Resource Estimates and Mining Operations - The company reported a resource estimate of 54.96 million tons of ordinary magnetite with an average grade of 22.81% TFe as of January 1, 2022[5]. - The Maoling Processing Plant has a capacity of 150,000 tons per annum for high-grade iron concentrates[5]. - The exploration area for the Maoling-Yanglongshan Mine is 11.6 square kilometers, including a mining area of 1.9 square kilometers[5]. - The Shigou Gypsum Mine has a resource estimate of 10.37 million tons with a gypsum grade of 90.64%[5]. - The company owns one ordinary iron ore mine and one gypsum mine, both located in Sichuan, China[14]. - The company is engaged in mining and ore processing, sale of self-produced products, and management of strategic investments[14]. - The Maoling-Yanglongshan Mine is producing iron concentrates with high Fe contents (ranging from 65% TFe to 72% TFe) as of December 31, 2021[63]. - The indicated resources at the Maoling-Yanglongshan Mine were 7.72 million tons with a grade of 22.48% TFe, containing 1,735.34 Kt of metal[110]. - The inferred resources at the Maoling-Yanglongshan Mine were 47.24 million tons with a grade of 22.86% TFe, containing 10,799.00 Kt of metal[110]. - The mineral resources of the Shigou Gypsum Mine have not changed since the disclosure in the Group's 2014 annual report[114]. Financial Performance - For the year ended December 31, 2021, the company's revenue was RMB 756,225,000, an increase of 30.2% from RMB 580,703,000 in 2020[20]. - The gross profit for 2021 was RMB 31,527,000, down 48.9% from RMB 61,599,000 in 2020[20]. - The profit attributable to owners of the company for 2021 was RMB 8,311,000, a significant recovery from a loss of RMB 17,054,000 in 2020[20]. - As of December 31, 2021, the equity attributable to owners of the company was RMB 635,240,000, slightly up from RMB 626,251,000 in 2020[20]. - The Group recorded operating profit before income tax for the High-Fe Mining Operation, but overall profitability was affected by market volatility and disruptions in operations[36]. - The Group's financial results for the year ended December 31, 2021, are detailed in the consolidated statement of profit or loss and other comprehensive income[186]. - The Group's financial performance and cash flow are key considerations in the dividend declaration process[193]. - The Group's additions to property, plant, and equipment for the year ended December 31, 2021, amounted to approximately RMB 18.3 million, compared to RMB 19.8 million in FY2020[192]. - The Company’s subsidiaries' distributable profits differ from those reflected in the Group's consolidated financial statements prepared under IFRS[198]. Market Conditions and Economic Outlook - The global economic recovery remains uncertain due to supply chain disruptions and geopolitical tensions[29]. - China's GDP growth is expected to decelerate in 2022 due to multiple headwinds, including the strict 'zero-Covid' approach and real estate debt crisis[31]. - China's annual crude steel production fell from a record high in 2020 to lower levels in 2021 due to stringent production curbs, with further declines expected in 2022 if restrictions continue[32]. - Steel prices surged during the post-COVID recovery as supply lagged behind demand, but increased pandemic control measures may cap demand growth[33]. - The Group anticipates meaningful business recovery in China upon the reopening of the local economy, despite previous supply chain disruptions[40]. - China's GDP growth is expected to slow in 2022 due to multiple economic challenges, including the real estate sector's debt crisis[34]. Corporate Governance and Management - The board of directors includes key figures such as Mr. Teh Wing Kwan (Chairman) and Mr. Jiang Zhong Ping (CEO)[7]. - The Group's financial controller is Mr. Hao Xiemin, and the CEO is Mr. Jiang Zhong Ping[178]. - The company has undergone significant corporate restructuring, including the reverse takeover of Livingstone Health Ltd. by Citicode Ltd. during Mr. Teh's tenure as CEO[150]. - The company has a strong focus on corporate finance matters, operational reorganization, and pre-IPO restructuring[158]. - The company has a strategic focus on compliance and legal matters, ensuring adherence to regulations and enhancing corporate governance[161]. - The company is positioned for future growth through its experienced management team and strategic initiatives in the mining sector[171]. Operational Challenges and Strategic Initiatives - The Group plans to expand production capacity for higher-margin iron concentrates with at least 70% TFe, involving capital investments in licensing, exploration, and facility upgrades[39]. - The Group aims to segregate mining facilities management from upstream operations to focus on environmentally responsible practices and diversify revenue sources[39]. - The Group's decision to exit the Australian market by disposing of the Mancala Australia Group was deemed timely amid geopolitical and operational risks[36]. - The company aims to progressively expand its facilities management capabilities, including future investments in skilled personnel and technological support[120]. - The company is focusing on enhancing its expertise in facilities management to procure additional service contracts and forge partnerships with strategic partners[120]. Shareholder and Dividend Policies - The Board does not recommend the payment of a final dividend for FY2021, consistent with FY2020[85]. - The Company adopted a dividend policy on December 27, 2018, focusing on maintaining adequate cash reserves for working capital and future growth[190]. - The reserves available for distribution depend on the dividends distributable by the Company's subsidiaries, which are determined by their distributable profits as per PRC statutory financial statements[198]. - The Company can apply the share premium account for paying distributions or dividends, provided it can meet its debts as they fall due[197]. Audit and Compliance - Ernst & Young issued a qualified opinion regarding the consolidated financial statements of the Mancala Australia Group, which was disposed of on 31 July 2021[123]. - The Qualified Opinion from the auditor is limited to the Mancala Australia Group, which has been classified as Discontinued Operations in the Group's financial statements[134]. - The Audit Committee reviewed the Qualified Opinion and agreed with management's assessment regarding the financial statements of the Mancala Australia Group[140]. - The Audit Committee acknowledges practical difficulties in conducting audits for the Mancala Australia Group due to administrative delays and COVID-19 restrictions, impacting timely communications with management[141].

