China Daye Non Ferrous Metals Mining : Interim Report 2020

September 22, 2020 at 04:50 am EDT

(Incorporated in Bermuda with limited liability)

Stock Code : 00661

Interim Report

2020

MINERAL RESOURCES

2 4

HUBEI MINES	HUBEI MINES	XINJIANG MINE
Daye City	Yangxin County	Wuqia County
1	Tonglvshan Mine	3	Fengshan Mine	5	Sareke Copper Mine
2	Tongshankou Mine	4	Chimashan Mine

CONTENTS

Corporate Information	2
Management Discussion and Analysis	3
Corporate Governance and Other Information	12
Condensed Consolidated Statement of Proﬁt or Loss and
Other Comprehensive Income	17
Condensed Consolidated Statement of Financial Position	18
Condensed Consolidated Statement of Changes in Equity	20
Condensed Consolidated Statement of Cash Flows	21
Notes to the Condensed Consolidated Financial Statements	23
Deﬁnitions	48

CORPORATE INFORMATION

BOARD OF DIRECTORS

Executive Directors:

Wang Yan (Chairman)

Long Zhong Sheng

(Chief Executive Officer)

Yu Liming

Chen Zhimiao

Independent Non-executive Directors:

Wang Guoqi

Wang Qihong

Liu Jishun

AUDIT COMMITTEE/ REMUNERATION COMMITTEE

Wang Guoqi (Chairman)

Wang Qihong

Liu Jishun

NOMINATION COMMITTEE

Wang Yan (Chairman)

Wang Guoqi

Wang Qihong

Liu Jishun

PRINCIPAL BANKERS

Standard Chartered Bank (Hong Kong)

Limited

Bank of Communications Co., Limited

REGISTERED OFFICE

Clarendon House

2 Church Street

Hamilton HM 11

Bermuda

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS

Suite No. 10B, 16/F, Tower 3

China Hong Kong City

China Ferry Terminal

33 Canton Road

Kowloon

Hong Kong

PRINCIPAL SHARE REGISTRAR

MUFG Fund Services (Bermuda) Limited 4th floor North Cedar House

41 Cedar Avenue

Hamilton HM 12 Bermuda

COMPANY SECRETARY

Wong Yat Tung

LEGAL ADVISERS

As to Hong Kong law:

Paul Hastings

As to Bermuda law:

Conyers Dill & Pearman

AUDITOR

SHINEWING (HK) CPA Limited

HONG KONG BRANCH SHARE REGISTRAR

Tricor Investor Services Limited

Level 54

Hopewell Centre

183 Queen's Road East

Hong Kong

STOCK CODE

00661

2 China Daye Non-Ferrous Metals Mining Limited

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS REVIEW

In the first half of 2020, the Group focused on work objectives throughout the year, striving to enhance the quality of its business development by aligning with the market expectations and implementing comprehensive in-depth reforms.

In the first half of 2020, the Group produced a total of approximately 9,645 tonnes of mined copper, representing a year-on-year decrease of 26.84%; approximately 240,930 tonnes of copper cathode, representing a year-on-year decrease of 10.54%; approximately 286.58 tonnes of precious metal (including approximately

2.76 tonnes of gold, approximately 268.81 tonnes of silver, approximately 7 kg of platinum, approximately 90 kg of palladium and approximately 14.91 tonnes of tellurium), representing a year-on-year decrease of 56.15%; approximately 539,276 tonnes of chemical products (including approximately 537,846 tonnes of sulfuric acid, approximately 1,199 tonnes of copper sulfate, approximately 157 tonnes of nickel sulfate (metal content) and approximately 74 tonnes of crude selenium (metal content)), representing a year-on-year decrease of 9.47 %; approximately 71,700 tonnes of iron concentrate, representing a year-on-year decrease of 16.14%; and approximately 31 tonnes of molybdenum concentrate, representing a year-on-year decrease of 21.58%.

Rebound of Copper Price

Since the second quarter of the year, driven by contraction of overseas raw material supply and strong domestic consumption due to economic recovery, copper price has steadily rebounded from the low point of US$4,371/tonne on 19 March 2020 to the high point of US$6,633/tonne on 13 July 2020, recording a strong V-shaped rebound. Meanwhile, price of sulphuric acid rose along with volatility, with selling price rising compared with beginning of the year. As a professional organisation predicts, with the gradual investment of "new infrastructure" in the PRC, copper price will continue to rise due to strong consumption, and the copper industry will usher in a new round of rapid growth.

Narrowing Decline in Operation Indicators

In recent years, we have carried out alignment with market expectations and in- depth reforms, resulting in significant improvement in scale of production and sales, labour productivity, technical and economic indicators as well as operating quality as compared with those before the alignment. Two sets of idle small-plate electrolyzers in the smelting plant have been transformed into large-plate electrolyzers, achieving monthly increase in output of approximately 600 tonnes of cathode copper. During late February to early March this year, we carried out alternate overhaul for the two sulfuric acid systems, thus creating favourable conditions for later full-load production and increased Ausmelt furnace life from 18 months to 26 months. Till now, the daily output of mined copper has reached 894 tonnes, laying foundation for achieving the annual objectives and targets. Meanwhile, the assessment and appointment for our reform of duties and ranks have also been completed with emerging internal vitality.

Interim Report 2020

MANAGEMENT DISCUSSION AND ANALYSIS

Gradual Realisation of Project Implementation

The 400,000-tonnes project has now fully entered the construction stage, and all tasks are advancing in full swing; the Tongshankou non-metal resource development project has been launched, and currently work such as the geological survey and construction, tendering for the main equipment together with the "preparatory works (三通一平)" and demolition of the gravel processing plant have been completed. The Tongshankou Mine's open-pit southern boundary optimisation project has completed 320,000 tonnes of topsoil stripping.

Double-lined Battles against Epidemic and Flood

Despite the unexpected epidemic which has brought a great impact to the Company's production and operation, all work of the Company processed orderly and its production and operation have gradually stabilised, while the metallurgical industry chain remained in order amid the fight against the epidemic. During the most critical period of the epidemic from February to March, we have carefully organised production of the smelting plant, ensuring that front-line production personnel were on their posts and thus achieving a daily output of 734 tonnes of mined copper with a capacity utilisation rate of 84.3%, and a daily output of 1,167 tonnes of cathode copper with a capacity utilisation rate of 83.8%. Solving of sluggish sales and bottleneck of inventory of sulfuric acid achieved sales of sulfuric acid of 162,000 tonnes. Relevant departments actively communicated and coordinated with government departments, ports and shipping companies, thus ensuring the smooth logistics and transportation of more than 500,000 tonnes of raw materials, pharmaceuticals and products. In the face of flood prevention and flood control, the Company immediately set up a rescue team to timely deal with two major pipings in the Yangtze River levee, thus effectively ensuring the safety of the tailing ponds along the river during the flood.

OUTLOOK

The Company will unswervingly keep a close eye on the production target. Under the premises of ensuring safety, we will increase daily as well as monthly production to recover the losses resulted from the epidemic, and will strive to stabilise and increase the output of the smelting plant. We shall further strengthen the effort to tackle key problems in the life span of the Ausmelt furnace, and will increase the utilisation rate of the smelting system under operation to ensure achieving an annual output of 300,000 tonnes while striving for reaching 305,000 tonnes of mined blister copper. We shall manage to balance the anode plates to improve the efficiency of electric current, and shall ensure to reach an annual output of 510,000 tonnes of copper cathode through the transformation and utilisation of idle production capacity of small plates.

We will earnestly implement the measures formulated at the beginning of the year, especially the tasks that lagged behind the progress in the first half of the year, to ensure that various measures will be proceeded on time; we will further strengthen cost control, while all departments of the Company shall keep a close eye on the target of annual cost control, strengthen supervision and control of key cost and expense indicators and cost deviation analysis, and will promote deep integration of professional linear management and cost control to ensure achieving the cost control target that the annual cash unit cost of major products decreases by 3% year-on-year while non-tax and other administrative expenses decrease by 5% year-on-year.

4 China Daye Non-Ferrous Metals Mining Limited

MANAGEMENT DISCUSSION AND ANALYSIS

We will attach great importance to risk management, and will realise effective prevention of internal and external risks of the Company through continuously improved risk management and control systems as well as risk management techniques and methods. We shall prevent and control the risk of capital chain disruption to ensure that there will be no debt default event. We will earnestly carry out post-investment project pilot evaluation, enhance audit supervision, strengthen review of investment budget and project completion progress, and improve the accuracy of project final accounts and the standardisation of asset transfer.

