Last checked at 22 Sep 2023 12:18
China Nonferrous Gold Limited
(‘CNG’ or the ‘Company’
And with its subsidiaries the “Group”)
Interim Results for the Six-Month Period Ended 30 June 2023
China Nonferrous Gold Limited (AIM: CNG), the mineral exploration and mining company currently mining the Pakrut Gold Project (‘the Pakrut Project’) in the Republic of Tajikistan, today announces its interim results for the six-month period ended 30 June 2023.
The results below are available on the Company's website at www.cnfgold.com.
Highlights
From January to June 2023, a total of 238,917 tons (30 June 2022: 302,590 tons) of ore was extracted from the Pakrut gold mine; 268,034 tons of ore was processed at a grade of 2.32 g/t; and 15,192 oz. gold ingots were poured. From January to June 2023, the Group sold 15,192 oz. (30 June 2022: 16,484 oz.) of gold ingots, achieving sales revenue of US$30.17 million.For further information please visit the Company’s website (www.cnfgold.com) or contact:
China Nonferrous Gold Limited
Feng Zhishuo, Managing Director
Tel: +86 10 8442 6627
WH Ireland Limited (NOMAD & Broker)
Katy Mitchell, Andrew de Andrade
Tel: +44 (0)207 220 1666
BlytheRay (PR)
Tim Blythe, Megan Ray
Tel: +44 (0)20 7138 3224
Project Summary
The Pakrut Gold Project, of which CNG has 100 per cent ownership, is situated in Tajikistan approximately 120km northeast of the capital city Dushanbe. Pakrut is located within the Tien Shan gold belt, which extends from Uzbekistan into Tajikistan, Kyrgyzstan and Western China, and which hosts a number of multi-million ounce gold deposits.
CNG entered steady state production in January 2019.
About Tajikistan
Tajikistan is a secular republic located in Central Asia. The country is a member of the Commonwealth of Independent States and the Shanghai Cooperation Organization. Tajikistan hosts numerous operating precious metal mines as well as the largest aluminum smelter in Central Asia. CNG's management team has extensive experience in the mining industry in Tajikistan.
CEO’s Statement
As CEO of the board, I present the CEO’s statement of the Interim Results for the Six-Month Period Ended 30 June 2023. Pakrut continued producing during the first half of the year, making the Group an important gold producer in Tajikistan.
From January to June 2023, a total of 238,917 tons (30 June 2022: 302,590 tons) of ore was extracted from the Pakrut gold mine. In January 2023, an avalanche occurred locally in Tajikistan, damaging the electric power transmission tower that supplied the mine and resulting in a power outage. The power shortage resulted in underground mining and processing plants, and therefore operations at the mine site, being suspended for approximately two months. In March 2023, the road leading to the mining site was been repaired and the site resumed normal operation.
During that same six month period:
268,034 tons of ore was processed; the average grade of the raw ore was 2.32 g/t; the recovery rate of processing was 90.27%; 7,977.17 tons of concentrate was produced from the processing plant; and 7,467.17 tons of concentrate was treated in the smelter (the comprehensive recovery rate of smelting was 90.76%) and 15,192 oz. gold ingots were poured.From January to June 2023, the Group sold 15,192 oz. (30 June 2022: 16,484 oz.) of gold ingots, achieving sales revenue of US$30.17million (unaudited) (30 June 2022: $30.71million), with an average sales price of US$1,986.04 / oz. (30 June 2022: $1,863.02 / oz.).
Financial Results
The Company continued its production and operation work during the first six months of 2023. Administration expenditure was US$10,227,386 (30 June 2022: US$10,032,340). The largest increase in expenditure is staff salaries. The operating profit for the period under review was US$3,882,000 (30 June 2022: US$4,910,000) and the loss before tax from the period was US$17,166,096 (30 June 2022: US$946,000). The increase in loss before tax is mainly due to increased finance costs with changes in market interest rates. Cash and cash equivalents at the end of the period amounted to US$3,626,620 (30 June 2022: US$11,791,206). As at 30 June 2023, the Group had net liabilities of $32,606,400 (30 June 2022: net liabilities $31,304,559).