Resource and Production - The company reported a resource amount of 55.24 million tons of ordinary magnetite as of January 1, 2021, with an average grade of 22.79% TFe[5]. - The Maoling Processing Plant has a capacity of 150,000 tons per annum for high-grade iron concentrates[5]. - The exploration area for the Maoling-Yanglongshan Mine is 11.6 square kilometers, including a mining area of 1.9 square kilometers[5]. - The Shigou Gypsum Mine has a resource amount of 10.37 million tons, with a gypsum grade of 90.64%[5]. - The Maoling Mine is producing iron concentrates with high Fe contents ranging from 65% TFe to 72%[36]. Market and Economic Environment - The company is focused on expanding its market presence in regions such as Yunnan, Guizhou, Sichuan, and Chongqing[4]. - The company aims to enhance its adaptability and inclusiveness in operations to align with market trends[2]. - China's GDP grew by 18.3% year-on-year in Q1 2021, but only 0.6% compared to Q4 2020, indicating slowed domestic consumption and peaked manufacturing activities[16]. - Domestic crude iron ore production reached a historic high of 87.6 million tons in May 2021, with month-on-month growth in the first half of the year[19]. - Crude steel production broke previous records, reaching 97.9 million tons in April 2021 and 99.5 million tons in May 2021, with Q1 2021 output up 17.3% and 15.6% compared to 2019 and 2020 respectively[19]. - The China Iron Ore Price Index rose from just over 600 in December 2020 to a peak of 774.5 in mid-June 2021, while the China 62% TFe Iron Ore Price Index more than doubled year-on-year, reaching 233 in May 2021[19]. - Chinese steel exports surged by 26.2% year-on-year in the first four months of 2021, totaling 25.7 million tons[19]. - In May 2021, the State Council of the PRC canceled steel export tax rebates and imposed higher tariffs on some steel products to boost domestic supply[22]. - The NDRC announced new rules in June 2021 to stabilize soaring commodity prices, including iron ore and steel[22]. - The NDRC and the Ministry of Industry and Information Technology called for a review of capacity reduction in the steel industry in April 2021 to monitor supply-side structural reforms[22]. Financial Performance - The Group reported a revenue increase of 57.0% to approximately RMB 284.4 million for 1H2021 despite a production suspension due to a landslide[27]. - Production volume fell by approximately 12.5% primarily due to the production suspension[28]. - The average selling price for high-grade iron concentrates increased by approximately 23.5% driven by demand recovery[29]. - Trading activities increased with overall purchase and sales volumes of approximately 46.9 Kt, representing a rise of 26.1% compared to 1H2020[29]. - The Group recorded a higher gross profit of approximately RMB 14.8 million compared to RMB 14.0 million for 1H2020, although the gross profit margin fell to 5.2%[30]. - Revenue increased to approximately RMB246.3 million for 1H2021, up 70% from RMB144.9 million in 1H2020, driven by higher trading activities and increased average selling prices of high-grade iron concentrates and steel[47]. - Cost of sales rose significantly to approximately RMB236.0 million for 1H2021, compared to RMB135.4 million in 1H2020, primarily due to a nearly 50% increase in average steel prices and changes in delivery arrangements[48]. - Gross profit for 1H2021 was approximately RMB10.3 million, an increase from RMB9.5 million in 1H2020, while gross profit margin decreased to approximately 4.2% from 6.6%[49]. - The Group recorded a net loss of approximately RMB6.8 million for 1H2021, significantly lower than the net loss of RMB19.1 million in 1H2020[56]. Operational Efficiency and Cost Management - Administrative expenses remained largely unchanged at approximately RMB 19.9 million compared to 1H2020[30]. - Administrative expenses decreased by 30% to RMB8.9 million in 1H2021 from RMB12.7 million in 1H2020, indicating improved cost management[44]. - Selling and distribution expenses decreased to approximately RMB0.2 million for 1H2021, down from RMB2.7 million in 1H2020, due to a change in delivery arrangements[56]. - The operating loss before tax from the