In the first half of the year, the Company remained stable in its safety and environmental protection. However, as various risks during this year are far greater than those in previous years, we must maintain the bottom line of safety and environmental protection to guarantee the stable reform and development of the Company. We shall carry out intensive three-year safety rectification actions to thoroughly solve the key and difficult problems of production safety; we shall fully assess systemic risks of tailings ponds to strictly prevent tailings pond accidents, and shall strengthen enhancement of safety skills for high-risk industries, so as to effectively eliminate the "three violations" behaviors; we shall establish a link mechanism for ecological and environmental protection management, complete the establishment of green mine standards and the safety and environmental protection grade evaluation of tailings ponds; we shall revise and improve relevant systems according to new state policies and new requirements to pay close attention to and correct the shortcomings of the system.

Interim Report 2020

MANAGEMENT DISCUSSION AND ANALYSIS

EXPLORATION, DEVELOPMENT AND MINING PRODUCTION ACTIVITIES

Description of activities

The following table sets out the various exploration, development and mining production activities of the Group conducted at each of our mines during the six months ended 30 June 2020:

Mines

Exploration activities

Development activities

Mining production activities

Tonglvshan Mine	Horizontal drilling reached 2,474.8m/
	27 holes, and pit drilling reached
	555m/4,329m3.

The total completed drilling volume of middle	Mining volume: 353,566 tonnes
portion and mining preparation work for	Ore processing volume: 445,601
the development of the -545m and -605m	tonnes
middle portion of No. III and IV ore bodies of
Tonglvshan Mine was 5,163m3 from January
to June 2020.

Fengshan Mine	Horizontal drilling reached 491m/6
	holes, and pit drilling reached
	1,174.8m/7,983.7m3.

The total completed drilling volume of middle	Mining volume: 327,589 tonnes
portion for the development of the -440m	Ore processing volume: 332,845
middle portion of Fengshan Copper Mine	tonnes
was 5,265 m3 from January to June 2020.
The total completed drilling volume of ramps
and middle portion for the development of
the -440m to -550m of the south edge of
Fengshan Copper Mine was 2,496m3 from
January to June 2020.

Tongshankou Mine	Horizontal drilling reached 919.7m/	No development activities were conducted in	Mining volume: 630,372 tonnes
	16 holes. No pit drilling were conducted.	the first half of the year.	Ore processing volume: 629,949
			tonnes

Chimashan Mine	No exploration works were conducted.
Sareke Copper Mine	Due to the impact of the COVID-19
	pandemic, works and production
	gradually resumed in June except for
	exploration activities.

N/A

Due to the impact of the COVID-19 pandemic, works and production gradually resumed in June except for investing activities.

Production suspended

Due to the impact of the COVID-19 pandemic, works and production gradually resumed in June. In the first of the year, 114,700 tonnes of raw ore was processed, and 1,246 tonnes of copper concentrate containing copper was produced.

6 China Daye Non-Ferrous Metals Mining Limited

MANAGEMENT DISCUSSION AND ANALYSIS

Infrastructure projects, subcontracting arrangements and purchases of equipment

During the six months ended 30 June 2020, the new contracts entered into and commitments undertaken by the Group in relation to exploration, development and mining production activities were as follows:

	Infrastructure	Subcontracting	Purchases of
Mines	projects	arrangements	equipment	Total
	RMB'000	RMB'000	RMB'000	RMB'000
Tonglvshan Mine	2,688	-	-	2,688
Fengshan Mine	620	-	1,753	2,373
Tongshankou Mine	-	-	6,400	6,400
Chimashan Mine	-	-	-	-
Sareke Copper Mine	-	-	4,964	4,964
Others	-	-	50	50

Total	3,308	-	13,167	16,475
Expenditures incurred
During the six months	ended 30 June 2020, the Group incurred	expenditures

o f a p p r o x i m a t e l y R M B524,751,000 ( s i x m o n t h s e n d e d 30 J u n e 2019: RMB1,021,820,000) on exploration, development and mining production activities, details of which are set out below:

			Six months ended 30 June
	Operating	Capital	2020	2019
Mines	expenses	expenditures	Total	Total
	RMB'000	RMB'000	RMB'000	RMB'000
Tonglvshan Mine	204,992	19,410	224,402	522,103
Fengshan Mine	85,262	1,851	87,113	137,173
Tongshankou Mine	130,361	13,329	143,690	244,568
Chimashan Mine	2,955	0	2,955	2,585
Sareke Copper Mine	66,591	0	66,591	115,391

Total	490,161	34,590	524,751	1,021,820

Interim Report 2020

MANAGEMENT DISCUSSION AND ANALYSIS

Exploration, development and mining production activities expenditures Unit: RMB'000

	Tonglvshan	Fengshan	Tongshankou	Chimashan	Sareke
	Mine	Mine	Mine	Mine	Copper Mine
Exploration activities
Drilling and analysis	-	-	-	-	-
Others	-	-	-	-	-
Sub-total	-	-	-	-	-

Development activities
(including mine construction)
Purchase of assets and equipment	4,049	1,412	1,598	-	-
Civil work for construction of
tunnels and roads	15,361	439	8,440	-	-
Staff cost	-	-	-	-	-
Others	-	-	3,291	-	-
Sub-total	19,410	1,851	13,329	-	-

Mining production activities
(including ore processing)
Auxiliary material	17,253	5,147	10,795	-	12,161
Power supply	18,983	7,644	12,743	-	2,478
Staff cost	60,250	34,520	27,857	1,474	5,622
Depreciation	59,132	14,236	51,318	-	36,130
Taxes, resource compensation	7,632	4,714	7,062	252	1,637
Sub-contracting service	11,899	3,090	5,438	-	-
Others (administrative expenses,
selling expenses,
non-operating expenditures)	29,843	15,911	15,148	1,229	8,563
Sub-total	204,992	85,262	130,361	2,955	66,591

Total	224,402	87,113	143,690	2,955	66,591

8 China Daye Non-Ferrous Metals Mining Limited

MANAGEMENT DISCUSSION AND ANALYSIS

FINANCIAL REVIEW

The Group's revenue decreased by 30.62% to RMB12,055,577,000 during the period over the same period last year of RMB17,377,369,000. The decrease in revenue was mainly attributable to the epidemic effect causing poor production and sales of the main products of the Company.

Gross profit for the six months ended 30 June 2020 amounted to RMB278,347,000 (six months ended 30 June 2019: RMB442,340,000), representing a decrease of 37.07% from the previous period. The decrease was mainly due to cessation of production of mines of the subsidiary of the Company and the price of sulfuric acid product dropped sharply during the epidemic period from February to March.

Finance costs for the six months ended 30 June 2020 amounted to RMB179,542,000 (six months ended 30 June 2019: RMB255,266,000), representing a decrease of 29.66% from the previous period. The decrease was mainly due to the reduced interest-bearing debt scale and a portion of preferential loans sought by the Company during the epidemic period.

DETAILS OF MATERIAL ACQUISITION AND DISPOSAL

On 8 January 2020, Yangxin Hongsheng Copper Industry Company Limited* (陽新弘盛銅業有限公司), a non-wholly owned subsidiary of the Company (the "Joint venture company"), and State Land and Resources Branch Bureau of Xingang (Logistics) Industrial Park, Yangxin County State Land Bureau* (陽新縣國土資源局新港（物流）工業園區國土分局) ("Xingang Land and Resources Bureau") entered into the Transfer Contract, pursuant to which Xingang Land and Resources Bureau has agreed to sell, and the Joint venture company has agreed to purchase, the land use rights of a piece of land parcel located to the north of Haizhou Avenue and the west of Hejin Provincial Road at Yangxin County, Huangshi, Hubei Province, the PRC, with a total site area of approximately 281,356 square metres for a consideration of RMB62,440,000. Please refer to the announcement of the Company dated 8 January 2020 for details.

On 24 June 2020, the Joint venture company and Xingang Land and Resources Bureau entered into the Second Transfer Contract, pursuant to which Xingang Land and Resources Bureau has agreed to sell, and the Joint venture company has agreed to purchase, the land use rights of a piece of land parcel located to Tanjiafan Village, Weiyuankou Town at Yangxin County, Huangshi, Hubei Province, the PRC, adjacent to the land parcel described in the announcement dated 8 January 2020, with a total site area of approximately 258,456 square metres for a consideration of RMB57,820,000. Please refer to the announcement of the Company dated 24 June 2020 for details.