In January 2023, the Group executed a loan agreement with CNMC Trade Company Limited (“CNMC Trade”) for a loan of up to USD $19.50 million (the “CNMC Loan”) including an annual interest rate at 0.5% plus 3 month LIBOR which was repayable within 3 months from the date of drawdown. In July 2023, an extension contract was signed with CNMC Trade, and this loan has been extended to 19 April 2024. The CNMC Loan was used to repay the existing China CITIC Bank Corporation Limited (“CITIC”) bank facilities of USD $20m.
In June 2023, the Company also executed a loan agreement with CNMC Trade for a loan of up to USD $65 million (the “Further CNMC Loan”) including an annual interest rate at 0.5% plus 3 month LIBOR, which was due for repayment on 6 September 2023. The Further CNMC Loan was used to repay the existing Bank of Shanghai (Hong Kong) Limited (“BOS”) loan facility of USD $65m, which was due for repayment on 9 June 2023.
During the first quarter of 2023, the Group repaid US$1.9m of an earlier CNMC Trade loan.
After the end of the period under review, on 12 July 2023, an extension contract was signed with CNMC Trade, pursuant to which the repayment date for the loan of US$123.6m was extended to 20 December 2023, the repayment date for the loan of US$20m was extended to 26 November 2023, the repayment date for the loan of US$14.55m was extended to 31 December 2023, and the repayment date for the loan of US$19.50m was extended to 19 April 2024. An extension contract was signed with CNMC International Capitals CompanyⅡLimited (CNNICCⅡ) to extend the repayment date for the loan of US$60.74m to 8 December 2023. The annual interest rate of the above loans has been changed to SOFR plus 0.936% (it was previously 3.25% over 3 month LIBOR), and this new interest rate has been applied retrospectively from 16 March 2023. CNMIM has also agreed to extend an expired loan of US$12.68m with CNG to 31 May 2024.
As at the date of this announcement, the Company had total debt facilities of c.US$316 million, excluding the interest accrued.
Outlook
The Directors believe the Pakrut project remains on track to achieve the production target of 700,000 tons of ore per annum set at the beginning of this year. The Company continues to seek to improve its production capacity through technological innovation. Whilst improving production, the Company is also focusing on perfecting and improving the smelting process by reducing production costs, increasing recovery rates and improving competitiveness.
Whilst the Directors consider that the Company has taken big strides in the production and operation at the Pakrut gold mine and has achieved much, there are still challenges to overcome. It was very disappointing to receive the updated SRK Report (see announcement dated 24 April 2023) which updated the JORC Compliant Resource and reduced the resource at the Company’s Pakrut project and the estimated life of mine. This resulted in an impairment charge of $265,952,925 being recorded in the 2022 financial year.
Furthermore, after the end of the period under review, the Company received notice that the loan of US$65m with CNMC Trade would not be extended. CNMC Trade has requested that the Company prepare a repayment plan for approval. At today’s date CNG has a cash balance of $1,099,307. Therefore, the Company’s ability to continue as a going concern is now reliant on the continued forbearance of CNMC Trade. Should the Company and CNMC Trade be unable to agree an acceptably phased repayment schedule and/or the Company be unable to refinance the loan then it is likely that the Company may need to be wound up.
The Directors of the Company are working with CNMC Trade to consider their options and further updates will be provided in due course.
I would like to take this opportunity to thank all our employees, management and advisers for their continued hard work in 2023. I would also like to extend my thanks to all our stakeholders for their continued backing over the years. I very much look forward to updating our shareholders further on the mine developments, production levels, new strategy and direction.
