Bank of China provides a $75 million loan to Gold One International to unspecified purposes

On November 1, 2013, the Bank of China (BOC) entered into a $75 million USD loan agreement with Gold One International Limited — an Australian and South African mining company dual-listed on the Australian Securities Exchange and the Johannesburg Stock Exchange focused on exploring and producing gold and uranium assets in Southern Africa — for unspecified purposes. This loan carried a maturity period of 12 months and an interest rate of LIBOR plus a margin of 0.9%. The full amount of the loan was fully drawn down on November 18, 2013; however, as of as of November 28, 2013, none of the loans had been spent and remained in the borrower's Australia bank account. Gold One's flagship project was the Modder East Gold Project 30 kilometers east of Johannesburg, South Africa. Gold One's flagship project was the Modder East Gold Project 30 kilometers east of Johannesburg, South Africa; its other operating asset was the Cooke Underground Operations and Randontein Surface Operations located 38 kilometers west of Johannesburg near Randfontein. Its exploration assets included the Pamodzi East Rand Project in South Africa, the West Rand Tailings Retreatment Project in the West Rand of Johannesburg, the Modder North Project located six kilometers of Modder East in South Asia, the Tulo Project located in north-west Mozambique 20 kilometers from Tanzania, and the Ventersburg Project loocated 25 kilometers south east of Welkom in Free State Province.

Additional details

1. As Bank of China fully disbursed this loan, even though the borrower had not spent it (the purposes being unknown; possibly by for refinancing or general corporate purposes), AidData has marked the project_status field as Completion. 2. In May 2011, a consortium of Chinese investors finalized an agreement to purchase Gold One International, a South African-Australian firm, for AUD 444 million (about 470 million USD) in order to gain access to its gold mines in South Africa. The CITIC-controlled consortium is comprised of Baiyin Non-Ferrous Group Company Limited, the China-Africa Development Fund (CADFund), and Long March Capital Limited. Thereafter, Gold One began a Chinese majority state-owned company. 3. A 6-month LIBOR was assumed. The average 6-month LIBOR for November 2013 was 0.351%. Therefore, the interest rate has been coded as 0.351% + 0.9%, or 1.251%.

Number of official sources

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Number of total sources

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