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Overview

Bank of China disburses $228 million AUD of $268 million AUD line of credit faclility to Yancoal Australia Limited for unspecified purposes

Commitments (Constant USD, 2023)$184,898,252
Commitment Year•2016Country 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, 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% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

State-owned companies

  • Yancoal Australia Limited

Guarantors

State-owned companies

  • Yankuang Energy Group Company Limited (formerly Yanzhou Coal Mining Company Limited)

Collateral providers

State-owned companies

  • Yancoal Australia Limited

Loan description

Bank of China disburses $228 million AUD of $268 million AUD line of credit faclility to Yancoal Australia Limited for unspecified purposes

Interest type•Unknown

Collateral

Yancoal Australia provided 100% cash collateral to secure $28 million AUD of the facility.

Narrative

Full Description

Project narrative

Prior to December 31, 2016, Bank of China (BOC) had entered into a $268 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, 2016, $228 million AUD of this facility had been disbursed to the borrower. As security, Yanzhou Coal Mining Company Limited issued a letter of comfort for $47 million AUD. Yancoal Australia provided 100% cash collateral to secure $28 million AUD. Yanzhou provided a corporate guarantee for $140 million USD ($194 million AUD).

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.