WEB NEWS Comments & Business Outlook
HONG KONG, Oct. 31, 2019 /PRNewswire / -- CHINA NATURAL RESOURCES, INC. (CHNR), a company based in the People's Republic of China, today released unaudited interim financial information for the three and six months ended June 30, 2019 as follows:
The condensed consolidated statements of profit or loss and other comprehensive income for the three and six months ended June 30, 2019 (unaudited) and the condensed consolidated statements of financial position as of June 30, 2019 (unaudited) are derived from, and should be read in conjunction with, the Company's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2019 and 2018, as furnished to the Securities and Exchange Commission on October 31, 2019 under cover of Form 6-K. The results of operations for the six months ended June 30, 2019 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2019.
Mr. Edward Wong, the Company's Chairman and CEO, commented: "In November 2017, we acquired all of the outstanding equity interests in Bayannaoer City Feishang Mining Company Limited ("Bayannaoer Mining"), which owns the right to explore for minerals at Moruogu Tong Mine located in the Inner Mongolia Autonomous Region of the People's Republic of China ("PRC"). During 2019, we undertook additional exploration activities and sample analysis at the Mine and completed the first draft of a detailed geological exploration report of Bayannaoer Mining. During 2019, we also commenced our copper ore trading activities which we propose to pursue as market opportunities arise. In addition, we continue to explore new business opportunities to contribute to revenues and enhance shareholder values."
Comments & Business Outlook
HONG KONG, Dec. 15, 2017 /PRNewswire / -- CHINA NATURAL RESOURCES, INC. (CHNR), a company based in the People's Republic of China, today released unaudited interim financial information for the three and six months ended June 30, 2017 as follows:
The condensed consolidated statements of profit or loss and other comprehensive income for the three and six months ended June 30, 2017 (unaudited) and the condensed consolidated statements of financial position as of June 30, 2017 (unaudited) are derived from, and should be read in conjunction with, the Company's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2017 and 2016, as furnished to the Securities and Exchange Commission on December 15, 2017 under cover of Form 6-K. The results of operations for the six months ended June 30, 2017 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2017.
Mr. Edward Wong, the Company's Chairman and CEO, commented on the 2017 interim results: "In March 2017, we sold our non-ferrous mining operation to an unrelated third party after concluding that then prevailing market prices for non-ferrous metals coupled with the corresponding costs of extraction did not warrant continued production. In November 2017, we acquired a mining company which holds an exploration permit to a mine located in Bayannaoer City, Inner Mongolia which is believed to contain minable amounts of lead and silver resources, with the prospect that further surveying and exploration may indicate the presence of other minable ore such as copper. We will continue to explore new business opportunities to contribute to revenues and enhance shareholder values."
Comments & Business Outlook
HONG KONG, June 19, 2017 /PRNewswire / -- CHINA NATURAL RESOURCES, INC. (CHNR), a company based in the People's Republic of China, today announced its results of operations for the year ended December 31, 2016 as follows.
Revenues were CNY 0 (Zero vs. last years CNY1.8 Million.
Net loss per share $0.13 vs last years $0.24
Mr. Wong Wah On Edward, the Company's Chairman, commented on the results: "In December 2016, we successfully acquired a copper smelting plant in Bolivia. It is anticipated that commercial production will commence during the fourth quarter of 2017 with full production capacity of approximately 3,000 tonnes of copper cathodes annually. In March 2017, we sold our non-ferrous mining operations to an unrelated third party after concluding that current market prices for non-ferrous metals, and the related costs of extraction and processing, did not permit us to engage in profitable mining operations. We will continue to explore new businesses opportunities to contribute to revenues and enhance shareholder values".
Comments & Business Outlook
HONG KONG, May 16, 2017 /
PRNewswire / -- CHINA NATURAL RESOURCES, INC. (CHNR), a company based in the People's Republic of China, today disclosed a delay in the filing of its annual report on Form 20-F for the year ended December 31, 2016 with the United States Securities and Exchange Commission ("SEC"). The delay occurred because an audit of the Company's recently acquired Bolivian subsidiary has not yet been completed. The Company acquired its Bolivian subsidiary on December 23, 2016. The Company currently anticipates that the audit of its Bolivian subsidiary will be completed on or before June 19, 2017; and that the annual report on Form 20-F will be filed with the SEC on or before June 30, 2017. However, unforeseen delays or events could further delay completion of the audit and filing of the annual report.
