The British Virgin Islands-registered and China-based corporation China Natural Resources, Inc. released annual results for the year ended December 31, 2011. In the reported year, the BVI company recorded total revenues of CNY148.15 million (US$23.54 million) in 2011, up by 58.70% from the previous year. The operating loss of the BVI company improved from CNY61.31 million (US$9.74 million) in 2010 to CNY25.88 million (US$4.11 million) in 2011; net loss attributable to the company owners was CNY65.98 million (US$10.48 million) in 2011.
Mr. Li Feilie, the Chairman of China Natural Resources, commented on the results of the company: “Identifying undervalued assets and pursuing growth through acquisition and consolidation of small to medium sized coal mines in Guizhou province of mainland China are our competitive edges. We intend to take advantage of the coal mine consolidation opportunity in Guizhou province this year and the year ahead. In view of the continuing economic growth in mainland China, we believe that demand for coal will continue to be robust in the foreseeable future. We are positive about the prospects of the coal mining industry in mainland China.”