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Overview

Gold Mountains (H.K.) International Mining provides a $25 million USD loan to Norton Gold Fields for unspecified purposes (Linked to Record ID#93971)

Commitments (Constant USD, 2023)$25,849,282
Commitment Year•2013Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaOverseas Jurisdiction•Hong Kong (China)Sector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 1, 2013
Last repayment (originally scheduled)
Aug 1, 2014

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

  • Gold Mountains (H.K.) International Mining Company Limited

Receiving agencies

State-owned companies

  • Norton Gold Fields Limited (NGF)

Loan description

Gold Mountains (H.K.) International Mining provides a $25 million USD loan to Norton Gold Fields for unspecified purposes

Interest rate (t₀)•3.397%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•1 years

Narrative

Full Description

Project narrative

In August 2013, Gold Mountains (H.K.) International Mining Company Limited, a Hong Kong-incorporated wholly owned subsidiary of Chinese state-owned mining company Zijin Mining Group Co., Limited, provided a $25 million USD ($27.8 million AUD) credit facility to Norton Gold Fields Limited (NGF), an Australian gold producer whose major shareholder is Zijin Mining, for unspecified purposes. This line of credit facility was unsecured, had a maturity period one year from the first drawdown, and an annual interest rate of the 6-Month LIBOR rate plus a margin of 3%, with interest payable semi-annually. In August 2014, the Perth Branch of the Industrial and Commercial Bank of China (ICBC) entered into a $40 million AUD loan agreement with Norton Gold Fields. Among other uses, the proceeds of this loan were used to repay the $25 million USD Gold Mountains loan. Record ID#93971 captures the August 2014 $40 million AUD ICBC loan.

Staff comments

1. Norton Gold Fields Limited (NGF), later known as Norton Gold Fields Pty Ltd, is one of Australia’s largest domestic gold producers, with recent annual production of up to 200,000 ounces. Norton owns a mining and processing complex in Western Australia’s Kalgoorlie gold region, including a prospective tenement package of over 1,000 square kilometers surrounding the 3.8 Mtpa Paddington Mill.