Overview

Shandong Gold International Mining provides a RMB 38 million loan to Focus Minerals for working capital puporses

Commitments (Constant USD, 2023)$5,366,895

Commitment Year•2023Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 1, 2023

Last repayment (originally scheduled): Jun 30, 2024

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownershipAt least 25% Chinese ownership

Funding agencies

State-owned companies

Shandong Gold International Mining Co., Ltd.

Receiving agencies

State-owned companies

Focus Minerals Limited

Loan description

Shandong Gold International Mining provides a RMB 38 million loan to Focus Minerals for working capital puporses

Interest rate (t₀)•6.5%Interest type•Fixed Interest RateMaturity•1 years

Narrative

Full Description

Project narrative

In July 2023, Chinese state-owned gold mining company Shandong Gold International Mining Co., Ltd. entered into a RMB 38 million ($8 million AUD) loan facility with Focus Minerals Limited — an Australia-incorporated gold producer with operations based in Coolgardie in Western Australia listed on the Australian Securities Exchange whose largest shareholder is Shandong Gold International Mining (62.84%) — for working capital purposes. This loan carried a maturity period of one year and an interest rate of 6.5% per annum with interest payable quarterly. The proceeds of this loan were to be used by the borrower for additional working capital to fund operational expenditures.