Interim Report 2020

MANAGEMENT DISCUSSION AND ANALYSIS

PERFORMANCE AND PROSPECTS OF KEY INVESTMENT

Currently the key investment project of the Company is the joint venture's 400,000- ton high-purity copper cathode clean production project, which has adopted the cutting-edge "flash smelting + flash conversion" process to produce copper anode, and the permanent stainless steel cathode plate electrolysis process to produce copper cathode. Completion of the project will enable the production capacity of the Company's copper cathode to reach 1 million tonnes, with output value of the copper industry exceeding 100 billion, forming a scale competitive advantage; it will also be a new benchmark for green manufacturing in the industry, and will realise a win-win for the economy and the environment, supporting the Company's continuous rapid and quality development. With a total investment of RMB5.7 billion in the project, of which RMB2.4 billion is expected to be invested in 2020 and RMB2.3 billion in 2021, the project is planned to be completed by the end of 2021 and achieved expected production in 2022.

FINANCIAL MANAGEMENT AND TREASURY POLICY

The Group adopts a conservative approach for cash management and investment on uncommitted funds. We place cash and cash equivalents (which are mostly held in RMB) in short-term deposits with authorized institutions in Hong Kong and the PRC. During the six months ended 30 June 2020, the Group's receipts and payments were mainly denominated in RMB.

CAPITAL STRUCTURE, LIQUIDITY AND FINANCIAL RESOURCES

As at 30 June 2020, the Group had restricted and pledged bank deposits, and cash and bank balances of RMB2,761,728,000 (31 December 2019: RMB1,546,660,000), of which the majority were denominated in Renminbi, with a current ratio of 1.03 (31 December 2019: 1.01), based on the current assets of RMB8,475,645,000 (31 December 2019: RMB8,324,527,000) and current liabilities of RMB8,196,180,000 (31 December 2019: RMB8,247,770,000). The Group's gearing ratio was 336.36% (31 December 2019: 380.75%) based on the net debts (which includes bank and other borrowings, promissory notes and lease liabilities less restricted and pledged bank deposits, and cash and bank balances) of RMB7,973,890,000 (31 December 2019: RMB9,077,575,000) divided by equity attributable to owners of the Company of RMB2,370,611,000 (31 December 2019: RMB2,384,125,000). The decrease in gearing ratio was mainly due to the decrease in net debts.

As at 30 June 2020, the Group had bank and other borrowings of RMB5,627,246,000 (31 December 2019: RMB5,567,350,000) and RMB3,937,249,000 (31 December 2019: RMB3,898,781,000) which will be due within one year and after one year respectively. The majority of the Group's bank and other borrowings were denominated in RMB. The majority of the Group's bank and other borrowings bear interest at fixed rates. The Group did not use derivative financial instruments to hedge its interest rate risk during the period. The Group believes its current assets, funds and future revenue will be sufficient to finance the future expansion and working capital requirements of the Group.

10 China Daye Non-Ferrous Metals Mining Limited

MANAGEMENT DISCUSSION AND ANALYSIS

EMPLOYEES AND REMUNERATION POLICY

As at 30 June 2020, the Group had a total of 5,627 employees (30 June 2019: 5,652). The Group's total staff costs for the six months ended 30 June 2020 was approximately RMB295,166,000 (six months ended 30 June 2019: RMB322,070,000). The remuneration packages consist of basic salary, retirement benefits scheme contributions, medical insurance and other benefits considered as appropriate. Remuneration packages are generally structured with reference to market terms, individual qualification and performance of the employee. They are periodically reviewed based on individual merit and other market factors.

FOREIGN EXCHANGE EXPOSURE

The Group operates in the PRC with most of the transactions settled in RMB except for certain purchases from the international market that are conducted in United States dollar ("US$") and certain borrowings that are denominated in US$.

Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the entities' functional currency. The Group is exposed to foreign exchange risk primarily with respect to US$.

The Group manages its foreign exchange risk by performing regular reviews of the Group's net foreign exchange exposures and may enter into derivative financial instruments, when necessary, to manage its foreign exchange exposure. During the period, certain currency forward contracts, currency exchange swap contracts and currency option contracts had been entered into by the Group.

MATERIAL ACQUISITION AND DISPOSAL OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

The Group did not make any material acquisition or disposal of subsidiaries, associates or joint ventures during the six months ended 30 June 2020.

CONTINGENT LIABILITIES

As at 30 June 2020, the Group had no contingent liabilities.

CHARGES ON ASSETS

As at 30 June 2020, other deposits which amounted to RMB101,619,000 (31 December 2019: RMB111,228,000) were held in futures exchanges and certain financial institutions as security for the commodity derivative contracts and other financing were secured by bank deposits and balances amounting to RMB44,776,000 (31 December 2019: RMB44,776,000).

Interim Report 2020 11

CORPORATE GOVERNANCE AND OTHER INFORMATION

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES

During the six months ended 30 June 2020, neither the Company nor any of its subsidiaries had redeemed, purchased or sold any of the Company's listed securities.

INTERIM DIVIDEND

The Board has resolved not to declare any interim dividend for the six months ended 30 June 2020 (six months ended 30 June 2019: Nil).

BOARD OF DIRECTORS

Composition of the Board

As at 30 June 2020, the Board comprised four executive Directors and three independent non-executive Directors, as follows:

	Date of first
	appointment
Name of Director	to the Board
Executive Directors
Wang Yan (Chairman)	23	April 2019
Long Zhong Sheng (Chief Executive Officer)	22	March 2012
Yu Liming	19	June 2018
Chen Zhimiao	21	June 2019
Independent Non-Executive Directors
Wang Guoqi	13	January 2006
Wang Qihong	13	January 2006
Liu Jishun	31	July 2014

12 China Daye Non-Ferrous Metals Mining Limited

CORPORATE GOVERNANCE AND OTHER INFORMATION

DIRECTORS' AND CHIEF EXECUTIVE'S INTERESTS AND SHORT POSITIONS IN SECURITIES

As at 30 June 2020, the interests and short positions of the Directors and chief executive of the Company in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) as recorded in the register required to be kept pursuant to Section 352 of the SFO, or as otherwise notified to the Company or the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") set out in Appendix 10 to the Listing Rules, were as follows:

Long Positions in the Shares of the Company

				Approximate
				percentage of
				total shares in
				issue as at
		Nature of	Number of	30 June 2020
Name of Director	Capacity	interest	shares	(%) (Note 2)
Wang Qihong	Beneficial owner	Personal	594,000	0.00
	Interest of spouse	Personal	1,000,000	0.01
			(Note 1)
Wang Guoqi	Beneficial owner	Personal	600,000	0.00

Notes:

Mr. Wang Qihong is deemed to be interested in 1,000,000 shares through the interests of his spouse, Ms. Geng Shuang, pursuant to Part XV of the SFO.
The percentage of shareholding is calculated based on 17,895,579,706 issued shares of the Company as at 30 June 2020.

Save as disclosed above, as at 30 June 2020, none of the Directors, chief executive of the Company, their respective spouse or children under the age of 18 had any interests or short positions in any shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) as recorded in the register to be kept under section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.

Interim Report 2020 13

CORPORATE GOVERNANCE AND OTHER INFORMATION

SUBSTANTIAL SHAREHOLDERS' INTERESTS AND SHORT POSITIONS IN SECURITIES

As at 30 June 2020, so far as is known to the Directors, the following persons (other than the Directors and chief executive of the Company) had interests or short positions in the shares or underlying shares of the Company as recorded in the register required to be kept under section 336 of the SFO:

Long Positions in the Shares/Underlying Shares of the Company

			Approximate
			percentage of
			total shares
			in issue as at
		Number of shares/	30 June 2020
Name of shareholder	Capacity	underlying shares	(%) (Note 4)
China Times Development	Beneficial owner	11,962,999,080	66.85
Limited
Daye Nonferrous Metals	Interest in a controlled	11,962,999,080	66.85
Group Holding Co., Ltd.	corporation	(Note 1)
China Nonferrous Metal Mining	Interest in a controlled	11,962,999,080	66.85
(Group) Co., Ltd.	corporation	(Note 2)
China Cinda (HK) Asset	Beneficial owner	936,953,542	5.24
Management Co., Limited
China Cinda Asset	Interest in a controlled	936,953,542	5.24
Management Co., Limited	corporation	(Note 3)

Notes:

These shares were held by China Times Development Limited, the entire issued share capital of which was beneficially owned by Daye Nonferrous Metals Group Holding Co., Ltd.
These Shares were held by China Times Development Limited, 57.99% of the share capital in Daye Nonferrous Metals Group Holding Co., Ltd. were beneficially owned by China Nonferrous Metal Mining (Group) Co., Ltd.
These shares were held by China Cinda (HK) Asset Management Co., Limited, the entire issued share capital of which was beneficially owned by China Cinda Asset Management Co., Limited.
These percentages are calculated based on 17,895,579,706 issued shares of the Company as at 30 June 2020.

