Jinshi Resources subsidiary boosts parent company’s borrowing capacity

Jinshi Resources Group Co., Ltd. announced that its wholly-owned subsidiary, Zhejiang Dajinzhuang Mining Co., Ltd., recently entered into a supplementary agreement and a new maximum irrevocable guarantee with China Merchants Bank Hangzhou Branch. This provides an additional 3,000 million yuan in joint and several liability guarantees for Jinshi Resources' debt under a new credit agreement.

The total credit facility for Jinshi Resources has now been increased to 15,000 million yuan. As of the disclosure date, Dajinzhuang Mining's total actual guarantee balance for the company, including this latest addition, stands at 118,000 million yuan. This move aims to enhance Jinshi Resources' financing capabilities and ensure its operational capital needs are met.

This internal decision by Dajinzhuang Mining, which does not require approval from the company's board of directors or shareholders, underscores Jinshi Resources' strategy to leverage its subsidiaries for financial support, aligning with overall corporate interests without external counter-guarantees.