Narrative
Full Description
Project narrative
In November 2017, Australia Kunqian International Energy Co., Pty Ltd, a wholly owned subsidiary of Chinese state-owned China Yima Coal Group, entered into a RMB 62,400,000 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. This loan carried an interest rate of 6.16%, a maturity period of two years, a final maturity date of November 1, 2019, and was unsecured. The proceeds of this loan were used to support U&D Coal's working capital needs. Record ID#93579 captures this project. As of June 30, 2018, RMB 52.4 million had been drawn down under this facility. The remaining RMB 10 million was drawn down as of June 30, 2019. Then, in January 2020, Kunqian entered into an amendment agreement with U&D; in this agreement, it extended the maturity date of the RMB 62.4 million loan, as well as a $73.8 million AUD loan (as captured by Record ID#93540), a $20.0 million AUD (as captured by Record ID#93545), a $8.0 million AUD loan (as captured by Record ID#93562), and a RMB 15.6 million loan (as captured by Record ID#93576) to June 30, 2021. 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. 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 15.6 million loan (extending the maturity to four years from three years) is captured by Record ID#93577. 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 62.4 million loan (extending the maturity to 3.75 years from 3.667 years) is captured by Record ID#93581. 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 15.6 million loan (extending the maturity to 4.083 years from four years) is captured by Record ID#93578.