Narrative
Full Description
Project narrative
In 2012, 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) — issued a $50,000,000 AUD loan to Yancoal Technology Development Pty Ltd — an Australia-incorporated wholly owned subsidiary of Yanzhou Coal Mining Company Limited via Yancoal International (Holding) Co., Ltd — for unspecified purposes. This unsecured loan carried an interest rate of 3-month BBSY plus a margin of 1.2%; it was charged at 4.68% per annum as of December 31, 2012. Yancoal Australia received $1,247,890 AUD in interest income as of December 31, 2012 and $2,380,690 AUD in interest income as of December 31, 2013 on this loan. As of December 31, 2013, the entire $50,000,000 AUD balance of this loan had been repaid.
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 is calculating the loan's interest rate (5.728%) as the sum of the reported margin rate (120bps/1.20%) and the contemporary average 3-month BBSY rate (4.528%). BBSY rate information was taken from this source: https://www.dropbox.com/scl/fi/vf4hmk3ca1b11nm8tyjkg/BBSW-and-BBSY-Daily-Reference-Rates-2000-to-2023.xlsx.xlsx?cloud_editor=gsheet&dl=0&rlkey=ozq8sa1itiq8kmpnqhdb6jndh#gid=544580120