14 China Daye Non-Ferrous Metals Mining Limited

CORPORATE GOVERNANCE AND OTHER INFORMATION

Save as disclosed above, as at 30 June 2020, the Directors are not aware of any other persons (other than the Directors and chief executives of the Company) who had interests or short positions in the shares and underlying shares of the Company as recorded in the register required to be kept under section 336 of the SFO.

EQUITY

As at 30 June 2020, the total number of issued and fully paid ordinary shares of the Company was 17,895,579,706 with nominal value of HK$0.05 each, amounting to a total issued share capital of approximately HK$894,779,000.

AUDIT COMMITTEE

The Company has established an audit committee (the "Audit Committee") with specific written terms of reference for the purpose of reviewing and providing supervision over the Group's financial reporting process and internal controls. The Audit Committee currently comprises three independent non-executive Directors, namely, Mr. Wang Guoqi, Mr. Wang Qihong and Mr. Liu Jishun. The Audit Committee has reviewed the interim report of the Company for the six months ended 30 June 2020.

MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code as set out in Appendix 10 to the Listing Rules as its own code of conduct regarding securities transactions by the Directors. All Directors have confirmed, following specific enquiries made by the Company, that they had complied with the required standard set out in the Model Code during the six months ended 30 June 2020.

Interim Report 2020 15

CORPORATE GOVERNANCE AND OTHER INFORMATION

CORPORATE GOVERNANCE CODE COMPLIANCE

The Company had complied with the code provisions set out in the Corporate Governance Code as set out in Appendix 14 to the Listing Rules (the "CG Code") throughout the six months ended 30 June 2020, save for the deviation as summarised below:

Pursuant to code provision A.4.1 of the CG Code, non-executive Directors of a listed issuer should be appointed for a specific term, subject to re-election. All independent non-executive Directors were not appointed for a specific term in their respective letter of appointment. However, they are still subject to retirement by rotation and re-election at least once every three years (after he was elected or re-elected) at the annual general meetings of the Company pursuant to the relevant provisions of the Company's Bye-laws, which achieves the same effect as having the non-executive Directors being appointed for a specific term.

EVENTS AFTER THE REPORTING PERIOD

SHINEWING (HK) CPA Limited has been appointed as the auditor of the Company with effect from 28 August 2020 to fill the casual vacancy following the resignation of Deloitte Touche Tohmatsu with effect from 18 August 2020 and to hold office until the conclusion of the next annual general meeting of the Company.

16 China Daye Non-Ferrous Metals Mining Limited

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the six months ended 30 June 2020

		Six months ended 30 June

	Notes	2020	2019
		RMB' 000	RMB' 000
		(unaudited)	(unaudited)
Revenue	4, 5	12,055,577	17,377,369
Cost of sales and services rendered		(11,777,230)	(16,935,029)

Gross profit		278,347	442,340
Other income	6	27,323	34,265
Selling expenses		(26,872)	(22,789)
Administrative expenses		(148,146)	(154,974)
Other operating expenses		(4,995)	(8,026)
Other gains and losses	7	43,556	(4,801)
Impairment losses under expected credit loss		(37,853)
model, net	8	(20,139)
Finance costs	9	(179,542)	(255,266)

(Loss)/profit before tax		(48,182)	10,610
Income tax expense	10	(2,287)	(6,709)
(Loss)/profit and total comprehensive		(50,469)
(expense)/income for the period	11	3,901
(Loss)/profit and total comprehensive
(expense)/income for the period
attributable to:		(13,514)
Owners of the Company		1,281
Non-controlling interests		(36,955)	2,620
		(50,469)	3,901
(Loss)/earnings per share	13	RMB(0.08)fen
- Basic		RMB0.01fen
- Diluted		RMB(0.08)fen	RMB0.01fen

Interim Report 2020 17

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 June 2020

		At	At
		30 June	31 December
	Notes	2020	2019
		RMB' 000	RMB' 000
		(unaudited)	(audited)
NON-CURRENT ASSETS		6,566,837
Property, plant and equipment	14	6,789,956
Right-of-use assets		884,058	824,883
Exploration and evaluation assets		8,074	8,074
Intangible assets		630,871	659,513
Investment in joint ventures		-	-
Deferred tax assets	15	73,154	71,324
Other deposits	18	79,244	76,311
Restricted bank deposits	20	44,776	44,776
		8,287,014	8,474,837

CURRENT ASSETS		4,431,930
Inventories	16	4,869,157
Trade and bills receivables	17	408,153	1,009,800
Other deposits	18	101,619	111,228
Prepayments and other receivables	19	412,725	172,029
Derivative financial instruments	24	404,266	220,429
Structured bank deposits		-	440,000
Restricted and pledged bank deposits	20	79,533	-
Cash and bank balances	20	2,637,419	1,501,884
		8,475,645	8,324,527

CURRENT LIABILITIES		1,507,007
Trade and bills payables	21	1,808,990
Other payables and accrued expenses	22	740,668	758,085
Contract liabilities		242,079	43,781
Bank and other borrowings	23	5,627,246	5,567,350
Lease liabilities		4,605	4,495
Derivative financial instruments	24	38,125	24,053
Early retirement obligations		36,450	38,820
Current income tax liabilities		-	2,196
		8,196,180	8,247,770

NET CURRENT ASSETS		279,465	76,757

TOTAL ASSETS LESS CURRENT LIABILITIES		8,566,479	8,551,594

18 China Daye Non-Ferrous Metals Mining Limited

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 June 2020

		At	At
		30 June	31 December
	Notes	2020	2019
		RMB' 000	RMB' 000
		(unaudited)	(audited)
CAPITAL AND RESERVES		727,893
Share capital		727,893
Share premium and reserves		1,642,718	1,656,232

Equity attributable to owners of		2,370,611
the Company		2,384,125
Non-controlling interests		488,482	485,437

TOTAL EQUITY		2,859,093	2,869,562

NON-CURRENT LIABILITIES		276,333
Other payables	22	278,333
Bank and other borrowings	23	3,937,249	3,898,781
Lease liabilities		134,362	142,570
Promissory note		1,032,156	1,011,039
Provisions for mine rehabilitation,		53,110
restoration and dismantling		51,332
Deferred income		161,150	176,087
Early retirement obligations		113,026	123,890

		5,707,386	5,682,032

		8,566,479	8,551,594

Interim Report 2020 19

Limited Mining Metals Ferrous-Non Daye China 20

					Equity attributable to owners of the Company
												Non-

		Share	Other	Share	Contributed	Capital	Statutory	Translation	Accumulated			controlling	Total
		capital	reserve	premium	surplus	reserve	reserves	reserve	losses	Total	interests	equity
		RMB' 000	RMB' 000	RMB' 000	RMB' 000	RMB' 000	RMB' 000	RMB' 000	RMB' 000	RMB' 000	RMB' 000	RMB' 000

Six months ended 30 June 2020
(unaudited)	727,893	1,554,303	124,592	4,373,075	(4,184,848)	114,038	5,876	(330,804)	2,384,125	485,437	2,869,562
At 1 January 2020 (audited)
Profit and total comprehensive	-	-	-	-	-	-	-	(13,514)	(13,514)	(36,955)	(50,469)
income for the period
Appropriation of maintenance and	-	-	-	-	-	26,947	-	(26,947)	-	-	-
production funds
Utilisation of maintenance and	-	-	-	-	-	(18,192)	-	18,192	-	-	-
production funds
Capital injection from a
non-controlling shareholder of	-	-	-	-	-	-	-	-	-	40,000	40,000
a subsidiary

At 30 June 2020 (unaudited)	727,893	1,554,303	124,592	4,373,075	(4,184,848)	122,793	5,876	(353,073)	2,370,611	488,482	2,859,093

Six months ended 30 June 2019

(unaudited)
At 1 January 2019 (audited)	727,893	1,554,303	124,592	4,373,075	(4,184,848)	115,451	5,876	(478,881)	2,237,461	178,553	2,416,014
Profit and total comprehensive
income for the period	-	-	-	-	-	-	-	1,281	1,281	2,620	3,901
Appropriation of maintenance and
production funds	-	-	-	-	-	30,968	-	(30,968)	-	-	-
Utilisation of maintenance and
production funds	-	-	-	-	-	(28,582)	-	28,582	-	-	-

At 30 June 2019 (unaudited)	727,893	1,554,303	124,592	4,373,075	(4,184,848)	117,837	5,876	(479,986)	2,238,742	181,173	2,419,915

