Narrative
Full Description
Project narrative
On June 15, 2016, Yancoal Australia Limited — an Australia-incorporated coal mining company majority owned by Yanzhou Coal Mining Company Limited (now known as Yankuang Energy Group Company Limited) — entered into a $50 million AUD uncommitted revolving loan agreement with Premier Coal Holdings Pty Ltd — an indirect wholly-owned subsidiary of Yanzhou via Yancoal International Holding Co. Ltd and owner of the Premier coal mine — for unspecified purposes. This loan carried a fixed interest rate of 7%. As an uncommitted loan facility, Yancoal Australia had the right to decline to disburse funds if it lacked the capacity to provide it. Additionally, Yancoal Australia had the right to terminate or cancel the facility at any time and require that draw downs already advanced to Premier Coal prior to the termination or cancellation be repaid immediately. The termination date (maturity date) was scheduled for 12 months from June 15, 2016, subject to automatic extension on a rolling 12 months basis. The maximum daily drawn-down principal of the loan, including the interest accrued thereon, for the three years ended December 31, 2016 and 2017 and the six months ended June 30, 2018 were approximately $46.6 million AUD, $45.8 million AUD, and $29.3 million AUD respectively. The maximum daily drawn-down principal of the loan under the Premier Coal Loan Agreement (including the interest accrued thereon) for the three years ending December 31, 2018, 2019 and 2020 was to not exceed $53.5 million AUD, $53.5 million AUD, and $53.5 million AUD, respectively, with these annual caps representing the facility limit under the loan agreement and the maximum interest to be received. On December 16, 2020, the Yancoal board set the annual caps for the three years ending December 31, 2021, 2022, and 2023 at $53.5 million AUD, $53.5 million AUD, and $53.5 million AUD respectively. As of November 18, 2018, no amount remained drawn down under the loan. As of December 31, 2018, no amount remained drawn down under the loan agreement. As of December 31, 2019, no amount remained drawn down under the loan agreement. As of December 31, 2020, no amount remained drawn down under the loan agreement. As of December 31, 2021, no amount remained drawn down under the loan agreement. As of December 31, 2021, no amount remained drawn down under the loan agreement.
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. 2. While Yanzhou wholly owns the Premier mine, an open-cut coal mine located in Western Australia, Yancoal Australia is the manager and operator of the mine on behalf of Yanzhou (see pg.1 and 219 of "Yancoal Australia Limited Annual Report 2018").