on SouthGobi Resources Ltd. (HKG:1878)
SouthGobi Secures RMB 235 Million Loan from Khan Bank
SouthGobi Resources Ltd. announced a secured loan agreement of RMB 235 million with Khan Bank. The loan will be managed by its Mongolian subsidiary, Southgobi Sands LLC. The agreement, signed on October 7, outlines the loan terms and conditions.
The loan term is 18 months with a 10% annual interest rate. Initial 12 months will involve interest-only payments, followed by principal repayments. The loan, subject to customary conditions, is secured by pledges over specific assets, including properties and mining licenses.
The loan aims to support SouthGobi's working capital and operational expenses. JD Zhixing Fund L.P. has agreed to waive its rights over these assets while the loan is outstanding. SouthGobi's main operations include the Ovoot Tolgoi coal mine in Mongolia, serving customers in China.
R. E.
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