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SouthGobi locks in new repayment plan for US$26.9M worth of debt

SouthGobiResources Ltd. has finalized the terms of a deal to defer aroundUS$26.9 million worth of debt owed to China Investment Corp.

Under the deal, the Mongolian coal miner has agreed to repayUS$1.3 million to US$1.4 million monthly from July through to November andUS$20.7 million on Dec. 19, according to a July 18 statement.

In exchange for the deferral of the payments, SouthGobi willpay a fee at a rate of 6.4% per annum to China Investment.

The company previously struck a deal to defer payments totaling US$18.7 millionuntil June 17, while it negotiated a new repayment plan.