China Natural Resources is a holding company focused on mineral exploration in Inner Mongolia, China. The company operates through its subsidiary, Bayannaoer Mining, which holds an exploration permit for the Moruogu Tong Mine. This site is primarily a lead deposit associated with silver. China Natural Resources remains in the exploration stage and does not currently produce or sell any minerals. Its business model relies on geological surveying and drilling to assess whether its deposits are commercially viable for future development. To manage costs, the company utilizes a cooperation agreement with Jijincheng Mining, which funds exploration in exchange for a portion of any discovered resources. Working capital is primarily provided through loans from affiliates. The company’s strategy involves securing the necessary permits and funding to transition the Moruogu Tong Mine into an active production site. China Natural Resources is also seeking to acquire Williams Minerals, a lithium mine in Zimbabwe, from its controlling shareholder, Feishang Group. While this acquisition would diversify the company into battery metals, the deal has been delayed multiple times since early 2023. Following the sale of its wastewater treatment business in 2023, the company is focused exclusively on its mineral exploration activities.