2020 June 30 ended months six the For	CONSOLIDATED CONDENSED EQUITY IN CHANGES OF
	STATEMENT

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 30 June 2020

	Six months ended 30 June

	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(unaudited)
NET CASH GENERATED FROM	955,155
OPERATING ACTIVITIES	419,507

NET CASH GENERATED FROM (USED IN) INVESTING
ACTIVITIES	13,050
Interest received	15,812
Payments for property, plant and equipment	(62,197)	(130,792)
Payments for exploration and evaluation assets	-	(27,745)
Payments for intangible assets	-	(13,704)
Payments for right-of-use assets	(71,068)	-
Decrease in short-term advances to Daye Nonferrous
Metals Group Holding Co., Ltd ("Daye Group")	5,628	1,143,670
Proceeds from disposal of property, plant and	5,638
equipment	84
Repayments from joint ventures	-	28,775
Advances to fellow subsidiaries	-	(562)
Decrease in structure bank deposits	440,000	-
Placement of restricted and pledged bank deposits	(158,674)	(288,881)
Withdrawal of restricted and pledged bank deposits	79,141	12,500
Receipts of government grants	3,030	7,700

	254,548	746,857

Interim Report 2020 21

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 30 June 2020

	Six months ended 30 June

	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(unaudited)
NET CASH FROM (USED IN) FINANCING ACTIVITIES	3,599,977
Proceeds from new bank borrowings	4,590,802
Repayments of bank borrowings	(3,560,070)	(3,676,038)
Repayments of other loans	(500)	(500)
Loans from Daye Group	84,782	7,202
Repayment of loans from Daye Group	-	(11,878)
Advance from a fellow subsidiary	227,161	234,003
Repayments to a fellow subsidiary	(215,117)	(426,820)
Loans from Nonferrous Mining Group Finance
Co., Ltd* ("Finance Company")	150,000	100,000
Repayment of loans from Finance Company	(150,000)	(250,000)
Proceeds from gold loans	795,000	885,659
Repayments of gold loans	(890,001)	(1,585,915)
Advance from joint ventures	-	77
Repayment to Daye Group	-	(955)
Capital injection from non-controlling Shareholders	40,000	-
of a subsidiary
Finance costs paid	(155,420)	(234,578)
Other financing cash flows	-	3,896

	(74,188)	(365,045)
NET INCREASE IN CASH AND	1,135,515
CASH EQUIVALENTS	801,319
Cash and cash equivalents at beginning of the period	1,501,884	861,616
Effects of foreign exchange rate changes on the	20
balance of cash held in foreign currencies	861

Cash and cash equivalents at end of the period,
represented by:	2,637,419
Cash and bank balances	1,663,796

A non-banking financial institution.

22 China Daye Non-Ferrous Metals Mining Limited

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

1. GENERAL INFORMATION

China Daye Non-Ferrous Metals Mining Limited (the "Company", together with its subsidiaries, collectively referred to as the "Group") was incorporated in Bermuda as an exempted company with limited liability and its shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange").

The principal activity of the Company is investment holding. The Company's subsidiaries are principally involved in mining and processing of mineral ores and selling/trading of metal products. In the opinion of the directors of the Company (the "Directors"), the ultimate holding company of the Company is China Nonferrous Metal Mining (Group) Co., Ltd., a state-owned enterprise established in the People's Republic of China (the "PRC").

The condensed consolidated financial statements are presented in Renminbi ("RMB"), which is also the functional currency of the Company.

2. BASIS OF PREPARATION

The condensed consolidated financial statements of the Group for the six months ended 30 June 2020 have been prepared in accordance with Hong Kong Accounting Standard 34 ("HKAS 34") Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") as well as with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2019.

3. PRINCIPAL ACCOUNTING POLICIES

The condensed consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair value as disclosed in Note 26, as appropriate.

The accounting policies used in the condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2019.

Interim Report 2020 23

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

3. PRINCIPAL ACCOUNTING POLICIES - CONTINUED

In the current interim period, the Group has applied, for the first time, the Amendments to References to the Conceptual Framework in Hong Kong Financial Reporting Standards ("HKFRS") and the following amendments to HKFRSs issued by the HKICPA which are effective for the Group's financial year beginning 1 January 2020:

Amendments to HKFRS 3	Definition of a Business
Amendments to HKAS 1 and HKAS 8	Definition of Material
Amendments to HKFRS 9, HKAS 39 and	Interest Rate Benchmark Reform
HKFRS 7

The application of the Amendments to References to the Conceptual Framework in HKFRS and the amendments to HKFRSs in the current period has had no material impact on the Group's financial performance and positions for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial statements.

4. REVENUE FROM GOODS AND SERVICES

Disaggregation of revenue from contracts with customers for the period is as follows:

	Six months ended 30 June

	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(unaudited)
Sales of goods	12,044,499	17,355,593
Rendering of services	11,078	21,776

	12,055,577	17,377,369
Timing of revenue recognition:	12,044,499
A point in time	17,355,593
Over time	11,078	21,776

	12,055,577	17,377,369

24 China Daye Non-Ferrous Metals Mining Limited

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

5. SEGMENT INFORMATION

Information reported to the chief executive officer of the Company, being the chief operating decision maker ("CODM"), for the purposes of resources allocation and assessment of segment performance focuses on types of goods or services delivered or provided. The CODM of the Company reviews revenue by respective products and services and the condensed consolidated financial statements of the Group prepared in accordance with HKFRSs as a whole. However, no further discrete financial information is available. Accordingly, no operating segment information is presented other than entity-wide disclosures.

The following is an analysis of the Group's disaggregation of revenue by major product and service categories:

	Six months ended 30 June

	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(unaudited)
Sales of goods:	9,463,595
Copper cathodes	12,224,896
Other copper products	167,942	521,904
Gold and other gold products	1,084,667	2,032,100
Silver and other silver products	1,182,102	2,275,475
Sulphuric acid and sulphuric concentrate	8,549	119,361
Iron ores	55,316	62,127
Others	82,328	119,730

	12,044,499	17,355,593

Rendering of services:	6,948
Copper processing	15,701
Others	4,130	6,075

	11,078	21,776

Total revenue	12,055,577	17,377,369

Interim Report 2020 25

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

5. SEGMENT INFORMATION - CONTINUED

Geographical information

The Group operates in three principal geographical areas - the PRC, Hong Kong and The Republic of Mongolia ("Mongolia").

The Group's information about its non-current assets (excluding deferred tax assets and financial instruments) by location of assets are detailed below:

	At	At
	30 June	31 December
	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(audited)
PRC	8,168,837	8,358,420
Hong Kong	196	243
Mongolia	51	74

	8,169,084	8,358,737

The Group's revenue from external customers by location of customers are detailed below:

	Six months ended 30 June

	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(unaudited)
PRC	11,563,019	16,448,326
Hong Kong	51,069	413,157
Others	441,489	515,886

	12,055,577	17,377,369

26 China Daye Non-Ferrous Metals Mining Limited

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

6. OTHER INCOME

		Six months ended 30 June

		2020	2019
		RMB' 000	RMB' 000
		(unaudited)	(unaudited)
	Interest income from banks	8,606	2,186
	Interest income from Daye Group	-	13,622
Interest income from Finance Company	4,444	2,658
Interest income from a joint venture	1,152	2,784
Government grants	1,994	288
Deferred income released	10,787	10,619
Rental income	340	2,108

		27,323	34,265

7. OTHER GAINS AND LOSSES

		Six months ended 30 June

		2020	2019
		RMB' 000	RMB' 000
		(unaudited)	(unaudited)
	Fair value changes from:	-
	Commodity derivatives contracts	(223)
	Currency forward contracts	(224)	(1,301)
	Currency option contracts	16,584	37,308
	Gold forward contracts	269,699	97,426
	Currency exchange swap contracts	(7,402)	4,461
	Gold loans designated as financial liabilities
	at fair value through profit or loss ("FVTPL")	(271,575)	(118,729)
	Gain/(loss) on disposal of property, plant and	2,541
	equipment, net	(2)
	Exchange losses, net	33,933	(23,741)

		43,556	(4,801)

Interim Report 2020 27

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

8. IMPAIRMENT LOSSES UNDER EXPECTED CREDIT LOSS MODEL, NET

		Six months ended 30 June

		2020	2019
		RMB' 000	RMB' 000
		(unaudited)	(unaudited)
	Impairment losses under expected credit
	loss model, net, on:	37,638
	Trade receivables measured at amortised cost	-
Other receivables	215	20,139