Comments & Business Outlook
HONG KONG, Dec. 23, 2016 /PRNewswire / -- CHINA NATURAL RESOURCES, INC. (CHNR), a company based in the People's Republic of China, today announced that it had completed the acquisition of Planta Metalurgica Antay Pacha S.A. ("Antay Pacha"), a Bolivian corporation from a related party. Antay Pacha proposes to operate a copper smelting plant in western Bolivia. The plant is substantially constructed, and Antay Pacha is completing the licensing and permitting processes. It is anticipated that a trial run will commence in the second quarter of 2017 and that commercial production will commence in the fourth quarter of 2017. Once fully operational, the plant has a designed annual production capacity of 3,000 tons of copper cathodes.
The US$1,541,129 purchase price includes US$1,441,129 of debt that is payable upon demand. Additional details are disclosed in the Current Report on Form 6-K filed with the Securities and Exchange Commission on December 23, 2016.
Wong Wah On Edward, CHNR's Chief Executive Officer, commented: "We are excited about the prospects of adding a copper smelter to our mining operations in the PRC and believe that Bolivia, a country abundant in various natural resources, offers us the opportunity to diversify our operation. We will continue to explore new businesses opportunities to contribute to revenues and enhance shareholder values."
Comments & Business Outlook
HONG KONG, April 11, 2016 /
PRNewswire / -- CHINA NATURAL RESOURCES, INC. (CHNR), a company based in the People's Republic of China (the "Company"), today announced that, on April 6, 2016, it received written notice from the Listing Qualifications department of The Nasdaq Stock Market (the "Notice") stating that, based upon the closing bid price of the Company's common shares during a recent 10 consecutive business day measurement period, the Company has regained compliance with the $35 million market value of listed securities requirement set forth in Nasdaq Rule 5550(b)(2), and the matter has been closed.
Investor Alert
HONG KONG, Feb. 16, 2016 /PRNewswire / -- CHINA NATURAL RESOURCES, INC. (CHNR), a company based in the People's Republic of China, today announced that, on February 9, 2016, the Company received a written notice from the Listing Qualifications department of The Nasdaq Stock Market (the "Notice") indicating that the Company is not in compliance with the $35 million market value of listed securities ("MVLS") requirement set forth in Nasdaq Rule 5550(b)(2) for continued listing on The Nasdaq Capital Market. The Nasdaq Rule requires listed securities to maintain a minimum MVLS of $35 million and, based upon the closing bid price of the Company's common shares for the 30 consecutive business day measurement period, the Company no longer meets this requirement. The Notice indicates that the Company will be provided 180 calendar days (until August 8, 2016) in which to regain compliance.
If at any time during this compliance period the MVLS of the Company's common shares closes at or above $35 million for a minimum of ten consecutive business days, or the Company demonstrates compliance with one of the alternative continued listing standards, the Nasdaq Staff will provide the Company with a written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance with Rule 5550(b)(2), or satisfy one of the alternative continued listing standards, prior to expiration of the 180-calendar day compliance period, the Nasdaq Staff will provide the Company with written notification that its securities are subject to delisting from The Nasdaq Capital Market. At that time, the Company may appeal the delisting determination to a Hearings Panel.
The Company is actively evaluating several business transactions which the Company believes, if consummated, will enable it to achieve compliance with Nasdaq continued listing criteria.
Comments & Business Outlook
HONG KONG, Dec. 24, 2015 /PRNewswire / -- CHINA NATURAL RESOURCES, INC. (NASDAQ: CHNR), a company based in the People's Republic of China, today released unaudited interim financial information for the three and six months ended June 30, 2015as follows:
Revenue was CNY12,058 vs. last years quarter of CNY 4,684
Net loss per share was CNY--0.38 vs. last years same quarter of CNY--0.36
Mr. Feilie Li, the Company's Chairman and CEO, commented on the 2015 interim results: "Depressed prices for iron concentrates continue to pressure our ability to generate cash internally. It is not currently economical to conduct mining activities at Yangchong Mine, the Company's sole operating asset, and, until market conditions improve, exploitation will be temporarily suspended onDecember 27, 2015. We continue to explore opportunities to acquire other projects in China that can generate cash and add value to our shareholders."
