Narrative
Full Description
Project narrative
Between July 1, 2017 and October 24, 2017, Australia Kunqian International Energy Co., Pty Ltd, a wholly owned subsidiary of Chinese state-owned China Yima Coal Group, entered into a RMB 15,600,000 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. This loan carried an interest rate of 6.16% and a final maturity date of July 31, 2020, was described as "long-term", and was unsecured. The proceeds of this facility were used to support U&D Mining's operations. As of June 30, 2017, RMB 12.6 million had been drawn down under this facility. Then, in January 2020, Kunqian entered into an amendment agreement with U&D; in this agreement, it extended the maturity date of the RMB 15.6 million loan, as well as $73.8 million AUD loan (as captured by Record ID#93540), the $20.0 million AUD (as captured by Record ID#93545), the $8.0 million AUD loan (as captured by Record ID#93562), and a RMB 62.4 million loan (as captured by Record ID#93579), to June 30, 2021. 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 $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 $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 RMB 62.4 million (extending the maturity to 3.667 years from two years) loan 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 RMB 15.6 million loan, the $73.8 million AUD loan, the $20.0 million AUD, the $8.0 million AUD loan, and the RMB 62.4 million loan, to July 31, 2021 (an extension of one month). 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 $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 $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 RMB 62.4 million (extending the maturity to 3.75 years from 3.667 years) loan is captured by Record ID#93581.