Overview

Australia Kunqian International Energy provides a $500,000 AUD loan to U&D Coal to support its operations

Commitments (Constant USD, 2023)$407,831

Commitment Year•2017Country 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: Jan 1, 2017

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 $500,000 AUD loan to U&D Coal to support its operations in Australia 2017

Interest rate (t₀)•0%Interest type•Fixed Interest Rate

Narrative

Full Description

Project narrative

In 2017, Australia Kunqian International Energy Co., Pty Ltd — a wholly owned subsidiary of Chinese state-owned China Yima Coal Group — entered into a $500,000 AUD 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) — to support U&D Coal's operations. This loan was "short-term", had repayment due when a further long term loan from Kunqian would be secured, and was interest-free because of its short-term nature. As of June 30, 2017, $300,000 AUD of this loan had been drawn down. During soon thereafter, in 2017, the remaining $150,000 AUD was drawn down.