China Metallurgical Import and Export Corporation uses European promissory notes with various options as debt funds in the financing structure of the Channar Iron Ore Project in Australia. Currently, the main financing instruments used in the European promissory note market include the following types: This type of European promissory note includes revolving underwriting loans (RUFs), and the narrower transferable revolving underwriting loans (Transferable Revolving Underwriting). Facilities (TRUFs for short), Borrowers Options for Notes and Underwriting Standby, etc.

Revolving offtake actually adds an offtake mechanism to the European promissory note issuance process. It is the most typical structure of European promissory notes and the most commonly used form. A revolving offtake loan consists of a medium-term offtake commitment provided by a group of financial institutions, under which the borrower raises funds through the issuance of short-term (1-6 months) promissory notes, any promissory notes that are not sold in the tender. Purchased by the off-taker.

During the offtake period, each time the promissory note matures, new bills are issued to replace the expired promissory notes to achieve the purpose of continuously recycling the loan funds. Revolving offtake loans can also be used as a backup source of funds. Revolving offtake loans have lower fees and more flexible structures. One of the important reasons is that the medium-term risk bearer (i.e. the promissory note offtaker) in the revolving offtake loan structure ) and the role of the actual fund provider (the promissory note holder) are separated, and it is precisely because of this separation and the low possibility of the promissory note offtakers themselves to provide funds that the underwriting of revolving offtake loans The fee is lower than the commitment fee for a syndicated loan. This type of European promissory note includes several forms such as Multi-Option Facilities (MOF) and General Promissory Note Facility (GNF). This type of financing activity in the form of Europromissory notes offers greater flexibility. Within the determined maximum borrowing amount, the promissory note issuer (i.e., the borrower) can raise all the funds by issuing European promissory notes in the European bond market, by issuing commercial paper in the U.S. commercial paper market, or by other prescribed means such as direct loans. Debt funding required.