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SouthGobi granted more time to repay US$22.3M interest bill

SouthGobi Resources Ltd. reached an agreement with China Investment Corp. for the repayment of US$22.3 million of interest relating to a 2009 convertible debenture.

The Hong Kong Stock Exchange-listed company said June 12 that it will repay, on average, about US$2.2 million per month between May and October and the remaining US$9.7 million on Nov. 19.

SouthGobi has agreed to also pay a deferral fee at a rate of 6.4% per annum.

The companies signed an agreement late in 2016 to defer the repayment of US$20.7 million, which was originally due Dec. 19, 2016.