Gold producer in Azerbaijan extends loan maturity
Baku, Azerbaijan, Jan. 12
By Anvar Mammadov - Trend:
Director General of Anglo Asian Mining PLC (AAM) Reza Vaziri has decided to extend the maturity of the loan worth $4 million allocated by the AAM, said the message of the company Jan.12.
The loan had to be repaid till January 8, 2016.
"At present, the amount of debt is $3.9 million," said the message. "Negotiations on extending the maturity of the loan are underway."
Net debt of the company as of late 2015 amounted to $49.2 million ($52.4 million as of December 31, 2014).
The company produced 54,103 ounces of gold, 634 tons of copper and 10,916 ounces of silver in Jan.-Sept. 2015.
Based on the production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in south-west of Azerbaijan: 'Gadabay', 'Ordubad', 'Gosha Bulag', 'Gizil Bulag', 'Vejnali' and 'Soyutlu'.
AAM and Swiss Industrial Minerals SA signed an agreement in May 2014 on selling cooper concentrate produced at Gadabay field in Azerbaijan.
The contract signed for the period of three years envisages the purchase of copper concentrate by the Swiss company.
Industrial Minerals will purchase both dry and wet copper concentrate.
The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and stored in the government's account.