Overview

Bank of China disburses $37 million AUD of $47 million AUD line of credit facility to Yancoal Australia Limited for unspecified purposes

Commitments (Constant USD, 2023)$29,068,310

Commitment Year•2015Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2015

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 Commercial Banks

Bank of China (BOC)

Receiving agencies

State-owned companies

Yancoal Australia Limited

Loan description

Bank of China disburses $37 million AUD of $47 million AUD line of credit facility to Yancoal Australia Limited for unspecified purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

Prior to December 31, 2015, Bank of China (BOC) had entered into a $47 million AUD line of credit (bank guarantee facility) with Yancoal Australia Limited — an Australia-incorporated coal mining company majority owned by Yanzhou Coal Mining — for unspecified purposes. As of December 31, 2015, $37 million AUD of this facility had been disbursed to the borrower. Yanzhou Coal Mining Company Limited issued a letter of comfort for the full $47 million AUD of the facility as security.

Staff comments

1. Yankuang Energy Group Company Limited (formerly known as Yanzhou Coal Mining Company Limited) is a Chinese state-owned company and a subsidiary of Shandong Energy Group Co. Yankuang Energy Group Company Limited is the ultimate parent of Yancoal Australia Ltd. via Yanzhou Coal Mining Company Limited, the PRC-incorporated joint stock limited coal mining company.