Baku, Azerbaijan, Jan. 18
By Anvar Mammadov – Trend:
The Anglo Asian Mining PLC (AAM), a gold, copper and silver producer with a broad portfolio of production and exploration assets in Azerbaijan, raised a $1 million loan from Kapital Bank in 4Q16, reads an AAM financial report.
In addition to Kapital Bank, the AAM also received loans from two Azerbaijani banks – the International Bank of Azerbaijan and PASHA Bank.
The AAM net debt was $35.1 million by late 2016 ($37.7 million by late 3Q16). The company’s debt decreased by $14.9 million since early 2016.
The company owes $17.3 million to the Amsterdam Trade Bank, $6.9 million to International Bank of Azerbaijan, $1 million to Kapital Bank, $0.8 million to Atlas Capco, $0.7 million to Yapi Kredi, $5.9 million to PASHA Bank, $3.9 million to AAM CEO Reza Vaziri.
The company produced 65,394 ounces of gold, 1,941 tons of copper and 165,131 ounces of silver in 2016.
Based on a production sharing agreement signed with Azerbaijani government in August 1997, the AAM has the right to develop six fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.
The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and are stored in the government’s account.