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Overview

ICBC provides a $10 million AUD loan to Grange Resources for working capital purposes

Commitments (Constant USD, 2023)$11,727,528
Commitment Year•2011Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 31, 2011

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 ownershipAt least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

  • Grange Resources Limited

Loan description

ICBC provides a $10 million AUD loan to Grange Resources for working capital purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

Between October 1 and December 31, 2011, the Industrial and Commercial Bank of China (ICBC) entered into a $20 million AUD working capital facility agreement with Grange Resources Limited, an Australian mining company magnetite producer. As of December 31, 2011, $10 million AUD of this facility had been drawn down. As of March 31, 2012, $10 million AUD of this facility had been drawn down. As of June 30, 2012, $10 million AUD of this facility had been drawn down. In October 2012, Grange Resources repaid the $10 million AUD outstanding under the working capital facility.

Staff comments

1. AidData has coded $10 million AUD as the transaction_amount as this is the amount of the loan actually disbursed and used before the borrower repaid and closed the facility. 2. Shagang International Holdings, the largest privately-owned steelmaker in China, was one of largest shareholder in Grange Resources. As of March 8, 2013, it and its entities owned 46.24% of Grange (see pg.87 of "Grange Resources Limited 2012 Annual Report").