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Overview

ICBC provides a $50 million AUD loan to Yancoal Australia for working capital and capital expenditure purposes

Commitments (Constant USD, 2023)$39,281,500
Commitment Year•2015Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaOverseas Jurisdiction•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

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

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned companies

  • Yancoal Australia Limited

Guarantors

State-owned companies

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

Loan description

ICBC provides a $50 million AUD loan to Yancoal Australia for working capital and capital expenditure purposes

Interest rate (t₀)•5.575%Interest type•Variable Interest Rate

Narrative

Full Description

Project narrative

In 2015, the Sydney Branch of Industrial and Commercial Bank of China Limited (ICBC) entered into a $50 million AUD working capital facility agreement with Yancoal Australia Limited — an Australia-incorporated coal mining company majority owned by Chinese state-owned Yanzhou Coal Mining Company Limited (now known as Yankuang Energy Group Company Limited) — for working capital and capital expenditure purposes. This facility was drawable in Australian and U.S. dollars and carried an interest rate of LIBOR plus a margin of 3.00% for USD borrowings or a rate of BBSY plus a margin of 2.70% for AUD borrowings, and an undrawn fee of 0/5%. Yanzhou Coal Mining issued a corporate guarantee for the full amount of this facility. As of December 31, 2015, no amounts were drawn down under this facility. This facility matured and was cancelled (repaid) in March 2016.

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. AidData estimates the interest rate by adding 6-month average BBSY rate (2.875%) at the time of the commitment plus the applicable margin (2.7%) equal to 5.575%. 3. The actual amount of money disbursed under this loan is unknown.