Comments & Business Outlook
Second Quarter 2014 Financial Results
Revenues for the three months ended June 30 2014 in thousands was CNY4,684 or US$755 vs last years 11,791 or US$1,902.
Net loss per share was US$(0.06) vs. last years same quarter loss of US$(0.38).
Mr. Feilie Li, the Company's Chairman and CEO, commented on the 2014 interim results: "We completed a spin-off of coal business held by Feishang Anthracite Resources Limited by the distribution of our 100% equity interest in Feishang Anthracite, pro rata to all our shareholders on January 22, 2014 and listing of the shares of Feishang Anthracite by introduction on the Main Board of The Stock Exchange of Hong Kong Limited. Following the Spin-Off, our sole operations consist of the operation of our non-ferrous metal mining operations at Yangchong Mine in the PRC. The Group will continue to explore opportunities to acquire projects in Chinathat will add value to our shareholders."
Deal Flow
CHINA NATURAL RESOURCES, INC.
$40,000,000
We may offer common shares, preferred shares and/or warrants to purchase common shares and/or preferred shares, consisting of a combination of any or all of these securities at an aggregate initial offering price not to exceed $40,000,000. The warrants that we may offer will consist of warrants to purchase any of the other securities that may be sold under this prospectus. The securities offered under this prospectus may be offered separately, together, or in separate series, and in amounts, at prices and on terms to be determined at the time of sale. A prospectus supplement that will set forth the terms of the offering of any securities will accompany this prospectus. You should read this prospectus and any supplement carefully before you invest.
Our common shares are listed on the NASDAQ Capital Market under the symbol “CHNR”. On July 2, 2014, the closing price of our common shares was $4.20 per share. As of the date of this prospectus, none of the other securities that we may offer by this prospectus are listed on any national securities exchange nor are they quoted on any automated quotation system.
This prospectus may not be used to consummate the sale of any securities unless accompanied by a prospectus supplement relating to the securities offered.
Comments & Business Outlook
HONG KONG , Dec. 31, 2013 /PRNewswire / -- CHINA NATURAL RESOURCES, INC. (NASDAQ: CHNR)(the "Company"), a natural resources company based in the People's Republic of China , announced today that its Board of Directors has approved the spin-off (the "Spin-Off") and listing by way of introduction on The Stock Exchange of Hong Kong Limited ("Hong Kong Stock Exchange") of its wholly-owned subsidiary, Feishang Anthracite Resources Limited ("Feishang Anthracite"), which currently operates the Company's coal mining and related businesses. It is contemplated that the Spin-Off would be effected by way of a distribution in specie by the Company of all of Feishang Anthracite's issued and outstanding ordinary shares, par value HK$0.01 per share ("Ordinary Shares"), to the holders of the Company's common shares ("Common Shares") on a pro rata basis. The proposed Spin-Off does not involve any offering of any Ordinary Shares or any other securities of Feishang Anthracite. The Ordinary Shares are expected to be listed on the Hong Kong Stock Exchange under the stock code "1738". After the Spin-Off, the Company intends to continue its listing on the NASDAQ Capital Market and operating its non-ferrous metals mining and related businesses.
The distribution of Ordinary Shares in connection with the Spin-Off (the "Distribution") is expected to be made on January 22, 2014 to holders of record of the Company's Common Shares as of the close of business on January 13, 2014, the record date for the proposed Spin-Off. Each holder of record of the Company's Common Shares as of the record date will be entitled to five Ordinary Shares for every Common Share held on the record date. Holders of the Common Shares as of the record date will not be required to make any payment, surrender or exchange any Common Shares or take any other action to participate in the Spin-Off. Additional information regarding the Spin-Off, including the procedures by which the Distribution will be effected and further information regarding Feishang Anthracite, are contained in an information statement which will be mailed to the holders of Common Shares.