		37,853	20,139
9. FINANCE COSTS

		Six months ended 30 June

		2020	2019
		RMB' 000	RMB' 000
		(unaudited)	(unaudited)
	Interest on bank and other borrowings	129,714	211,594
	Interest on loans from Daye Group	12,521	7,595
	Interest on loans from Finance Company	6,621	6,374
	Interest on loans from and amounts due to	6,026
	a fellow subsidiary	9,015
	Interest on promissory note	21,116	21,000
Unwind interest of provisions for mine	741
	rehabilitation, restoration and dismantling	652
Unwind interest of early retirement obligations	2,490	3,990
Interest on lease liabilities	3,603	3,708

	Total borrowing costs	182,832	263,928
	Less: Borrowing costs capitalised in the cost of	(3,290)
	qualifying assets	(8,662)

		179,542	255,266

28 China Daye Non-Ferrous Metals Mining Limited

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

10. INCOME TAX EXPENSE

	Six months ended 30 June

	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(unaudited)
Current tax:	4,117
PRC Enterprise Income Tax	14
Deferred tax (Note 15)	(1,830)	6,695

	2,287	6,709

11. (LOSS)/PROFIT FOR THE PERIOD

(Loss)/profit for the period has been arrived at after charging:

	Six months ended 30 June

	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(unaudited)
Employee benefits expense (including directors'
remuneration):	271,061
Salaries, wages and welfare	256,562
Retirement benefit schemes contributions	24,105	65,508

Total staff costs (note (i))	295,166	322,070

Cost of sale and services rendered:	11,761,829
Cost of inventories recognised as an expense	16,906,941
Impairment loss of inventories	5,618	-
Direct operating expense arising from	9,783
services provided	28,088

	11,777,230	16,935,029

Depreciation of property, plant and	313,063
equipment (note (ii))	314,639
Amortisation of intangible assets (note (ii))	28,642	26,824
Depreciation of right-of-use assets (note (ii))	14,204	14,409

Interim Report 2020 29

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

11. (LOSS)/PROFIT FOR THE PERIOD - CONTINUED

Notes:

During the current interim period, staff costs of RMB246,028,000 (unaudited) (six months ended 30 June 2019: RMB299,272,000 (unaudited)) was capitalised to inventories.
During the current interim period, depreciation of property, plant and equipment of RMB306,604,000 (unaudited) (six months ended 30 June 2019: RMB308,007,000 (unaudited)), and amortisation/depreciation of intangible assets and right-of-use assets totaling RMB21,619,000 (unaudited) (six months ended 30 June 2019: RMB18,086,000 (unaudited)) was capitalised to inventories.

12. DIVIDENDS

No dividend was paid or proposed for ordinary shareholders of the Company during both the current and prior interim period, nor has any dividend been proposed since the end of the reporting period and up to the date of this report.

13. (LOSS)/EARNINGS PER SHARE

The calculation of the basic and diluted (loss)/earnings per share attributable to the ordinary shareholders of the Company is based on the following data:

	Six months ended 30 June

	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(unaudited)
(Loss)/earnings
(Loss)/earnings for the period attributable to
owners of the Company for the purpose of	(13,514)
basic and diluted (loss)/earnings per share	1,281
Number of ordinary shares	' 000	' 000

Number of ordinary shares for the purpose of	17,895,580
basic and diluted (loss)/earnings per share	17,895,580

The computation of diluted (loss)/earnings per share for both periods does not assume the conversion of the promissory note as the issue price is determined by reference to the market price of the shares of the Company.

30 China Daye Non-Ferrous Metals Mining Limited

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

14. MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT

During the current interim period, the Group paid approximately RMB62,197,000 (unaudited) (six months ended 30 June 2019: RMB130,792,000 (unaudited)) for construction costs for copper mines and for acquisition of plant and machinery.

In addition, during the current interim period, the Group disposed of certain plant and machinery, and motor vehicles with an aggregate carrying amount of RMB1,968,000 (unaudited) (six months ended 30 June 2019: RMB86,000 (unaudited)) for cash proceeds of RMB5,638,000 (unaudited) (six months ended 30 June 2019: RMB84,000 (unaudited)), resulting in a gain on disposal of RMB3,006,000 (unaudited) (six months ended 30 June 2019: loss on disposal RMB2,000 (unaudited)).

15. DEFERRED TAX

For the purpose of presentation in the condensed consolidated statement of financial position, certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances for financial reporting purposes:

	At	At
	30 June	31 December
	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(audited)
Deferred tax assets	73,154	71,324

Interim Report 2020 31

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

15. DEFERRED TAX - CONTINUED

The following are the major deferred tax assets and liabilities recognised and movements thereon during the current and prior interim periods:

Deferred tax assets

		Provision
		for mine	Early		Write-down
		rehabilitation,
	Accrued	restoration	retirement	Impairment	of	Tax
	expenses	and dismantling	obligations	losses	inventories	losses	Others	Total
	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
At 1 January 2019
(audited)	22,568	11,352	47,059	60,238	10,342	401	2,785	154,745
(Charged)/credited to
profit or loss	(909)	163	(6,428)	35	-		-	(211)	(7,350)

At 30 June 2019
(unaudited)	21,659	11,515	40,631	60,273	10,342	401	2,574	147,395

At 1 January 2020	17,366	11,678	35	60,404	10,797	137	2,605	103,022
(audited)
(Charged)/credited to	(218)	168	-	28	1,404		-	(348)	1,034
profit or loss

At 30 June 2020	17,148	11,846	35	60,432	12,201	137	2,257	104,056
(unaudited)
Deferred tax liabilities

							Mining rights
								RMB' 000
At 1 January 2019 (audited)						(33,007)
Credited to profit or loss							655

At 30 June 2019 (unaudited)						(32,352)

At 1 January 2020 (audited)						(31,698)
Credited to profit or loss							796

At 30 June 2020 (unaudited)						(30,902)

32 China Daye Non-Ferrous Metals Mining Limited

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

16. INVENTORIES


		At	At
		30 June	31 December
		2020	2019
		RMB' 000	RMB' 000
		(unaudited)	(audited)
	Raw materials	849,516	741,259
	Work in progress	1,628,717	1,261,243
	Finished goods	469,334	375,995
	Goods in transit	1,484,363	2,490,660

		4,431,930	4,869,157

17. TRADE AND BILLS RECEIVABLES

		At	At
		30 June	31 December
		2020	2019
		RMB' 000	RMB' 000
		(unaudited)	(audited)
	Trade receivables	228,074	259,610
	Less: Allowance for credit losses	(48,343)	(10,705)

		179,731	248,905
	Bills receivables, at amortised cost:	66,903
	On hand	149,241
	Endorsed to suppliers	2,769	56,420
	Discounted to banks	158,750	555,234

		228,422	760,895

	Total trade and bills receivables	408,153	1,009,800

Interim Report 2020 33

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

17. TRADE AND BILLS RECEIVABLES - CONTINUED

The majority of sales are made under contractual arrangements whereby a significant portion of transaction price is received before delivery or promptly after delivery. Bills receivables are matured within one year.

The following is an ageing analysis of trade receivables, presented based on the date of delivery of goods which approximated the respective dates on which revenue was recognised, net of allowance for credit losses.

	At	At
	30 June	31 December
	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(audited)
Within 1 year	166,369	240,489
More than 1 year, but less than 2 years	9,727	7,177
More than 2 years, but less than 3 years	3,496	365
Over 3 years	139	874

	179,731	248,905

Included in the Group's trade and bills receivables are balances with the following related parties:

	At	At
	30 June	31 December
	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(audited)
Trade receivables:	117,797
Fellow subsidiaries	99,737
Daye Group	-	1
Bills receivables:	-
Daye Group	370,000

The above balances with related parties are unsecured, interest-free and are repayable according to the relevant sales contracts. The bills receivables from Daye Group are matured within one year.

34 China Daye Non-Ferrous Metals Mining Limited

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

18. OTHER DEPOSITS

	At	At
	30 June	31 December
	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(audited)
Classified under non-current assets:
Deposits for acquisition of property, plant	43,187
and equipment	42,989
Deposits for environment rehabilitation	28,308
(Note (a))	28,008
Deposits for land restoration (Note (b))	7,749	5,314

	79,244	76,311
Classified under current assets:	101,619
Margin deposits (Note (c))	111,228

Notes:

The deposits for environment rehabilitation represent estimated environment restoration costs placed with the PRC government.
The deposits are held in a designated saving account in Finance Company as required by the PRC government which represent estimated land restoration costs for mining area of a copper mine held by the Group.
The balances represent deposits in margin accounts held in Shanghai Futures Exchange, other futures exchanges and certain financial institutions as security for the commodity derivative contracts.