Feng Zhishuo
CEO
22 September 2023
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2023
|
| Unaudited | Unaudited | Audited |
Six months ended 30 June 2023 | Six months ended 30 June 2022 | Year ended 31 December2022 | ||
| Note | US$’000 | US$’000 | US$’000 |
|
|
|
|
|
Revenue |
| 30,172 | 30,710 | 68,525 |
Cost of sales |
| (16,081) | (15,469) | (40,085) |
Gross profit |
| 14,091 | 15,241 | 28,440 |
|
|
|
|
|
Impairment of Property, plant and equipment |
| - | - | (265,953) |
Other Operating income |
| - | 8 | - |
Administrative and other expenses |
| (10,227) | (10,032) | (25,109) |
Gain/(Loss) on foreign exchange |
| 21 | (280) | 1,075 |
Other operating expenses |
| (2) | (27) | (213) |
|
|
|
|
|
Operating profit/(loss) |
| 3,882 | 4,910 | (261,760) |
Interest income |
| 1 | - | 2 |
Finance costs |
| (11,984) | (5,856) | (15,242) |
|
|
|
|
|
Loss before Tax |
| (8,101) | (946) | (277,000) |
Income tax |
| (4,532) | (3,971) | (10,043) |
Loss for the period attributable to owners |
| (12,633) | (4,917) | (287,043) |
of the Company |
|
|
|
|
Other comprehensive income |
| - | - | - |
Total comprehensive income for the period attributable to owners of the Company |
| (12,633) | (4,917) | (287,043) |
|
|
|
|
|
Earnings per Share |
|
|
|
|
Basic and diluted (cents) | 3 | (33.04) | (1.29) | (750.65) |
All of the activities of the Group are classified as continuing.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
|
| Unaudited | Unaudited | Audited |
30 June 2023US$’000 | 30 June 2022 US$’000 | 31 December 2022 US$’000 | ||
Non-Current Assets |
|
|
|
|
Property, plant and equipment | 4 | 61,528 | 359,111 | 65,074 |
Total Non-Current Assets |
| 61,528 | 359,111 | 65,074 |
|
|
|
|
|
Current Assets |
|
|
|
|
Inventories |
| 16,562 | 18,991 | 16,709 |
Trade and other receivables |
| 5,173 | 1,484 | 2,514 |
Cash and cash equivalents |
| 3,627 | 11,791 | 4,544 |
Total Current Assets |
| 25,362 | 32,266 | 23,767 |
|
|
|
|
|
Non-Current Liabilities |
|
|
|
|
Other payables |
| - | - | (1,235) |
Borrowings | 5
| - | (65,000) | - |
Provisions for other liabilities and charges | (2,658) | (1,084) | (2,658) | |
Total Non-Current Liabilities |
| (2,658) | (66,084) | (3,893) |
|
|
|
|
|
|
|
|
| |
Current Liabilities |
|
|
|
|
Borrowings | 5 | (386,959) | (307,739) | (379,368) |
Trade and other payables |
| (23,337) | (48,859) | (19,011) |
Total Current Liabilities |
| (410,296) | (356,598) | (398,379) |
Total Liabilities |
| (412,954) | (422,682) | (374,612) |
Net Liabilities |
| (326,064) | (31,305) | (313,431) |
|
|
|
|
|
Capital And Reserves |
|
|
|
|
Share Capital |
| 38 | 38 | 38 |
Share premium |
| 65,901 | 65,901 | 65,901 |
Other reserves |
| 10,175 | 10,175 | 10,175 |
Retained earnings |
| (402,178) | (107,419) | (389,545) |
Total Equity |
| (326,064) | (31,305) | (313,431) |
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2023
| Unaudited | Unaudited | Audited |
Six months ended 30 June 2023 US$’000 | Six months ended 30 June 2022 US$’000 | Year ended 31 Dec 2022
US$’000 | |
Cash flows from Operating Activities |
|
|
|
Loss before income tax | (8,101) | (946) | (277,000) |
Adjustments for: |
|
|
|
Impairment charge | - | - | 265,953 |
Finance income | (1) | - | (2) |
Finance cost | 11,984 | 5,856 | 15,242 |
Depreciation | 3,582 | 6,215 | 11,028 |
Foreign exchange | (21) | 280 | (1,075) |
Change in working capital: |
|
|
|
Inventory | 147 | (1,657) | 625 |
Trade and other receivables | (2,659) | 592 | 1,689 |
Trade and other payables | 3,034 | 1,898 | 2,448 |
Income tax paid | (4,533) | (3,971) | (10,043) |
Net cash flows from Operating Activities | 3,432 | 8,267 | 8,865 |
|
|
|
|
Cash flows from Investing Activities |
|
|
|
Purchase of property, plant and equipment | (29) | (1,336) | (7,625) |
Interest received | - | - | 2 |
|
|
|
|
Net cash used in Investing Activities | (29) | (1,336) | (7,623) |
|
|
|
|
Cash flows from Financing Activities |
|
|
|
Proceeds from borrowings | 84,500 | 54,550 | 54,550 |
Repayment of borrowings | (86,884) | (56,538) | (55,550) |
Interest paid | (1,936) | (624) | (3,170) |
|
|
|
|
Net Cash (used in)/from Financing Activities | (4,320) | (2,612) | (4,170) |
|
|
|
|
Net (Decrease)/Increase in Cash and Cash | (917) | 4,319 | (2,928) |
Equivalents |
|
|
|
Cash and cash equivalents at beginning of the period |
4,544 |
7,472 |
7,472 |
Cash and cash equivalents at end of the period | 3,627 | 11,791 | 4,544 |