remaining group was reduced to RMB145 for 1H2021, a significant improvement from RMB9,342 in 1H2020, reflecting operational efficiencies[44]. Cash Flow and Financing - Net cash flows used in operating activities were approximately RMB38.8 million during 1H2021, compared to RMB17.1 million in 1H2020, reflecting increased working capital requirements[62]. - Cash and cash equivalents at the end of the period were approximately RMB4.3 million for 1H2021, down from RMB7.2 million in 1H2020[61]. - The Group incurred finance costs of approximately RMB2.4 million for 1H2021, relatively unchanged from RMB2.5 million in 1H2020[56]. - The Group recorded an income tax expense of approximately RMB1.3 million for 1H2021, compared to an income tax credit of RMB2.6 million in 1H2020[56]. - The Group's net cash flows used in investing activities were approximately RMB9.8 million for 1H2021, an increase from RMB1.9 million in 1H2020, primarily due to capital expenditures for the Maoling Mine expansion[65]. - The Group's net cash flows from financing activities were approximately RMB4.4 million for 1H2021, compared to RMB0.6 million used in financing activities in 1H2020, mainly from working capital loans[65]. Strategic Initiatives and Future Outlook - The company plans to continue focusing on trading activities and optimizing operations to mitigate the impact of market fluctuations and enhance profitability[42]. - The Group plans to increase the output of iron concentrates with at least 70% TFe, compared to the current range of 62% to 65% TFe, in response to demand trends from China's anti-pollution measures[97]. - An initial capital investment of at least RMB30.0 million is estimated for the expansion of the Maoling Mine and related operational adjustments[97]. - The outlook for iron-related products, including steel, remains positive for the second half of 2021, despite market volatility and regulatory interventions[97]. - Following the disposal of its Specialized Mining Services in Australia in July 2021, the Group will focus on expanding its HighFe Mining Operations and trading business[98]. - The long-term fundamentals of Chinese economic growth are expected to drive the Group's strategic plans, including potential business diversification strategies[98]. Corporate Governance and Compliance - The audit committee has confirmed that the interim report for the reporting period was prepared in accordance with applicable accounting standards and appropriate disclosures were made[140]. - The Company has adopted the Model Code for securities dealings by Directors, and all relevant Directors confirmed compliance during the reporting period[143]. - The Board believes the Company complied with the Corporate Governance Code during the reporting period, except for code provision A.4.1 regarding non-executive directors' terms[144]. Share Capital and Employee Information - As of June 30, 2021, a total of 15,600,000 share options were held, with 6,000,000 options having lapsed during the reporting period[118]. - The exercise price for the share options ranges from $1.00 to $3.60 per share option[118]. - The company had not been notified of any other interests or short positions in shares as of June 30, 2021, apart from those disclosed[128]. - The total number of share options held as of June 30, 2021, was 9,600,000 after accounting for lapsed options[118]. - As of June 30, 2021, the Group had 180 employees, a decrease from 191 employees as of December 31, 2020[140]. - Employee benefit expenses for the first half of 2021 were approximately RMB 15.2 million, compared to approximately RMB 11.7 million in the first half of 2020, representing an increase of about 29.9%[140].

CHINA VANADIUM TITANO-MAGNETITE MINING COMPANY LIMITED 中國飢鈦磁鐵礦業有限公司 (Incorporated in the Cayman Islands with Iimited Ilability) (於聞曼群島註冊成立之有限公司) (Stock Code 設份代號：00893) CONSOLIDATE THE FOUNDATION WITH INCLUSIVENESS AND ADAPTABILITY 謀定而動 順勢而為 21121 Annual Report Our Presence 集團版圖 Our Presence 集團版圖 A. Mines 礦 A1 B1 A2 雲南省 貴州省 四川省 重慶 曲靖鋼鐵 德勝釩鈦 成渝釩鈦 攀鋼西昌 重慶鋼鐵 成都鋼鐵 攀鋼攀枝花 昆明 成昆鐵路 Yunnan Guizhou Sichuan Chongqing Qujing Steel 達州鋼鐵 Pangang Xichang Chongqing Steel Chengdu Steel Pangang Panzhihua Kunming 成都 Chengdu C ...