Interim Report 2020 35

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

19. PREPAYMENTS AND OTHER RECEIVABLES

	At	At
	30 June	31 December
	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(audited)
Prepayments for inventories	319,563	40,851
Value-added tax recoverable	9,062	5,795
Short-term advances to Daye Group (Note (a))	-	5,628
Loans to a joint venture (Note (b))	127,270	119,836
Amounts due from joint ventures of the Group	11,740
(Note (c))	11,680
Amounts due from fellow subsidiaries (Note (c))	104	20
Insurance claim receivable	-	35,693
Receivable from brokers	11,992	19,229
Other receivables	50,103	50,192
	529,834	288,924
Less: Allowance for credit losses on	(117,109)
other receivables	(116,895)

	412,725	172,029

Notes:

The short-term advances to Daye Group as at 31 December 2019 carried fixed interest rate at 3.92% per annum and repayable on demand.
The loans to a joint venture are unsecured, carry fixed interest rates ranging from 4.35% to 4.60% (31 December 2019: 4.35% to 4.60%) per annum and repayable within one year.
The amounts due from joint ventures and fellow subsidiaries are unsecured, interest-free and repayable on demand.

36 China Daye Non-Ferrous Metals Mining Limited

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

20. RESTRICTED AND PLEDGED BANK DEPOSITS, AND CASH AND BANK BALANCES

Restricted and pledged bank deposits

	At	At
	30 June	31 December
	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(audited)
Classified under non-current assets:	44,776
Bank deposits (Note (a))	44,776
Classified under current assets:	79,533
Restricted bank balances (Note (b))	-

Notes:

The bank deposits are placed with Finance Company and are pledged as security for the Group's other loans from a third party financing company, which are not repayable within one year (Note 23). These deposits bear interest at a rate of 3.58% (31 December 2019: 3.58%) per annum.
The bank balances are mainly held in designated bank accounts as security for the letters of credit.

Cash and bank balances

A s a t 30 J u n e 2020, t h e b a l a n c e s i n c l u d e d s a v i n g d e p o s i t s o f RMB1,255,250,000 (unaudited) (31 December 2019: RMB600,678,000) placed with Finance Company, which bear interest at rates ranging from 0.53% to 1.50% (31 December 2019: 0.53% to 1.50%) per annum.

Interim Report 2020 37

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

21. TRADE AND BILLS PAYABLES

	At	At
	30 June	31 December
	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(audited)
Trade payables	1,507,007	1,780,050
Bills payables	-	28,940

	1,507,007	1,808,990

The following is an ageing analysis of trade payables, presented based on the invoice date:

	At	At
	30 June	31 December
	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(audited)
Within 1 year	1,476,383	1,759,310
More than 1 year, but less than 2 years	15,718	8,212
More than 2 years, but less than 3 years	6,863	2,549
Over 3 years	8,043	9,979

	1,507,007	1,780,050

Included in the Group's trade and bills payables as at 30 June 2020 were payables to fellow subsidiaries of RMB23,383,000 (unaudited) (31 December 2019: RMB16,945,000). The payables to fellow subsidiaries are unsecured, interest-free and repayable according to respective purchase contracts.

38 China Daye Non-Ferrous Metals Mining Limited

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

22. OTHER PAYABLES AND ACCRUED EXPENSES

Included in the Group's other payables under current liabilities as at 30 June 2020 were payables to Daye Group and a joint venture of the Group of RMB31,596,000 (unaudited) (31 December 2019: RMB29,880,000) and RMB15,051,000 (unaudited) (31 December 2019: RMB15,044,000), respectively. The above payables to Daye Group and a joint venture of the Group are unsecured, interest-free and repayable on demand.

Also included in the Group's other payables and accrued expenses under current liabilities and other payables under non-current liabilities as at 30 June 2020 totalling were payables for purchase of property, plant and equipment from fellow subsidiaries of RMB513,057,000 (unaudited) (31 December 2019: RMB466,314,000) in relation to the construction work conducted by these fellow subsidiaries. The above payables are unsecured and repayable in accordance with the terms of the relevant construction contracts, and except for the payables to a fellow subsidiary of RMB276,333,000 (unaudited) (31 December 2019: RMB278,333,000) which bear interest at 4.35% (31 December 2019: 4.35%) per annum, the remaining payables are interest-free.

Interim Report 2020 39

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

23. BANK AND OTHER BORROWINGS

	At	At
	30 June	31 December
	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(audited)
Bank borrowings:	158,750
Secured	555,234
Unsecured	6,464,269	6,081,757
Other borrowings:	273,570
Loans from Daye Group, unsecured*	192,421
Loans from Finance Company, unsecured*	268,150	268,350
Loans from a fellow subsidiary, unsecured*	21,112	6,233
Gold loans	1,872,689	1,855,393
Other loans secured by bank deposits	505,955
(Note 20(a))	506,743
	9,564,495	9,466,131

Bank borrowings carrying amounts repayable:	3,564,800
Within 1 year	4,046,233
More than 1 year, but not exceeding 2 years	2,661,219	2,387,967
More than 2 years, but not exceeding 5 years	397,000	201,033
More than 5 years	-	1,758
	6,623,019	6,636,991

Other borrowings carrying amounts repayable:	2,062,446
Within 1 year	1,521,117
More than 1 year, but not exceeding 2 years	384,030	618,069
More than 2 years, but not exceeding 5 years	495,000	649,809
More than 5 years	-	40,145
	2,941,476	2,829,140

Less: Amounts due within 1 year shown	(5,627,246)
under current liabilities	(5,567,350)
Amounts shown under non-current liabilities	3,937,249	3,898,781

The loans from Daye Group bear interests ranging from 1.20% to 6.15% (31 December 2019: 1.20% to 6.15%) per annum and are repayable in various maturity dates up to 24 December 2025. The loans from Finance Company bear interests ranging from 3.915% to 5.225% (31 December 2019: 3.915% to 5.225%) per annum and are repayable in various maturity dates up to 17 September 2021. The loans from a fellow subsidiary include (i) a loan bore a three-year interest rate quoted by People's Bank of China per annum and is repayable on 11 January 2022 and (ii) an interest-free loan and is repayable on demand.

40 China Daye Non-Ferrous Metals Mining Limited

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

24. DERIVATIVE FINANCIAL INSTRUMENTS

	Current assets	Current liabilities

	At	At	At	At
	30 June	31 December	30 June	31 December
	2020	2019	2020	2019
	RMB' 000	RMB' 000	RMB' 000	RMB' 000
	(unaudited)	(audited)	(unaudited)	(audited)
Carried at fair value:	108,257			26,582
- Copper futures contracts	25,776		2,527
- Gold futures contracts	32,162	4,086		6,093	-
- Gold forward contracts	251,745	172,464	-	-
- Silver futures contracts	1,940	955		-	132
- Currency forward contracts	-	224		-	-
- Currency option contracts	10,162	9,522		5,450	21,394
- Currency exchange swap contract	-	7,402		-	-

	404,266	220,429	38,125	24,053

The Group uses commodity derivative contracts as an economic hedge of its commodity price risk and its exposure to variability in fair value changes attributable to price fluctuation risk associated with certain copper, gold and silver products. Commodity derivative contracts utilised by the Group include standardised copper futures contracts in Shanghai Futures Exchange and other futures exchanges. Besides, the Group also entered into currency forward, currency exchange swap contracts and currency option contracts with certain banks to hedge certain of its currency risk arising from certain of its bank loans denominated in United States dollar. The Group did not formally designate or document the hedging transactions with respect to the commodity derivative contracts, foreign currency forward contracts and currency option contracts. Therefore, those transactions were not designated for hedge accounting.

Details of fair value measurement are disclosed in Note 26 to the condensed consolidated financial statements.

Interim Report 2020 41

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

25. CAPITAL COMMITMENTS

	At	At
	30 June	31 December
	2020	2019
	RMB' 000	RMB' 000
	(unaudited)	(audited)
Capital expenditure contracted but not
provided for in respect of:	238,855
Acquisition of property, plant and equipment	265,139

26. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS

Fair value of the Group's financial instruments that are measured at fair value on a recurring basis

	Level 1	Level 2	Level 3	Total
	RMB' 000	RMB' 000	RMB' 000	RMB' 000
At 30 June 2020 (unaudited)
Financial assets	-	142,359	-	142,359
Commodity futures contracts
Other derivative financial instruments	-	261,907	-	261,907
Financial liabilities	-	32,675	-	32,675
Commodity futures contracts
Other derivative financial instruments	-	5,450	-	5,450
Gold loans	-	1,870,505	-	1,870,505
At 31 December 2019 (audited)
Financial assets
Commodity futures contracts	-	30,817	-	30,817
Other derivative financial instruments	-	189,612	-	189,612
Structured bank deposits	-	440,000	-	440,000
Financial liabilities
Commodity futures contracts	-	2,659	-	2,659
Other derivative financial instruments	-	21,394	-	21,394
Gold loans	-	1,855,393	-	1,855,393

42 China Daye Non-Ferrous Metals Mining Limited

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

26. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS - CONTINUED

Fair value of the Group's financial instruments that are measured at fair value on a recurring basis - continued

The following table gives information about how the fair values of these financial assets and financial liabilities are determined (in particular, the valuation technique(s) and inputs used).

