Nevada
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001-33929
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87-0430816
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(State of Incorporation)
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(Commission File No.)
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(IRS Employer ID Number)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Description
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99.1
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Press Release dated March 29, 2011
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China Shen Zhou Mining & Resources, Inc.
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Date: March 31, 2011
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By:
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/s/ Xiaojing Yu
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Xiaojing Yu
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Chief Executive Officer
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·
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Revenues reached $4.9 million from $1.1 million in the 2009 fourth quarter,
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·
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Gross margin was 15.2%,
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·
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Cash and equivalents were $1.55 million.
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·
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Revenues increased by 177%,
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·
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Gross margin rose to 25.9%,
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·
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The net loss attributable to stockholders was $3.4 million.
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Contact Information
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Kevin Theiss/Min Liu
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Investor Relations
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Grayling
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Tel: +1-646-284-9409
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kevin.theiss@grayling.com
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min.liu@grayling.com
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December 31,
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||||||||
2010
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2009
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|||||||
ASSETS
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||||||
Current assets:
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||||||
Cash and cash equivalents
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$
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1,546
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$
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333
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||||
Accounts receivable, net
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162
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302
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||||||
Prepayment for office rent
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82
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-
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||||||
Other deposits and prepayments, net
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851
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855
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||||||
Inventories
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7,243
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3,721
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||||||
Restricted assets
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115
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740
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||||||
Total current assets
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9,999
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5,951
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||||||
Prepayment for office rent
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-
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280
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||||||
Available for sale investment
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-
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146
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||||||
Property, machinery and mining assets, net
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34,193
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34,902
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||||||
Total assets
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$
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44,192
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$
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41,279
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||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
Current liabilities:
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||||||||
Accounts payable and accrued liabilities
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$
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2,482
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$
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4,694
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||||
Short term bank loans
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8,061
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3,603
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||||||
Other payables and accruals
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6,163
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6,667
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||||||
Taxes payable
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644
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333
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||||||
Total current liabilities
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17,350
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15,297
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||||||
Long term loans
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2,630
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-
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||||||
Due to related parties
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2,439
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2,297
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||||||
Total liabilities
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22,419
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17,594
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||||||
STOCKHOLDERS' EQUITY:
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||||||||
Common Stock ($0.001 par value; 50,000,000 shares authorized;
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||||||||
27,974,514 shares and 27,214,514 shares issued and outstanding
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||||||||
as of December 31, 2010 and 2009, respectively
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28
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27
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||||||
Additional paid-in capital
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29,508
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28,518
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||||||
PRC statutory reserves
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1,672
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1,672
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||||||
Accumulated other comprehensive income
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4,357
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3,839
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||||||
Accumulated deficit
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(13,630)
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(10,342)
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||||||
Stockholders' equity - China Shen Zhou Mining & Resources, Inc. and Subsidiaries
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21,935
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23,714
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||||||
Noncontrolling interest
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(162)
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(29)
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||||||
Total stockholders' equity
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21,773
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23,685
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||||||
Total liabilities and stockholders' equity
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$
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44,192
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$
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41,279
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CHINA SHEN ZHOU MINING & RESOURCES, INC AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
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(Amounts in thousands, except per share data)
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For the Three Months
Ended December 31,
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For the Year Ended
December 31,
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|||||||||||||||
2010
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2009
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2010
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2009
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|||||||||||||
Unaudited
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Unaudited
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Audited
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Audited
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|||||||||||||
Net revenue
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$ | 4,890 | $ | 1,132 | $ | 11,612 | $ | 4,192 | ||||||||
Cost of sales
