Overview

Australia Kunqian International Energy provides a $1.3 million AUD loan to U&D Coal for working capital purposes

Commitments (Constant USD, 2023)$1,054,244

Commitment Year•2016Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaOverseas Jurisdiction•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 1, 2016

End (planned): Nov 14, 2019

End (actual): Dec 1, 2017

Last repayment (originally scheduled): Nov 1, 2019

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% Chinese ownership

Funding agencies

State-owned companies

Australia Kunqian International Energy Co., Pty Ltd (KQ)

Receiving agencies

Joint Venture/Special Purpose Vehicles

U&D Coal Limited

Loan description

Australia Kunqian International Energy provides a $1.3 million AUD loan to U&D Coal for working capital purposes

Interest rate (t₀)•6.16%Interest type•Fixed Interest RateMaturity•3 years

Narrative

Full Description

Project narrative

In November 2016, Australia Kunqian International Energy Co., Pty Ltd, a wholly owned subsidiary of Chinese state-owned China Yima Coal Group, entered into a $1,300,000 AUD loan facility 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 — to support U&D Mining's working capital needs. This loan carried a maturity period of three years, a final maturity date of November 14, 2019, and an interest rate of 6.16%, capitalized quarterly. The loan was fully repaid with interest in December 2017.