In connection with the Company's Spin-Off, TAM Cheuk Ho (Class III Director and Executive Vice President of the Company) and WONG Wah On Edward (Class III Director and Chief Financial Officer of the Company) have notified the Company that, as of the effective date of the Spin-Off, they will each resign as an officer and director of the Company and assume positions with Feishang Anthracite. The resignations of Mr. Tam and Mr. Wong were not tendered because of any disagreement with the Company on any matter relating to the Company's operations, policies or practices.
Effective upon Mr. Wong's resignation, the Company's Board of Directors has appointed MA Sin Ling to serve as (a) a Class III Director of the Company until the next annual meeting of shareholders at which Class III Directors are elected and until her successor is duly elected and qualified, and (b) Chief Financial Officer and Corporate Secretary of the Company until otherwise determined by the Company's Board of Directors. Ms. Ma is the Chief Financial Manager of the Company and receives an annual salary of US$1.00and any equity awards as may from time to time be determined by the Company's Compensation Committee and she will receive for her services as Chief Financial Officer an annual salary of US$1.00 and any equity awards as may from time to time be determined by our Compensation Committee.
Announced Interm Results of Operations
CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
THREE AND SIX MONTHS ENDED JUNE 30, 2013 AND 2012
(Amounts in thousands, except share and per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2012
2013
2013
2012
2013
2013
CNY
CNY
US$
CNY
CNY
US$
REVENUE
37,841
41,268
6,724
66,903
70,555
11,496
COST OF SALES
(22,344
)
(31,937
)
(5,204
)
(38,687
)
(51,428
)
(8,379
)
GROSS PROFIT
15,497
9,331
1,520
28,216
19,127
3,117
SELLING AND DISTRIBUTION EXPENSES
(840
)
(1,363
)
(222
)
(1,525
)
(2,791
)
(455
)
ADMINISTRATIVE EXPENSES
(21,203
)
(42,090
)
(6,858
)
(39,166
)
(65,942
)
(10,744
)
IMPAIRMENT LOSS ON PROPERTY, PLANT AND EQUIPMENT
—
—
—
—
(184,417
)
(30,048
)
OTHER OPERATING EXPENSES
(3,591
)
(1,760
)
(287
)
(4,704
)
(3,372
)
(549
)
OPERATING LOSS
(10,137
)
(35,882
)
(5,847
)
(17,179
)
(237,395
)
(38,679
)
FINANCE COSTS
(11,368
)
(31,902
)
(5,198
)
(20,818
)
(43,912
)
(7,155
)
INTEREST INCOME
905
1,337
218
1,695
1,778
290
NON-OPERATING INCOME (EXPENSE), NET
(858
)
1,613
263
(889
)
1,215
198
PROFIT (LOSS) BEFORE INCOME TAXES
(21,458
)
(64,834
)
(10,564
)
(37,191
)
(278,314
)
(45,346
)
INCOME TAXES (EXPENSE) BENEFIT (Note 7)
(7,078
)
6,448
1,051
(8,361
)
50,083
8,160
LOSS FOR THE PERIOD
(28,536
)
(58,386
)
(9,513
)
(45,552
)
(228,231
)
(37,186
)
ATTRIBUTABLE TO:
Owners of the Company
(28,547
)
(56,840
)
(9,261
)
(47,707
)
(227,422
)
(37,054
)
Non-controlling interests
11
(1,546
)
(252
)
2,155
(809
)
(132
)
(28,536
)
(58,386
)
(9,513
)
(45,552
)
(228,231
)
(37,186
)
LOSSES PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY (Note 2):
Basic
(1.15
)
(2.28
)
(0.37
)
(1.92
)
(9.13
)
(1.49
)
Diluted
(1.15
)
(2.28
)
(0.37
)
(1.92
)
(9.13
)
(1.49
)
LOSS FOR THE PERIOD
(28,536
)
(58,386
)
(9,513
)
(45,552
)
(228,231
)
(37,186
)
Other comprehensive income (loss):
Items to be classified to profit or loss in subsequent period:
Foreign currency translation adjustments
(2,794
)
2,475
403
(2,579
)
3,845
627
TOTAL OTHER COMPREHENSIVE INCOME
(2,794
)
2,475
403
(2,579
)
3,845
627
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD, NET OF TAX
(31,330
)
(55,911
)
(9,110
)
(48,131
)
(224,386
)
(36,559
)
Attributable to:
Owners of the Company
(31,341
)
(54,365
)
(8,858
)
(50,286
)
(223,577
)
(36,427
)
Non-controlling interests
11
(1,546
)
(252
)
2,155
(809
)
(132
)
(31,330
)
(55,911
)
(9,110
)
(48,131
)
(224,386
)
(36,559
)
Mr. Feilie Li, the Company's Chairman and CEO, commented on the 2013 interim results: "Our metal segment resumed normal operation in the first half of 2013. The operation of Gouchang Coal Mine has been temporarily suspended by the Guizhou government since March 2013 pending the acquisition by us of a nearby coal mine and Gouchang Coal Mine achieving certain production capacity targets, as required by Guizhou province's coal mine consolidation policy. As a result, we incurred an impairment loss on property, plant and equipment of CNY184.42 million (US$30.05 million ) for the six months ended June 30, 2013 . The drop in the market price of coal in Guizhou in the first half of 2013 also contributed to the loss of the Group. In view of the continuing economic growth in the PRC, we believe that demand for coal, in particular coal used in the chemical industry, will continue to be robust in the medium and long run. We remain positive about the prospects for the coal mining industry in the PRC."
