ANNOUNCEMENT 29 Aug 2012
In August 2012, the Japan Bank for International Cooperation (JBIC) signed two overseas investment loan agreements with Australian Sumisho Coal Australia Pty Limited (SCAP) and Sumitomo Corporation to support their mining activities in Australia.
Notably, JBIC has already supported Sumitomo Corporation mining activities earlier in August as well as in March 2012, see related measures.
NUMBER OF INTERVENTIONS
The Japan Bank for International Cooperation, press release of 29 August 2012, Energy and Natural Resource Financing for Acquiring Interest in Isaac Plains Coal Mine in Australia: http://www.jbic.go.jp/en/information/press/press-2012/0829-7439
JBIC information on overseas investment loans: http://www.jbic.go.jp/en/finance/investment
The overseas investment loan agreement signed on 29 August 2012 between JBIC and Japanese Sumitomo Corporation has a value of USD 150 million.
The loan finances the Japanese company's acquisition of interest in Isaac Plains Coal Mine in Australia through its subsidiary Ocean Coal Mining Pty Limited. The Mine produces coking coal and thermal coal in open cut.
Overseas investment loans
JBIC provides direct loans named overseas investment loans to Japanese companies, overseas affiliates or joint ventures where Japanese companies hold equity interests and governments or financial institutions partying with such overseas affiliates. Loans support projects in specific sectors or with a specific purpose of interest to Japan. Further information can be found on the Bank’s website under overseas investment loans.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets and from foreign subsidiaries.
The overseas investment loan agreement signed on 24 August 2012 between JBIC and Sumisho Coal Australia Pty Limited has a value of AUD 147 million (USD 152.88 million). Sumisho Coal Australia Pty Limited is an Australian subsidiary of the Japanese Sumitomo Corporation.
The loan enables Sumitomo Corporation's acquisition of interest in Isaac Plains Coal Mine in Australia through its subsidiary Ocean Coal Mining Pty Limited. The Mine produces coking coal and thermal coal in open cut.