Company: CHNR
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001079973-25-000827
Chunk: 80

Company: CHINA NATURAL RESOURCES INC
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 80
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 price of silver was strongly supported by an increase in industrial demand, a rise in the price of gold, and an expected potential decline in the US Dollar index and US Treasury yields. During the year, the SHFE silver price started out at CNY5,972 (US$818) per kg and soon dropped to its annual low of CNY5,743 (US$787) per kg in late January 2024. It then rose notably until late May 2024 and reached an annual high of CNY8,733 (US$1,197) per kg. After that, silver price fluctuated within a narrower range until the end of the year. The closing price at the end of 2024 was CNY7,470 (US$1,024) per kg, representing an annual increase of approximately 25%.
 The following table shows the world silver supply and demand over the past five years:
 
                                            2020          2021           2022           2023           2024    
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World mine production (million ounces)        783.4          829.0          836.7          830.5          823.5
World total supply (million ounces)           957.4        1,004.3        1,015.4        1,010.7        1,003.8
World total demand (million ounces)           926.8        1,099.6        1,278.9        1,195.0        1,219.1
COMEX average price (US$/oz)                   26.4           23.4           24.0           24.1              *
SHFE average price (CNY/kg)                   5,585          4,845          5,349          6,012          7,499
 ———————
 Source: Silver Institute, COMEX, SHFE.
 *Certain data are not available.
 
Copper (chemical element symbol Cu) is a ductile metal with excellent electric conductivity and is rather supple in its pure state and has a pinkish luster. Copper was one of the first metals used by man. It is now primarily used as a heat conductor, an electrical conductor, a building material, and a constituent of various metal alloys. Copper alloys have excellent mechanical properties and low resistivity, among which bronze and brass are the most important. Copper is also a