Narrative
Full Description
Project narrative
In or around February 2015, Australia Kunqian International Energy Co., Pty Ltd, a wholly owned subsidiary of Chinese state-owned China Yima Coal Group, entered into a $8 million AUD long-term funding facility (loan) agreement with U&D Coal Limited — an Australia-based coal explorer and producer and joint venture jointly owned by Kunqian (51%), China Kunlun International Holding Limited (24%), Golden Globe Energy Limited (23%), and its several individual investors — for unspecified purposes. The loan carried a maturity period of three years years that was capitalized quarterly and a final maturity date of February 2018 and an interest rate of 8%. As of June 30, 2015, U&D had drawn $4,000,000 AUD from the loan; it drew down the rest in 2016. Record ID#93562 captures this loan. Then, in October 2017, Kunqian entered into an amendment agreement with U&D, this time extending the maturity date of the $8.0 million AUD loan, as well as a $73.8 million AUD loan (as captured by Record ID#93540) and a $20.0 million AUD (as captured by Record ID#93545), to December 31, 2018. The extension of the $8.0 million AUD loan (extending the maturity to 3.5 years from three years) is captured by Record ID#93563. The extension of the $73.8 million AUD loan (extending the maturity to 2.5 years from two years) from Kunqian is captured by Record ID#93542. The extension of the $20 million AUD loan (extending the maturity to 4.33 years from four years) is captured by Record ID#93559. Then, in January 2020, Kunqian entered into another amendment agreement with U&D; in this agreement, it extended the maturity date of the $8.0 million AUD loan, as well as a $73.8 million AUD loan, a $20.0 million AUD, a RMB 15.6 million loan (as captured by Record ID#93576), and a RMB 62.4 million loan (as captured by Record ID#93579), to June 30, 2021. The extension of the $8.0 million AUD loan (extending the maturity to six years from 3.5 years) is captured by Record ID#93564. The extension of the $73.8 million AUD loan (extending the maturity to 5 years from 2.5 years) from Kunqian is captured by Record ID#93543. The extension of the $20 million AUD (extending the maturity to 6.83 years from 4.33 years) loan is captured by Record ID#93560. The extension of the RMB 15.6 million loan (extending the maturity to four years from three years) is captured by Record ID#93577. The extension of the RMB 62.4 million loan (extending the maturity to 3.667 years from two years) is captured by Record ID#93580. Then, in June 2020, Kunqian entered into another amendment agreement with U&D; in this agreement, it extended the maturity date of the $73.8 million AUD loan, the $20.0 million AUD, the $8.0 million AUD loan, the RMB 15.6 million loan, and the RMB 62.4 million loan, to July 31, 2021 (an extension of one month). The extension of the $8.0 million AUD loan (extending the maturity to 6.083 years from six years) is captured by Record ID#93566. The extension of the $73.8 million AUD loan (extending the maturity to 5.083 years from five years) from Kunqian is captured by Record ID#93544. The extension of the $20 million AUD loan (extending the maturity to 6.913 years from 6.83 years) is captured by Record ID#93561. The extension of the RMB 15.6 million loan (extending the maturity to 4.083 years from four years) is captured by Record ID#93578. The extension of the RMB 62.4 million loan (extending the maturity to 3.75 years from 3.667 years) is captured by Record ID#93581.