-Kingold Jewelry signs Gold Leasing Agreement with Wuhan Jiang'An.
International Resource News-January 17, 2013--Kingold Jewelry signs Gold Leasing Agreement with Wuhan Jiang'An(C)1994-2013 ENPublishing - http://www.enpublishing.co.uk
International Resource News - 17 January 2013
Kingold Jewelry Inc (NASDAQ: KGJI), a China-based manufacturer and designers of high quality 24-karat gold jewellery, ornaments and investment-oriented products, has signed a Gold Leasing Agreement with Wuhan Jiang'An, a branch of China Construction Bank.
The contract is similar to a revolving credit line, with China Construction Bank, offering the company a reusable credit line of up to RMB250m, but draw downs under the facility will be made in gold rather than currency.
Gold loans under the facility will hold an interest rate of around 6 percent per annum, with interest based on the actual weight of gold loaned under the facility, in addition to the rate and number of days the gold was loaned under the facility. The initial line of credit is offered until October 26, 2013.
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|Publication:||International Resource News (IRN)|
|Date:||Jan 17, 2013|
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