Comments & Business Outlook
Amounts in thousands, except share amounts and
Year Ended
Year Ended
Year Ended
CNY
CNY
CNY
Income Statements Data
Revenue
93,354
148,151
156,667
Cost of sales
(53,539
)
(95,534
)
(104,925
)
Gross profit
39,815
52,617
51,742
Profit (loss) before income taxes *
580,334
(52,081
)
(97,622
)
Profit (loss) for the year *
568,110
(66,116
)
(81,447
)
Profit (loss) attributable to:
Owners of the Company
572,251
(65,975
)
(89,703
)
Non-controlling interests
(4,141
)
(141
)
8, 256
568,110
(66,116
)
(81,447
)
Dual Listing Watch
HONG KONG, June 4, 2012
/PRNewswire / -- CHINA NATURAL RESOURCES, INC. (NASDAQ: CHNR), a natural resources company based in the People's Republic of China, today announced that its Board of Directors has provided preliminary authorization for the Company to explore a possible spin-off and listing on an overseas stock exchange of the Company's coal-mining and related operations, subject to, among other things, regulatory approvals and market conditions. The proposed spin-off and listing is expected to include the offering of ordinary shares that will not be registered under the Securities Act of 1933, as amended. No decisions have been made regarding the timing and terms of such transaction or whether the Company will ultimately proceed with such a transaction. Source: PR Newswire (http://s.tt/1dlut)
Comments & Business Outlook
HONG KONG, Dec. 21, 2011 /PRNewswire/ -- CHINA NATURAL RESOURCES, INC. (NASDAQ: CHNR), See Results.
The condensed consolidated statement of operations and comprehensive income for the three and six months ended June 30, 2011 (unaudited) and the condensed consolidated balance sheet as of June 30, 2011 (unaudited) are derived from, and should be read in conjunction with, the Company's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2011 and 2010, which was filed with the Securities and Exchange Commission on December 21, 2011 under cover of Form 6-K. The results of operations for the six months ended June 30, 2011 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2011.
Mr. Feilie Li, the Company's Chairman and CEO, commented on the 2011 interim results: "In view of the continuing economic growth in the PRC, we believe that demand for coal will continue to be robust in the foreseeable future. We are positive about the prospects for the coal mining industry in the PRC and we will continue to pursue growth through acquisition and consolidation of small to medium sized coal mines."