			Fair value

			At	At
			30 June	31 December	Fair value	Valuation
			2020	2019	hierarchy	technique
			RMB' 000	RMB' 000
			(unaudited)	(audited)
Copper futures contracts:	Assets	108,257	25,776	Level 2	Note 1
	Liabilities	26,581	2,527	Level 2	Note 1
Gold futures contracts:	Assets	32,162	4,086	Level 2	Note 1
	Liabilities	6,093	-	Level 2	Note 1
Gold forward contracts:	Assets	251,745	172,464	Level 2	Note 2
Silver futures contracts:	Assets	1,940	955	Level 2	Note 1
	Liabilities	-	132	Level 2	Note 1
Currency forward contracts:	Assets	-	224	Level 2	Note 2
Currency exchange swap			-
contracts:	Assets	7,402	Level 2	Note 2
Currency option contracts:	Assets	10,162	9,522	Level 2	Note 2
	Liabilities	5,450	21,394	Level 2	Note 2
Gold loans:	Liabilities	1,870,505	1,855,393	Level 2	Note 3
Structured bank deposits:	Assets	-	440,000	Level 2	Note 4

Interim Report 2020 43

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

26. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS - CONTINUED

Fair value of the Group's financial instruments that are measured at fair value on a recurring basis - continued

Notes:

Calculating by reference to the quoted prices in active markets.
Discounted cash flows, future cash flows are estimated based on forward exchange rates/prices and contracted forward rates/prices, discounted at a rate that reflects the credit risk of various counterparties.
Discounted cash flows, future cash flows are estimated based on gold forward prices that are discounted at a rate that reflects the credit risk of various counterparties.
Discounted cash flows, future cash flows are estimated based on forward exchange rates, discounted at a rate that reflects the credit risk of various counterparties.

There were no transfers between Level 1 and 2 for the current and prior interim periods.

Fair value of the Group's financial instruments that are not measured at fair value on a recurring basis

The Directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost recognised in the condensed consolidated financial statements approximate to their fair values.

44 China Daye Non-Ferrous Metals Mining Limited

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

27. RELATED PARTY TRANSACTIONS

Transactions and balances with PRC government-related entities

The Company is ultimately controlled by the PRC government and the Group operates in an economic environment currently predominated by entities controlled, jointly controlled or significantly influenced by the PRC government ("government-related entities").

Transactions with China Non-ferrous Metal Mining (Group) Co., Ltd. Group

Other than the transactions and balances with related parties disclosed elsewhere in these condensed consolidated financial statements, the Group also had the following significant transactions with related parties during the current and prior interim periods.

			Six months ended 30 June

	Notes	Related parties	2020	2019
			RMB' 000	RMB' 000
			(unaudited)	(unaudited)
Income:			185,159
Sales of non-ferrous metals	(i)	Daye Group	570,236
	(i)	Fellow subsidiaries	1,126,643	1,783,585
Sales of other materials	(i)	Daye Group	33	63
	(i)	Fellow subsidiaries	15,223	41,952
Rendering of services	(i)	Daye Group	-	-
	(i)	Fellow subsidiaries	3,219	251
Interest income	(ii)	Finance Company	4,444	2,658
	(ii)	A joint venture	1,152	2,784
	(v)	Daye Group	-	13,622
Rental income for leasing	(i)	Daye Group	-	-
of assets	(i)	Fellow subsidiaries	-	1,069
Rental income for leasing	(i)	Fellow subsidiaries	-	699
of lands

Interim Report 2020 45

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

27. RELATED PARTY TRANSACTIONS - CONTINUED

Transactions and balances with PRC government-related entities - continued

Transactions with China Non-ferrous Metal Mining (Group) Co., Ltd. Group - continued

			Six months ended 30 June

	Notes	Related parties	2020	2019
			RMB' 000	RMB' 000
			(unaudited)	(unaudited)
Expenses:			-
Transportation fees	(i)	An associate of	1,059
		Daye Group
Utilities fees	(i)	Fellow subsidiaries	151,686	108,153
Purchases of non-ferrous metals	(i)	Daye Group	-	241,118
	(i)	Fellow subsidiaries	351,827	531,262
Purchase of other products	(i)	Fellow subsidiaries	12,980	20,563
Other service expense	(i)	Fellow subsidiaries	38,104	24,722
Interest expense for financial	(iii)	Daye Group	12,521	7,595
liabilities at amortised cost	(iii)	Finance Company	6,621	6,374
	(iii)	A fellow subsidiary	6,026	9,015
	(iv)	Immediate holding	21,116	21,000
		company
Interest expense on lease liabilities	(vi)	Daye Group	3,603	3,708
Capital expenditures:			30,459
Construction contract fees	(i)	Fellow subsidiaries	60,614
Other service fees	(i)	Fellow subsidiaries	1,083	2,227

46 China Daye Non-Ferrous Metals Mining Limited

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2020

27. RELATED PARTY TRANSACTIONS - CONTINUED

Transactions and balances with PRC government-related entities - continued

Transactions with China Non-ferrous Metal Mining (Group) Co., Ltd. Group - continued

Notes:

These transactions were conducted in accordance with terms of the relevant agreements, of which the transaction price was determined based on the government-prescribed price or by reference to market price.
The interest income arose from the deposits placed with Finance Company and loans to a joint venture. Further details of the balances at the end of the reporting period are set out in Notes 20 and 19, respectively.
The interest expense arose from unsecured loans from and/or amounts due to Daye Group, Finance Company and a fellow subsidiary. Further details of the balances at the end of the reporting period are set out in Notes 23 and 22, respectively.
The interest expense arose from promissory note from the immediate holding company.
The interest income arose from short-term advances to Daye Group.
The Group leases certain lands from Daye Group. As at 30 June 2020, the related right-of-use assets amounted to RMB140,539,000 (31 December 2019: RMB144,143,000), and the related lease liabilities amounted to RMB138,967,000 (31 December 2019: RMB147,065,000). During the current interim period, lease payments of RMB5,850,000 (six months ended 30 June 2019: RMB5,850,000) payable to Daye Group was settled through the current account balances of Daye Group.

Transactions with other PRC government-related entities

The Group has entered into various transactions, amongst others, including deposit placements, borrowings, and other bank facilities, with certain banks and financial institutions which are PRC government-related entities in its ordinary course of business. In view of the nature of these transactions, the Directors are of the opinion that separate disclosures would not be meaningful.

Compensation of key management personnel of the Group

The key management personnel of the Group includes the directors (which are also top executives of the Company).

Interim Report 2020 47

DEFINITIONS

In this report, unless the context otherwise requires, the following terms and expressions have the meaning set forth below:

"associate(s)"	has the meaning ascribed to it under the Listing Rules
"Board"	the board of Directors
"Company"	China Daye Non-Ferrous Metals Mining Limited (Stock code:
	661), a company incorporated in Bermuda with limited liability,
	the shares of which are listed on the Main Board of the Stock
	Exchange
"Director(s)"	directors of the Company
"Group"	the Company and its subsidiaries
"Hong Kong"	the Hong Kong Special Administrative Region of the PRC
"Listing Rules"	the Rules Governing the Listing of Securities on The Stock
	Exchange of Hong Kong Limited
"PRC"	the People's Republic of China, which for the purpose of this
	report, excludes Hong Kong, the Macau Special Administration
	of the People's Republic of China and Taiwan
"RMB"	Renminbi, the lawful currency of the PRC
"SFO"	Securities and Futures Ordinance, Chapter 571 of the Laws of
	Hong Kong
"Shareholder(s)"	holder(s) of the share(s) of the Company
"Stock Exchange"	The Stock Exchange of Hong Kong Limited
"%"	per cent

48 China Daye Non-Ferrous Metals Mining Limited

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Sector Nonferrous Metal Processing

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CHINA DAYE NON-FERROUS METALS MINING LIMITED	+23.33%	167M
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CHINA NONFERROUS MINING CORPORATION LIMITED	+34.11%	3.44B
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