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2023
| Share | Share | Other | Retained | Total |
| capital | premium | reserve | earnings | equity |
| US$’000 | US$'000 | US$'000 | US$'000 | US$'000 |
|
| ||||
Balance at 1 January 2022 | 38 | 65,901 | 10,175 | (102,502) | (26,388) |
|
|
|
|
|
|
Loss and total comprehensive income for the period | - | - | - | (4,917) | (4,917) |
|
|
|
|
|
|
Balance at 30 June 2022 (unaudited) | 38 | 65,901 | 10,175 | (107,419) | (31,305) |
|
|
|
|
|
|
Loss and total comprehensive income for | - | - | - | (282,126) | (282,126) |
the period
|
|
|
|
|
|
Balance at 31 December 2022 (audited) | 38 | 65,901 | 10,175 | (389,545) | (313,431) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 January 2023 | 38 | 65,901 | 10,175 | (389,545) | (313,431) |
|
|
|
|
|
|
Loss and total comprehensive income for the period | - | - | - | (12,633) | (12,633) |
|
|
|
|
|
|
Balance at 30 June 2023(unaudited) | 38 | 65,901 | 10,175 | (402,178) | (326,064) |
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2023
1. Accounting Policies
i) Basis of preparation
China Nonferrous Gold Limited (the "Company") is a company registered in the Cayman Islands. The condensed consolidated interim financial statements of the Company for the six months ended 30 June 2023 comprise the result of the Company and its subsidiaries (together referred to as the "Group") and have been prepared in accordance with the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statement" in preparing these interim financial statements.
The consolidated interim financial information for the period 1 January 2023 to 30 June 2023 is unaudited and has not been reviewed in accordance with International Standard on Review Engagements 2410 issued by the Auditing Practices Board. In the opinion of the Directors the condensed interim financial information for the period presents fairly the financial position, and results from operations and cash flows for the period in conformity with the generally accepted accounting principles consistently applied.
The condensed interim financial information incorporates unaudited comparative figures for the interim period 1 January 2022 to 30 June 2022 and extracts from the audited financial statements for the year to 31 December 2022. A copy of the accounts for that year has been delivered to members. The auditor's report on those financial statements was unqualified. The financial information contained in this interim report does not constitute statutory accounts.
The interim report has not been audited or reviewed by the Company's auditor. The key risks and uncertainties and critical accountancy estimates remain unchanged from 31 December 2022 and the accounting policies adopted are consistent with those used in the preparation of its financial statements for the year ended 31 December 2022.
ii) Cyclicality
The interim results for the six months ended 30 June 2023 are not necessarily indicative of the results to be expected for the financial year 2023. The operations of China Nonferrous Gold Limited may be subject to seasonal variations depending on the severity of snowfall levels at the mine site. The superposition of external unstable factors will affect the increasing operating pressure in the second half of the year. All units and departments of the company must have a clear understanding, take effective measures, make efforts from the aspects of safety and environmental protection, production organization, cost reduction and efficiency improvement, and strive to improve the basic management level to ensure the smooth operation of the safety and environmental protection situation and the smooth completion of the annual production and operation tasks.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2023
2. Going Concern
The Interim Financial Statements have been prepared assuming the Company will continue as a going concern. Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws and regulations. But the loan of US$65m that CNMC Trade provided CNG on 6 June 2023 will not be extended. The Company’s is reliant on the continued forbearance of CNMC Trade. If the Company and CNMC Trade are unable to agree an acceptably phased repayment schedule and/or the Company are unable to refinance the loan then it is likely that the Company may need to be wound up.
