Company: CHNR
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001079973-25-000143
Chunk: 115

Company: CHINA NATURAL RESOURCES INC
Filing Date: 2025-01-27
Form: POS AM
Chunk 115
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 consumption of refined copper increased annually, and there continued to be a shortage of supply.
During 2024, SHFE copper price fluctuated at relatively high levels. The SHFE copper price saw strong gains in the first half of 2024,
increasing from CNY68,750 (US$9,420) per ton to all-year high of CNY88,940 (US$12,187) per ton in mid-May, but then price declined notably
before it stabilized since mid-August 2024. The closing price at the end of 2024 was CNY73,770 (US$10,108) per ton, representing an annual
increase of approximately 7.04%.

The following table shows the world refined copper
production and usage over the past five years:

|                                            |     | 2020 |        |     | 2021 |        |     | 2022 |        |     | 2023 |        |     | 2024 |        |
| World mine production (thousand tons)      |     |      | 20,743 |     |      | 21,265 |     |      | 21,922 |     |      | 22,383 |     |      |      * |
| World refined production (thousand tons)   |     |      | 24,621 |     |      | 24,900 |     |      | 25,273 |     |      | 26,503 |     |      |      * |
| World refined usage (thousand tons)        |     |      | 24,948 |     |      | 25,211 |     |      | 25,830 |     |      | 26,556 |     |      |      * |
| China’s refined production (thousand tons) |     |      | 10,025 |     |      | 10,487 |     |      | 11,063 |     |      | 12,988 |     |      | 13,640 |
| China’s refined usage (thousand tons)      |     |      | 14,229 |     |      | 13,840 |     |      | 14,027 |     |      | 14,703 |     |      |      * |
| LME average price (US$/ton)*               |     |      |  7,766 |     |      |  9,721 |