Comments & Business Outlook
CHINA NATURAL RESOURCES, INC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEARS ENDED DECEMBER 31, 2008, 2009 AND 2010
(Amounts in thousands, except share and per share data)
RMB
2008
2009
2010
Revenues
Total revenues for reportable segments
846,084
522,787
100,813
Revenues from discontinued operations
(745,167
)
(415,037
)
—
Total consolidated revenues
100,917
107,750
100,813
Loss from operations
Total loss for reportable segments
(20,244
)
(44,153
)
(59,140
)
Profit (loss) from discontinued operations
12,349
(10,320
)
—
Total consolidated loss from operations
(7,895
)
(54,473
)
(59,140
)
Interest income
Total interest income for reportable segments
4,265
2,821
1,112
Interest income from discontinued operations
(2,107
)
(167
)
—
Total consolidated interest income from operations
2,158
2,654
1,112
Income tax expense
Total income tax expense for reportable segments
8,949
9,022
12,224
Income tax expense from discontinued operations
(2,655
)
(6,584
)
—
Total consolidated income tax expense from operations
6,294
2,438
12,224
US$
2008
2009
2010
Revenues
Total revenues for reportable segments
128,058
79,126
15,259
Revenues from discontinued operations
(112,784
)
(62,818
)
—
Total consolidated revenues
15,274
16,308
15,259
Loss from operations
Total loss for reportable segments
(3,064
)
(6,682
)
(8,950
)
Profit (loss) from discontinued operations
1,869
(1,562
)
—
Total consolidated loss from operations
(1,195
)
(8,244
)
(8,950
)
Interest income
Total interest income for reportable segments
646
427
168
Interest income from discontinued operations
(319
)
(25
)
—
Total consolidated interest income from operations
327
402
168
Income tax expense
Total income tax expense for reportable segments
1,354
1,366
1,850
Income tax expense from discontinued operations
(402
)
(997
)
—
Total consolidated income tax expense from operations
952
(369
)
1,850
Mr. Li Feilie , the Company's Chairman, commented on the results: "China Natural Resources recorded total sales revenue of RMB100.81 million (US$15.26 million ) in 2010, down by 6.44% from a year earlier. The drop in sales was mainly caused by the discontinuation of our copper business. While sales generated from our metal division achieved modest growth, our prime focus now is on our coal mining business. Following the gradual completion of construction and upgrade of our acquired coal mines, sales of coal will become our primary source of revenue in the coming years. The Company achieved net income attributable to shareholders of RMB574.40 million (US$86.94 million ) in 2010, up by 961% from last year, of which RMB624.15 million (US$94.47 million ) was derived from the bargain purchase gain relating to Guizhou Puxin's acquisition. The positive results reflect our ability to identify what we believe are undervalued assets, and signify the success of our strategy in pursuing growth through acquisition and consolidation of small to medium sized coal mines in mainland China . 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 ."
Liquidity Requirements
Liquidity comments in the 2010 20F give us reason to believe that CHNR liquidity needs have escalated from 2009.
The Company’s primary liquidity needs are to fund operating expenses, capital expenditures and acquisitions. To date, the Company has financed its working capital requirements and capital expenditures through internally generated cash, proceeds from sales of securities, short-term/ long-term bank loans and non-interest bearing loans from the Shareholder.
As of December 31, 2010, the Company has a working capital deficiency of RMB151.55 million (US$22.94 million). The Shareholder has confirmed to the Company continued financial support for the Company. Subsequent to year end, the Company secured additional loan facilities totaling RMB240 million (US$36.33 million). The Company also intends to open renewed negotiations with the banks in due course, and has, at this stage, not sought any written commitment that the loan facilities will be renewed. However, the Company has held discussions with its bankers about its future borrowing needs and no matters have been drawn to its attention to suggest that renewal may not be forthcoming on acceptable terms. The Company’s internal forecasts and projections, taking account of reasonably possibly changes in trading performance, operating as well as capital expenditures, continued Shareholder support.
Our liquidity, including our working capital, has been affected by many factors including:
Funding of our on-going mining activities through internally generated funds;
The timing of expenditures in relation to when our accounts receivable are paid;
Our ability to secure bank financing as and when required, on acceptable terms;
Our difficulty in accessing US capital markets to fund PRC operations ;
A lack of development of US trading markets for our securities , which has hampered our ability to use our securities as currency to fund acquisitions, business combinations and similar transactions;
Differing liquidity needs of the metals segment and the coal segment;
Investment strategies of institutional investors are not always consistent with investments in companies that engage in both metal ore and coal mining operations.
We anticipate that there will be significant capital expenditures ahead in the event of additional acquisitions. We expect to fund acquisitions with cash-on-hand, the issuance of our debt or equity securities, or a combination of both, and we may use our securities to raise capital to be used to fund operations. The use of our securities in this manner may be dilutive to shareholders.