In assessing whether the going concern assumption is appropriate, the Directors take into account all available information for the foreseeable future. In making their assessment, the Directors also have considered the level of production and operations at the mine site, in conjunction with the updated resource and reserve estimates as per the revised Independent Technical Report produced by SRK Consulting (see the announcement on the website of CNG), and how the Group will be able to use the cash inflows from these operations to support its working capital position and repay loans when they fall due. As the shareholder loan extensions are provided on an annual basis for a one-year period, the company applies to its creditorsCNMC Trade Company LtdCNMICC and CNMIM), each year in advance of the loan repayment date falling due, following the application process that has been in place for a number of years. As at the current date, the company has the following loans payable:
Lender | Amount (principal) at the date of this report | Amount (interest accrued) at the date of this report | Total | Repayment date |
CNMC Trade Company Ltd | 123,600,000.00 | 39,707,401.87 | 282,357,401.87 | 20/12/2023 |
CNMC Trade Company Ltd | 20,000,000.00 | 26/11/2023 | ||
CNMC Trade Company Ltd | 14,550,000.00 | 31/12/2023 | ||
CNMC Trade Company Ltd | 19,500,000.00 | 19/04/2024 | ||
CNMC Trade Company Ltd | 65,000,000.00 | 06/09/2023 | ||
CNMICC | 60,744,168.83 | 21,260,359.47 | 82,004,528.30 | 08/12/2023 |
CNMIM | 12,683,598.78 | 10,075,085.73 | 22,758,684.51 | 31/05/2024 |
Total shareholder loans repayable in year to 30 June 2024 | 316,077,767.61 | 71,042,847.07 | 387,120,614.67 |
|
CNMC Trade Company Limited (“CNMC Trade”) have confirmed on the maturity date on 6 September 2023 that the loan of US$65m provided to CNG on 6 June 2023 (“First Loan”), which is now overdue, will not be extended. The Company’s ability to continue as a going concern is reliant on the continued forbearance of CNMC Trade. Should the Company and CNMC Trade be unable to agree an acceptably phased repayment schedule and/or the Company be unable to refinance the loan then it is likely that the Company may need to be wound up.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2023
3. Earnings per Share
| June 2023 | June 2022 | December 2022 |
| |
|
| ||||
Basic and diluted earnings per share (cents) | (33.04) |
(1.29) |
(757.60) |
| |
The basic earnings per share is calculated by dividing the loss attributable to equity holders after tax of US$12,633,443 (30 June 2022: US$4,917,101) by the weighted average number of shares in issue and carrying the right to receive dividend. For all the periods disclosed up to 2023, the total number of shares remains unchanged being 382,392,292 shares.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2023
4. Property, Plant and Equipment
| Land US$000 | Office furniture and equipment US$000 | Motor vehicles US$000 | Plant and machinery US$000 |
Producing Mines US$000 | Assets under construction US$000 | Total US$000 |
Cost |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2022 | 33 | 602 | 5,423 | 21,443 | 382,732 | - | 410,233 |
Additions | - | 36 | 92 | 1,475 | - | 6,022 | 7,625 |
Transfer from Assets under Construction | - | - | - | - | 812 | (812) | - |
Settlement of historical liabilities |
| - | - | - | (29,904) | - | (29,904) |
Impairment | - | - | - | - | (265,953) | - | (265,953) |
At 31 December 2022 | 32 | 638 | 5,515 | 22,918 | 87,687 | 5,210 | 122,000 |
|
|
|
|
|
|
|
|
Additions | - | 8 | - | 1 | - | 27 | 36 |
At 30 June 2023 | 32 | 646 | 5,515 | 22,919 | 87,687 | 5,237 | 122,036 |
|
|
|
|
|
|
|
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Accumulated Depreciation |
|
|
|
|
