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Overview

ICBC contributes $29.84 million AUD to a $385 million AUD syndicated loan to Saracen Mineral Holdings Limited for unspecified purposes

Commitments (Constant USD, 2023)$21,232,371
Commitment Year•2020Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 26, 2020
Last repayment (originally scheduled)
Jan 25, 2023

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% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • BNP Paribas S.A.
  • Citibank, N.A.
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Westpac Banking Corporation

Receiving agencies

Private Sector

  • Saracen Mineral Holdings Limited

Loan description

2020 ICBC contributions to a $385 million AUD syndicated loan to Saracen Mineral Holdings Limited for unspecified purposes in Australia

Interest type•UnknownMaturity•2.916 years

Narrative

Full Description

Project narrative

On February 26, 2020, financial close was reached on a deal in which a syndicate of six banks — including the Industrial and Commercial Bank of China (ICBC) — provided a $385.00 million AUD ($253.29 million USD) syndicated loan to Saracen Mineral Holdings Limited — an Australian gold producer and the owner and operator of the Caruosoe Dam and Thunderbox Gold Mine and holder of the then-recently-acquired 50% stake in the Super Pit gold mine — for unspecified purposes. The loan carried a maturity period of two years and 11 months. ICBC contributed $29.84 million AUD ($19.63 million USD) to the syndicated loan. In addition to ICBC, the following lenders contributed the following amounts to the syndicated loan: Sumitomo Mitsui Banking Corporation (SMBC) ($29.84 million AUD), BNP Paribas S.A. ($115.50 million AUD; $75.99 million USD), Westpac Banking Corporation ($115.50 million AUD; $75.99 million USD), Citibank N.A. ($48.12 million AUD; $31.66 million USD), and Australia and New Zealand Banking Group (ANZ) ($46.20 million AUD; $30.40 million USD).

Staff comments

1. This loan is not reported in Saracen's 2020 Annual Report. A $400 million AUD loan that was drawn down in November 2019 for the acquisition of the 50% interest in the Super Pit gold mine is acknowledged (see pg.69 of "Saracen Minerals Holdings Limited 2020 Annual Report"), but otherwise no other loan facility close to $385 million AUD is reported. This issue merits further investigation.