Iron ore projected exports, page-26

I have done a reconciliation of KML debt as follows:

Before that I will detail the investment in KML by GBG and Ansteel.
Feb 2008 Ansteel invested $AUD50m
April 2008 Ansteel invested $AUD55m
July 2008 Ansteel invested $AUD123.38m
October 2008 Ansteel invested $AUD143.68m

July 2008 GBG invested $AUD18.38m
October 2008 GBG invested $AUD143.68m

At this stage $AUD534.12m invested.

14 Jan 2009 a formal commitment for loan was received from China Development Bank for $US1,200 for KML.

5 May 2010 the cost of the KML development was set at $1,975b.

25 June 2010 raising of $AUD206.4m with Ansteel contributing $AUD74.5

Total amount invested $AUD740.52m.

16 August, first drawdown of $US60m (assumed $US) of $US1.2b loan. Also confirmed that loan would be 6 month US LIBOR plus competitive %. [Will have to check this out]. Do we have a claim for manipulation of LIBOR?

In 2010 6 months LIBOR rate 0.434% - see later for more details.

16 March 2011, cost of project increased 30% to $2.570b.

31 March 2011 first ore shipped - minor.

27 April 2011 $US336m loan obtained, but also a bank guarantee of $300m for the railway contract.

29 June 2011, $US696m drawdown of $US1.2b loan.

21 July 2011, $AUD209 capital raising by GBG. Capital raising now $AUD949.52m.

20 August 2012 $US250m loan obtained.

3 December 2012 $AUD62m capital raising.

8 February 2013 fully drawn down debt of $1.786b.

30 April 2013 $AUD100m capital raising.

11 June 2013 Ansteel loans KML $AUD60m (including $30m which GBG was responsible for but did not raise.)

2 July 2013 Ansteel funds $AUD84m loan to KML.

25 September 2013 Ansteel funds $AUD130m for working capital due to slow ramp up in production and prepays $AUD100m for magnetite to keep KML afloat.

28 October 2013 Ansteel increases shareholding in GBG to 52.16% by converting $AUD30m loan (ref 11June above).

24 May 2013 refinancing of $1.786b loan (see 8 Feb 2013 above) with $1.48132b loan maturing in 2030 but with repayments. Somehow it appears that KML has paid some $US305m off 1.786b loan.

Now unsure from wording, but it might not have been $1.786b loan but original $1.2b loan but this does not seem feasible because interest changes would not increase value to $1.786b. So assume $1.786b loan refinanced.

25 May 2016 new loan for $US200m.

24 May 2017 rollover $US300m loan.

Summary of all these figures:

Loan maturing in 2030 is $US1.483132b

Other loans with differing maturity $US900m
Other loans with differing maturity $AUD244m

TOTAL US$ loans = $US2.383b
TOTAL AUST loans = $AUD244m

US LIBOR rates during 2010 were in the order of .174% to .994%.
http://www.global-rates.com/interest-rates/libor/american-dollar/2010.aspx

US LIBOR rates 2011 .247% to .83%
US LIBOR rates 2012 .149% to 1.130%
US LIBOR rate 2013 .166% to .842%
US LIBOR rate 2014 .096 to .583%
US LIBOR rate 2015 .113% to .633%
US LIBOR rate 2016 .366% to 1.169%
US LIBOR rate 2017 .695% to 1.747%

Unsure what a competitive rate is the extra - someone with more finance knowledge should be able to assist.