|
|
|
At 1 January 2022 | - | 264 | 4,847 | 14,888 | 25,899 | - | 45,898 |
Charge for the period | - | 35 | 157 | 2,341 | 8,496 | - | 11,028 |
|
|
|
|
|
|
|
|
At 31 December 2022 | - | 299 | 5,005 | 17,228 | 34,395 | - | 59,926 |
Charge for the period |
| 17 | 74 | 1,051 | 2,440 | - | 3,582 |
At 30 June 2023 | - | 316 | 5,079 | 18,279 | 36,835 | - | 60,508 |
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Net Book Value |
|
|
|
|
|
|
|
At 30 June 2023 | 32 | 330 | 436 | 4,641 | 50,852 | 5,237 | 61,528 |
At 31 December 2022 | 32 | 339 | 510 | 5,690 | 53,292 | 5,210 | 65,074 |
Depreciation for producing mines is calculated based on the unit of production method amounting to $3,582,000 of depreciation charge for the 6 month period.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2023
5. Borrowings
| June 2023 | June 2022 | December 2022 |
| US$000 | US$000 | US$000 |
|
|
|
|
Bank borrowings | - | 85,000 | 85,000 |
Other loans | 386,959 | 287,740 | 294,368 |
|
|
|
|
Total | 386,959 | 372,740 | 379,368 |
|
|
|
|
Non-current portion | - | 65,000 | - |
|
|
|
|
Current portion | 386,959 | 307,740 | 379,368 |
The fair value of borrowings equals their carrying amounts, as the impact of discounting is not significant.
In January 2023, the Group executed a loan agreement with CNMC Trade Company Limited (“CNMC Trade”) for a loan of up to USD $19.50 million (the “CNMC Loan”) including an annual interest rate at 0.5% plus 3 month LIBOR and no extra fees payable to CNMC Trade for this arrangement, which is repayable within 3 months from the date of drawdown. In July 2023, an extension contract was signed with CNMC Trade, and this loan has been extended to 19 April 2024. This CNMC Loan has been used to repay the existing China CITIC Bank Corporation Limited (“CITIC”) bank facilities of USD $20m.
In June 2023, the Company also executed a loan agreement with CNMC Trade for a loan of up to USD $65 million (the “Further CNMC Loan”) including an annual interest rate at 0.5% plus 3 month LIBOR, which was due for repayment on 6 September 2023. The Further CNMC Loan was used to repay the existing Bank of Shanghai (Hong Kong) Limited (“BOS”) loan facility of USD $65m, which was due for repayment on 9 June 2023. As announced on September 7th, the $65m loan will not be extended. CNMC Trade has requested that CNG prepare a repayment plan for approval. CNMC Trade have also given notice that it is reserving all rights to pursue legal action to recover the sums due under the First Loan, although it advises that it will give at least 7 days ‘notice of any intention to do so.
During the first quarter of 2023, the Group repaid US$1.9m of an earlier CNMC Trade loan.
After the end of the period under review, on 12 July 2023, an extension contract was signed with CNMC Trade, pursuant to which the repayment date for the loan of US$123.6m was extended to 20 December 2023, the repayment date for the loan of US$20m was extended to 26 November 2023, the repayment date for the loan of US$14.55m was extended to 31 December 2023, and the repayment date for the loan of US$19.50m was extended to 19 April 2024. An extension contract was signed with CNMC International Capitals CompanyⅡLimited (CNNICCⅡ) to extend the repayment date for the loan of US$60.74m to 8 December 2023. The annual interest rate of the above loans has been changed to SOFR plus 0.936% (it was previously 3.25% over 3 month LIBOR), and this new interest rate has been applied retrospectively from 16 March 2023. CNMIM has also agreed to extend an expired loan of US$12.68m with CNG to 31 May 2024.
All loans are provided by related parties. The loans were renewed in July (Please refer to the financial results).
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