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Energy and Natural Resource Finance for Acquiring Concession of Minerva Coal Mine
Supporting Secure Energy Resources and Their Stable Supply to Japan

  • Region: Oceania
  • Energy and Natural Resources
  • Overseas Investment Loans
NR/2011-11
May 23, 2011
  1. Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed today a loan agreement totaling up to 144.71 million US dollars with Sojitz Coal Resources Pty Ltd (SCR), a subsidiary of Sojitz Corporation in Australia. The loan was co-financed with Australia and New Zealand Banking Group Limited.
     
  2. The direct loan will finance SCR for the acquisition of an additional 51% interest in the Minerva coal mine, located in the vicinity of Emerald, Queensland, from Felix Resources Limited, an Australian company. With this additional 51% interest, SCR is to own a 96% stake in this mine. This credit was structured as a security package assuring the creditworthiness of SCR based on cash flows from coal mines SCR possesses and the collateral of some coal mine interests, mainly Minerva coal mine. With the acquisition of an additional interest, SCR is to conduct mining operations as an operator and conduct sales activities for the coal produced there.
     
  3. About one half of the thermal coal produced in the mine is sold to Japanese power utilities and cement manufacturers based on long-term contracts through Sojitz Corporation, which is engaged in marketing in Japan. The coal produced by the Minerva coal mine has a quality required for power generating facilities of Japanese end-users. In addition, the coal is shipped from the Port of Gladstone, a port that has relatively short demurrage, thus reducing the risk of delayed delivery. Another advantage is that it will help the end-users avoid the concentration of supply source in a major supplier with diversification of supply sources.
     
  4. The loan is intended to support a project by a Japanese firm for selling coal to Japanese utilities and industry in general by acquiring an interest in an overseas coal mine and conducting its operations as an operator. It will thereby contribute to securing energy resources and the stable supply of these resources to Japan. JBIC is committed to supporting the development and acquisition of strategically important natural resources through project formulation that utilizes its range of financial instruments and schemes, as well as its risk-assuming function.
     
Note
  1. *1 JBIC is the international wing of Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
     

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