CHINA VANADIUM TITANO-MAGNETITE MINING COMPANY LIMITED 中國釩鈦磁鐵礦業有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) (Stock Code 股份代號：00893) INTERIM REPORT 中期報告 2020 CONSOLIDATE THE FOUNDATION WITH INCLUSIVENESS AND ADAPTABILITY 謀定而動 順勢而為 Our Presence 集團版圖 Our Presence 集團版圖 A. Mines 礦 A1 B1 A2 雲南省 貴州省 四川省 重慶 曲靖鋼鐵 德勝釩鈦 成渝釩鈦 攀鋼西昌 重慶鋼鐵 成都鋼鐵 攀鋼攀枝花 昆明 成昆鐵路 Yunnan Guizhou Sichuan Chongqing Qujing Steel 達州鋼鐵 Pangang Xichang Chongqing Steel Chengdu Steel Pangang Panzhihua Kunming 成都 Chen ...

CHINA VANADIUM | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------|-------------------------|-------|-------|----------------------| | | | | | | | COMPANY LIMITED 中國針鈦磁鐵礦業有限公司 | TITANO-MAGNETITE MINING | | | | | (Incorporated in the Cayman Islands with limited liability) (於関曼群島註冊成立之有限公司) (Stock Code 殷份代號：00893) | | | | | | | | | | | | | | | | | | | | | | | | ng Claim of the Sunpol Pri | | | | ANNUAL REPORT ...

TO PURSUE SUSTAINABILITY EMBRACE CHANGE 維新求變 持續而行 CHINA VANADIUM TITANO-MAGNETITE MINING COMPANY LIMITED 中國釩鈦磁鐵礦業有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) (Stock Code 股份代號：00893) INTERIM REPORT 中期報告 2019 Our Presence 集團版圖 Our Presence 集團版圖 D3 B1 D4 C1 C3 C4 D2 C2 C5 D5 D1 A1 A2 North 北 South 南 雲南省 貴州省 四川省 重慶 曲靖鋼鐵 德勝釩鈦 成渝釩鈦 攀鋼西昌 重慶鋼鐵 成都鋼鐵 攀鋼攀枝花 昆明 成昆鐵路 Yunnan Guizhou Sichuan Chongqing Qujing Steel 達州鋼鐵 Pangang Xichang Chongqing Steel Chengdu Steel Pangang Panzhihua Kun ...

Resource and Production - The company reported a total resource of 47.36 million tons of vanadium-bearing titano-magnetite at the Baicao Mine, with an average grade of 23.32% TFe[2]. - The Xiushuihe Mine has a total resource of 63.30 million tons, with an average grade of 24.24% TFe, and includes an expansion area[2]. - The Haibaodang Mine has a significant resource of 105.60 million tons, with an average grade of 16.54% TFe[2]. - The average grades of resources across different mines range from 16.54% to 25.06% TFe, indicating a diverse quality of resources[2]. - The Baicao Processing Plant produces vanadium-bearing iron concentrates with TFe content ranging from 53% to 55%[82]. - The Xiushuihe Processing Plant also produces vanadium-bearing iron concentrates with TFe content within the same range of 53% to 55%[83]. - The total contained metal in the Baicao Mine is estimated at 11,043 Kt for TFe and 4,950 Kt for TiO2[128]. - The total contained metal in the Xiushuihe Mine is estimated at 15,346 Kt for TFe and 5,484 Kt for TiO2[128]. - Baicao Mine has a total ore reserve of 9.13 Mt with a TFe grade of 20.93% and contained metal of 1,911 Kt TFe[133]. - Xiushuihe Mine (including expansion) has a total ore reserve of 45.64 Mt with a TFe grade of 24.11% and contained metal of 11,002 Kt TFe[133]. - The Maoling-Yanglongshan Mine has a total mineral resource of 56.08 Mt with an average TFe grade of 22.76% and contained metal of 12,765 Kt TFe[138]. - The Haibaodang Mine contains 105.60 Mt of mineralised material with a TFe grade of 16.54% and contained metal of 17,374 Kt TFe[144]. Financial Performance - The company reported a total revenue of 1,141,971 in 2018, a decrease of 13.3% compared to 1,317,479 in 2017[20]. - In 2018, the company reported a gross profit of RMB 125,899,000, a decrease from RMB 127,520,000 in 2017[23]. - The loss attributable to owners of the company was RMB 443,969,000 in 2018, compared to RMB 349,490,000 in 2017, indicating a worsening financial performance[23]. - The company's equity attributable to owners was RMB 574,737,000 in 2018, reflecting a decline from previous years[25]. - The Group reported a revenue decrease of 13.3% to approximately RMB1,142.0 million for FY2018, primarily due to a significant drop in trading revenue[72]. - The average selling price for low-grade iron concentrates fell sharply by approximately 9.3% due to declining demand under China's anti-smog policies[72]. - Conversely, the average selling price for high-grade iron concentrates rose by approximately 6.9% as a result of focused strategies to improve efficiencies[72]. - The Group recorded a gross profit of approximately RMB125.9 million and a gross profit margin of approximately 11.0% for FY2018, a decline compared to FY2017[80]. - The Group recorded a loss for the year of RMB449.3 million, compared to a loss of RMB389.6 million in the previous year, representing a 15.3% increase in losses[103]. - The Disposal Group reported a loss of RMB462.0 million for the year, a significant increase of 176.4% from RMB167.2 million in the previous year[103]. - The Group's