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Overview

Bank of China provides a RMB 6.26 billion cross-border loan to Yancoal Australia to increase its capital

Commitments (Constant USD, 2023)$1,100,534,866
Commitment Year•2011Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2011
Last repayment (originally scheduled)
Sep 30, 2012

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

Loan description

Bank of China provides a RMB 6.26 billion cross-border loan to Yancoal Australia to increase its capital

Interest rate (t₀)•2.52%Interest type•Fixed Interest RateMaturity•1.75 years

Narrative

Full Description

Project narrative

In 2011, the Jining Branch of Bank of China (BOC) issued a cross-border RMB 6.26 billion loan to Yancoal Australia Limited — an Australia-incorporated coal mining company then wholly owned by Yanzhou Coal Mining Company Limited — to increase Yancoal Australia's capital. This loan carried a maturity period of one year and nine months (1.75 years) and an annual interest rate of 2.52%.

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. This loan may have been issued to Yanzhou Coal Mining and then on-lent to Yancoal Australia; Source ID#179619 suggests Yanzhou loaned proceeds to Yancoal. This issue merits further investigation.