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(Extracted from Annual Report 2019)

On behalf of the Board of Directors, I hereby present the Annual Report of China Mining International Limited (the “Company”) and its subsidiaries (the “Group”) for the financial year ended December 31, 2019 (“FY2019”).


The Group recorded a pre-tax loss of RMB23.3 million and a gross profit of RMB1.4 million against a turnover of RMB5.0 million for FY2019. By contrast, it registered a pre-tax profit of RMB5.2 million and a gross profit of RMB20.9 million against a turnover of RMB41.6 million for the financial year ended 31 December 2018 (“FY2018”).

The significant decrease in turnover, generated mainly from the sales of developed properties, was principally attributed to far fewer completed balanced units and at lower yielding prices being sold in FY2019 relative to FY2018 for the Xinxiang Sunny Town Project (新乡阳光新城项目).

The net loss of the Group decreased from an after-tax loss of RMB0.9 million in FY2018 to an after-tax loss of RMB23.4 million in FY2019 primarily as a result of the lower turnover mentioned above coupled with the significant increase in administrative expenses, which rose from RMB19.6 million in FY2018 to RMB23.4 million in FY2019, as a result of higher depreciation expense following the initial adoption of new accounting standard IFRS 16 in the current financial year as well as increased staff strength and salary adjustments as the Group made preparations to reorganise its business activities.

The Group’s net loss attributable to shareholders, which widened from RMB11.8 million in FY2018 to RMB31.2 million in FY2019, was mainly attributed to the net loss mentioned above coupled with the fair value loss of the Group’s investment in an African mining company.

The Group’s cash and cash equivalents increased to RMB29.2 million from RMB25.8 million over the same financial years under consideration.


The Company was placed on the watch-list under the minimum trading price entry criteria pursuant to Rule 1311(2) of the Listing Manual of the Singapore Exchange Securities Trading Limited from 6 June 2019. The Company is mindful of the status and will be actively working to fulfil the requirements to exit the watchlist.

With regard to the Group’s planned diversification into the growing agricultural industry in China via the possible acquisition by the Company of 63.11% of the registered capital of Henan Zhongnong Huasheng Agricultural Science and Technology Co. Ltd. (河南中农华盛农业科技有限公 司) (the “Proposed Acquisition”), while discussions and negotiations with the various stakeholders are still ongoing, the Proposed Acquisition is expected to be further delayed and may be complicated by the current severe COVID-19 outbreak in China. We will keep the shareholders updated on the progress of the Proposed Acquisition.

While it has been a challenging year, we remain undeterred and will continue to explore for opportunities to grow the Group. Alerting to the challenges arising from the COVID-19 outbreak, we will also take the necessary precautions for the staff welfare while upholding business continuity.


On behalf of the Board, I would like to express my deepest appreciation to the management team and staff for their dedication and hard work. I would also like to extend my heartfelt thanks to our esteemed suppliers, customers and business partners for the unrelenting support and confidence that they have in our Group over the years.

On a personal note, I would also like to thank our Board members for their valuable contributions and guidance throughout the year.

Last but not least, I am extremely grateful to you, our shareholders, for standing steadfast with us amidst the challenging and uncertain times, and look forward to your continued support as we strive to improve on the performance of the Group.

Guo Ying Hui