Bank of China disburses $101 million AUD of $95 million USD line of credit facility to Yancoal Australia Limited for unspecified purposes

Project narrative

Prior to June 30, 2018, Bank of China (BOC) had entered into a $95 million USD ($129 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 June 30, 2018, $101 million AUD of this facility had been disbursed to the borrower. As security, Yanzhou Coal Mining Company Limited issued corporate guarantees for the full amount of the facility, with $45 million USD expiring on December 16, 2018 and $50 million USD expiring on December 16, 2019. It also provided $2.5 million AUD of cash collateral.