Company: CHNR
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001079973-25-000827
Chunk: 46

Company: CHINA NATURAL RESOURCES INC
Filing Date: 2025-05-15
Form: 20-F
Item: Item 3
Chunk 46
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 of metals and the costs of extraction may adversely affect our ability to operate on a profitable basis if our mining exploration proves fruitful.
 During 2024, prolonged geopolitical conflicts, elevated interest rates across major economies, and ongoing Sino-US tensions continued to weigh on the global economy and businesses. These factors disrupted the global commodity market, causing significant volatility in the prices of lead, silver and copper. In 2024, the Shanghai Futures Exchange (“SHFE”) lead price hit a low of CNY15,790 (US$2,164) per ton and a high of CNY20,050 (US$2,747) per ton, the SHFE silver price reached a low of CNY5,743 (US$787) per kilogram (“kg”) and a high of CNY8,733 (US$1,197) per kg, and the SHFE copper price hit a low of CNY67,380 (US$9,233) per ton and a high of CNY88,940 (US$12,187) per ton, each reflecting high volatility. The extent to which demand and prices will be supported in the future is highly uncertain, as persistent high interest rates, particularly in the U.S., the ongoing geopolitical tensions, and newly imposed U.S. tariffs continue to cause disruptions to the global economy and to business activities at all levels. Intensifying trade frictions or further geopolitical tensions could significantly and adversely impact market sentiment and the real economy, leading to a sharp decline in global trade, major supply chain disruptions and broad-based downturns in commodity prices and economic growth. Aggressive monetary policies of major economies could also cause unexpected consequences beyond mere economic downturns, such as large-scale bankruptcy and even financial crisis, which will have significant and negative impacts on the commodity markets. Therefore, demand and price volatility in the commodity markets may continue for a prolonged period or further deteriorate, which may adversely affect our ability to sell minerals from the Moruogu Tong Mine on a profitable basis.
 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.
 Bayannaoer Mining, our subsidiary that acquired exploration rights to the Moruogu Tong Mine, is and will continue to be subject to the regulations of various aspects of its operations by a variety of laws, rules and regulations administered by the national and local Chinese government, including laws, rules and regulations relating to: exploration activities; environmental protection; the use and preservation of dangerous