net cash flows used in investing activities for FY2018 were RMB138.6 million, an increase from RMB92.4 million in FY2017, primarily due to investments in plant and equipment totaling approximately RMB137.3 million[116]. - The Group's net current liabilities position decreased significantly to RMB10.2 million as of December 31, 2018, from RMB407.5 million in FY2017, with the current ratio improving to close to 1.0[118]. Strategic Focus and Operations - The company aims to explore exceptional potential in mining, focusing on integrity and community responsibility[4]. - The company has a strategic focus on expanding its mining operations across various regions in Sichuan[2]. - The company is engaged in mining and ore processing, trading of coals and steels, and management of strategic investments[12]. - The company aims to enhance its market position through strategic investments and specialized mining services[12]. - The company has a strong focus on expanding its operations in the vanadium market, which is experiencing increased demand[12]. - The company plans to leverage its resources in Sichuan, known for its abundant vanadium-bearing titano-magnetite resources[12]. - The company aims to improve operating financial performance and reduce asset impairment risks as part of its strategic objectives[39]. - The operational strategies remained largely unchanged, focusing on cash flows, segmental efficiencies, and reducing impairment risks[42]. - The strategic focus remains on improving cash flow and enhancing the efficiency of high-grade iron ore operations due to a significant increase in demand for high-grade iron ore[45]. - The Group's strategy includes the proposed disposal of low-grade and inactive mines to focus on high-grade iron concentrate operations in northern Sichuan[68]. - The Group plans to focus resources on high-grade iron concentrates products mainly in the northern region of Sichuan following the proposed disposal[102]. Market Conditions and Challenges - The chairman noted that the steel industry faced unpredictable cyclical risks due to volatile market conditions, impacting smaller steel mills' ability to reinvest[28]. - China's GDP growth in 2018 was the slowest since 1990, affecting the overall steel industry and leading to adjustments in government policies[33]. - The demand for low-grade iron ore has structurally weakened, influenced by stricter environmental regulations under China's Blue Sky Plan[37]. - The macroeconomic environment poses challenges, including external factors affecting China's economic growth and the complexities of the US-China trade relations[49]. - The market outlook for the steel industry turned weak in late 2018, resulting in decreased steel demand and price fluctuations[60]. - The Group noted that current market conditions remain highly volatile despite improving demand and prices for high-grade iron concentrates[71]. Corporate Governance and Management - The Company has undergone significant corporate restructuring and divestments to enhance operational efficiency[158]. - The management team includes experienced professionals with backgrounds in finance, law, and industry operations[159][160]. - The Company aims to strengthen its market position through strategic mergers and acquisitions[158]. - The leadership team is committed to maintaining high standards of corporate governance and compliance[161]. - The company has a strong audit committee led by experienced directors, ensuring robust internal controls and financial oversight[164]. - The company is focused on expanding its market presence in the vanadium-bearing titano-magnetite sector, leveraging its engineering expertise[168]. - The management team is committed to enhancing corporate governance and investor relations, which is crucial for maintaining investor confidence[172]. Employee and Operational Efficiency - Employee benefit expenses for the year were approximately RMB 103.2 million, an increase from RMB 74.3 million in FY2017[146]. - The Group had a total of 998 dedicated full-time employees as of 31 December 2018, down from 1,434 employees in the previous year[146]. - The Group has implemented proper training programs to promote employee career development and progression[149]. - The Group has adopted share option schemes for employees to provide incentives and rewards based on their contributions[149]. - The Group's focus on performance-based remuneration aims to align employee interests with the overall performance of the Group[149].