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4,149 | 1,341 | 8,604 | 3,934 | ||||||||||||
Gross profit
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741 | (209 | ) | 3,008 | 258 | |||||||||||
Operating expenses:
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||||||||||||||||
Selling and distribution expenses
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37 | 24 | 104 | 94 | ||||||||||||
General and administrative expenses
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1,102 | 2,638 | 4,145 | 5,804 | ||||||||||||
Provision for doubtful accounts
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355 | 15 | 355 | 15 | ||||||||||||
Impairment provision for inventories
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287 | 34 | 287 | 34 | ||||||||||||
Impairment provision for mining assets
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1,354 | - | 1,354 | - | ||||||||||||
Total operating expenses
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3,135 | 2,711 | 6,245 | 5,947 | ||||||||||||
Net income (loss) from operations
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(2,394 | ) | (2,920 | ) | (3,237 | ) | (5,689 | ) | ||||||||
Other income (expense):
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||||||||||||||||
Interest expense
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(202 | ) | (96 | ) | (589 | ) | (2,989 | ) | ||||||||
Gain on convertible debt extinguishment
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- | 13,959 | - | 13,959 | ||||||||||||
Provision for available investment
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(148 | ) | - | (148 | ) | - | ||||||||||
Other, net
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147 | (11 | ) | 553 | 98 | |||||||||||
Total other income
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(203 | ) | 13,852 | (184 | ) | 11,068 | ||||||||||
Income (loss) from continuing operations before income taxes
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(2,597 | ) | 10,932 | (3,421 | ) | 5,379 | ||||||||||
Income tax expenses
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- | (200 | ) | - | (200 | ) | ||||||||||
Income (loss) from continuing operations
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(2,597 | ) | 10,732 | (3,421 | ) | 5,179 | ||||||||||
Discontinued operations :
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||||||||||||||||
Loss from operations of discontinued component, net of taxes
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- | (80 | ) | - | (740 | ) | ||||||||||
Loss on disposal of discontinued subsidiary, net of taxes
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- | (1,476 | ) | - | (1,476 | ) | ||||||||||
Income from discontinued operations
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- | (1,556 | ) | - | (2,216 | ) | ||||||||||
Net income (loss)
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(2,597 | ) | 9,176 | (3,421 | ) | 2,963 | ||||||||||
Less: Noncontrolling interests attributable to the noncontrolling interests
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111 | 29 | 133 | 51 | ||||||||||||
Net income (loss) - attributable to China Shen Zhou Mining & Resources, Inc. and Subsidiaries
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(2,486 | ) | 9,205 | (3,288 | ) | 3,014 | ||||||||||
Other comprehensive income:
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||||||||||||||||
Foreign currency translation adjustments
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177 | (397 | ) | 518 | (181 | ) | ||||||||||
Comprehensive income (loss)
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$ | (2,309 | ) | $ | 8,808 | $ | (2,770 | ) | $ | 2,833 | ||||||
Net income (loss) per common share – basic and diluted
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||||||||||||||||
From continuing operations
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(0.09 | ) | 0.48 | (0.11 | ) | 0.23 | ||||||||||
From discontinued operations
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- | (0.07 | ) | - | (0.10 | ) | ||||||||||
$ | (0.09 | ) | $ | 0.41 | $ | (0.11 | ) | $ | 0.13 | |||||||
Weighted average common shares outstanding
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||||||||||||||||
- Basic and Diluted
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27,975 | 22,338 | 27,902 | 22,324 |
CHINA SHEN ZHOU MINING & RESOURCES, INC AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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(Audited, Amounts in thousands, except share data)
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For the Year Ended December 31,
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||||||||
2010
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2009
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Cash flows from operating activities:
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||||||||
Net (loss) income
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$ | (3,288 | ) | $ | 3,014 | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
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||||||||
Loss from operations of discontinued component, net of income tax benefits
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- | 740 | ||||||
Loss on sale of discontinued operations, net of income taxes
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- | 1,476 | ||||||
Gain on sale of repurchase convertible notes
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- | (13,959 | ) | |||||
Provision for doubtful accounts
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355 | 15 | ||||||
Impairment provision for inventories
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287 | 34 | ||||||
Provision for available for sale investment
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148 | - | ||||||
Impairment provision for mining assets
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1,354 | - | ||||||
Depreciation and amortization
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2,492 | 2,514 | ||||||
Fair value adjustment of warrants
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- | 7 | ||||||
Loss on disposal of property, machinery and mining assets
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- | 15 | ||||||
Accrual of coupon interests and accreted principal
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- | 1,169 | ||||||
Amortization of deferred financing costs
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- | 1,207 | ||||||
Amortization of debt issuance costs
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- | 318 | ||||||
Noncontrolling interests
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(133 | ) | (51 | ) | ||||
Forgiveness of payroll payables
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(300 | ) | - | |||||
Changes in operating assets and liabilities:
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||||||||
(Increase) decrease in -
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||||||||
Accounts receivable
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48 | 244 | ||||||
Other deposits and prepayments
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(220 | ) | 256 | |||||
Prepayment for office rent
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198 | 225 | ||||||
Inventories
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(3,687 | ) | (797 | ) | ||||
Restricted assets
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649 | (740 | ) | |||||
Increase (decrease) in -
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||||||||
Accounts payable
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(2,366 | ) | 1,224 | |||||
Other payables and accruals
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434 | 2,028 | ||||||
Taxes payable
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300 | (82 | ) | |||||
Net cash used in operating activities from continuing operations
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(3,729 | ) | (1,143 | ) | ||||
Net cash used in operating activities from discontinued operations
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- | (33 | ) | |||||
Net cash used in operating activities
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(3,729 | ) | (1,176 | ) | ||||
Cash flows from investing activities:
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||||||||
Purchases of property, machinery and mining assets
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(2,103 | ) | (2,520 | ) | ||||
Sales of property, machinery and mining assets
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75 | 1,987 | ||||||
Net cash used in investing activities from continuing operations
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(2,028 | ) | (533 | ) | ||||
Net cash provided by disposal of discontinued operations
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- | 8,200 | ||||||
Net cash (used in) provided by investing activities
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(2,028 | ) | 7,667 | |||||
Cash flows from financing activities:
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||||||||
Repayment at the convertible notes
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- | (8,000 | ) | |||||
Due to related parties
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67 | (193 | ) | |||||
Repayment at short-term bank loans
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(5,036 | ) | (2,518 | ) | ||||
Proceeds from short-term bank loans
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12,142 | 4,362 | ||||||
Net cash provided by (used in) financing activities
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7,173 | (6,349 | ) | |||||
Foreign currency translation adjustment
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(203 | ) | (9 | ) | ||||
Net increase in cash and cash equivalents
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1,213 | 133 | ||||||
Cash and cash equivalents at the beginning of the year
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333 | 200 | ||||||
Cash and cash equivalents at the end of the year
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$ | 1,546 | $ | 333 | ||||
Non-cash investing and financing activities
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||||||||
Shares issued to employees as share based compensation
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$ | 753 | $ | - | ||||
Supplemental disclosures of cash flow information:
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