuals.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Currently, there are no detailed
rules or precedents governing the procedures and specific criteria for determining de facto management bodies <STRIKE>which</STRIKE> <U>that</U>
are applicable to us or our overseas subsidiaries. We do not believe that CHNR meets all of the conditions <STRIKE>required</STRIKE> for
a PRC resident enterprise. The Company is a company incorporated outside the PRC. As a holding company, its key assets are its ownership
interests in its subsidiaries, and its key assets are located, and its records (including the resolutions of its board of directors and
the resolutions of its shareholders) are maintained, outside the PRC. For the same reasons, we believe our other entities outside of China
are not PRC resident enterprises either. However, the tax resident status of an enterprise is subject to determination by the PRC tax
authorities, and uncertainties remain with respect to the interpretation of the term &#8220;de facto management body.&#8221; There can
be no assurance that the PRC government will ultimately take a view that is consistent with ours.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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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">November 16, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 9</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; text-indent: 3pc">However, if the PRC tax authorities
determine that CHNR is a PRC resident enterprise for enterprise income tax purposes, we may be required to withhold a 10% withholding
tax from dividends we pay to our shareholders that are non-resident enterprises. Such 10% tax rate could be reduced by applicable tax
treaties or similar arrangements between China and the jurisdiction of our shareholders. For example, for shareholders eligible for the
benefits of the tax treaty between China and Hong Kong, <U>known as the Hong Kong Special Administrative Region for the Avoidance of Double
Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (the &#8220;Double Taxation Arrangement&#8221;),</U> the
tax rate is reduced to 5% for dividends if relevant conditions are met<U>, including without limitation that (a) the Hong Kong resident
enterprise must be the beneficial owner of the relevant dividends; and (b) the Hong Kong resident enterprise must directly hold no less
than 25% share ownership in the PRC resident enterprise during the 12 consecutive months preceding its receipt of the dividends. In current
practice, a Hong Kong resident enterprise must obtain a tax resident certificate from the Hong Kong tax authority to apply for the 5%
lower PRC withholding tax rate. As the Hong Kong tax authority will issue such a tax resident certificate on a case-by-case basis, we
cannot assure you that we will be able to obtain a tax resident certificate from the relevant Hong Kong tax authority and enjoy the preferential
withholding tax rate of 5% under the Double Taxation Arrangement with respect to any dividends paid by our PRC subsidiaries to their immediate
holding companies</U>. In addition, non-resident enterprise shareholders may be subject to a 10% PRC tax on gains realized on the sale
or other disposition of common equity if such income is treated as sourced from within the PRC. It is unclear whether our non-PRC individual
shareholders would be subject to any PRC tax on dividends or gains obtained by such non-PRC individual shareholders in the event we are
determined to be a PRC resident enterprise. If any PRC tax were to apply to such dividends or gains, it would generally apply at a rate
of 20% unless a reduced rate is available under an applicable tax treaty. However, it is also unclear whether non-PRC shareholders of
the Company would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that
the Company is treated as a PRC resident enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Provided that <STRIKE>our
British Virgin Islands holding company,</STRIKE> CHNR, <U>as a BVI holding company,</U> is not deemed to be a PRC resident enterprise,
our shareholders who are not PRC residents will not be subject to PRC income tax on dividends distributed by us or gains realized from
the sale or other disposition of our shares. However, under <U>SAT</U> Circular 7, where a non-resident enterprise conducts an &#8220;indirect
transfer&#8221; by transferring taxable assets, including, in particular, equity interests in a PRC resident enterprise, indirectly by
disposing of the equity interests of an overseas holding company, the non-resident enterprise, being the transferor, or the transferee
or the PRC entity which directly owned such taxable assets may report to the relevant tax authority such indirect transfer. Using a &#8220;substance
over form&#8221; principle, the PRC tax authority may disregard the existence of the overseas holding company if it lacks a reasonable
commercial purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As a result, gains derived from such
indirect transfer may be subject to PRC enterprise income tax, and the transferee would be obligated to withhold the applicable taxes,
currently at a rate of 10% for the transfer of equity interests in a PRC resident enterprise. We and our non-PRC resident investors may
be at risk of being required to file a return and being taxed under <U>SAT</U> Circular 7, and we may be required to expend valuable resources
to comply with <U>SAT</U> Bulletin 37, or to establish that we should not be taxed under <U>SAT</U> Circular 7 and <U>SAT</U> Bulletin
37.</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">November 16, 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; text-align: justify; text-indent: 0pc">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">In addition to the uncertainty in
how the new resident enterprise classification could apply, it is also possible that the rules may change in the future, possibly with
retroactive effect. If we are required under the Enterprise Income Tax Law to withhold PRC income tax on our dividends payable to our
foreign shareholders, <U>including U.S. investors,</U> or if you are required to pay PRC income tax on the transfer of our shares under
the circumstances mentioned above, the value of your investment in our shares may be materially and adversely affected. These rates may
be reduced by an applicable tax treaty, but it is unclear whether, if we are considered a PRC resident enterprise, holders of our shares
would be able to claim the benefit of income tax treaties or agreements entered into between China and other countries or areas. Any such
tax may reduce the returns on your investment in our shares.&nbsp;</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; text-align: justify; text-indent: 0pc"></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: 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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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
