Pingmei guarantees CNY 400m for Rufeng Carbon Material

Pingdingshan Tianan Coal Mining (SSE:601666) announced it will guarantee up to CNY 400 million for Rufeng Carbon Material, a 70%-owned subsidiary. The guarantee covers Rufeng Carbon Material's planned borrowing of up to CNY 300 million from Rural Commercial Bank of Ruzhou, and up to CNY 100 million from Shanghai Guohou Financial Leasing. The guarantee, structured as joint liability, extends until Rufeng Carbon Material fulfills all obligations under the financing agreements. This guarantee was approved at the 41st meeting of the 9th session of the board of directors of the company, where it was deemed as risk-controllable for daily operations. As of the announcement, Pingmei's total outstanding guarantees amount to CNY 17.48 billion, representing 5.97% of the company's net assets.