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Overview

ICBC (Asia) provides a $800,000 AUD loan to Crater Gold Mining for unspecified purposes

Commitments (Constant USD, 2023)$648,766
Commitment Year•2016Country 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 25, 2016

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 (Asia) Limited (ICBC (Asia))

Receiving agencies

Private Sector

  • Crater Gold Mining Limited

Loan description

ICBC (Asia) provides a $800,000 AUD loan to Crater Gold Mining for unspecified purposes

Interest type•Variable Interest Rate

Collateral

This loan facility was guaranteed by interests associated with Crater Gold Mining Chairman Sam Chan; specifically, Chan provided a 125% security deposit ($1,000,000 AUD) for the ICBC loan.

Narrative

Full Description

Project narrative

On August 25, 2016, the Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)) entered into a loan facility of up to $800,000 AUD with Crater Gold Mining Limited for unspecified purposes. The loan facility was repayable on call and was guaranteed by interests associated with CGN Chairman Sam Chan. Specifically, Chan provided a 125% security (collateral) deposit ($1,000,000 AUD) for the ICBC loan. As of June 30, 2017, the interest rate was 2.75% per annum. As of December 31, 2017, the interest rate was 3.28% per annum. As of June 30, 2018, the interest rate was 3.40% per annum. As of December 31, 2018, the interest rate 3.28% per annum. As of June 30, 2019, the interest rate was 2.10% per annum. As of December 31, 2019, the interest rate was 2.10% per annum. As of June 30, 2020, the interest rate was 1.45% per annum. As of December 31, 2020, the interest rate was 1.15% per annum. As of June 30, 2021, the interest rate was 1.15% per annum. This loan was fully repaid in December 2021.

Staff comments

1. As the interest rate varied through the life of the loan, but AidData has identified its value at nine key points, AidData has calculated the interest rate as the average of the nine interest rates [(2.75 + 3.28 + 3.40 + 3.28 + 2.10 + 2.10 + 1.45 + 1.15 + 1.15 + 1.15) / 9], or 2.4233%.