BAKU, Azerbaijan, March 9. Anglo Asian Mining PLC (Public Limited Company), the AIM (Alternative Investment Market) listed gold, copper, and silver producer, has signed a credit agreement for 55 million manat ($32.3 million) with the International Bank of Azerbaijan, Trend reports via the PLC.
According to the company, the seven-year revolving credit facility was entered into through Anglo Asian's wholly-owned operating subsidiary, Azerbaijan International Mining Company ("AIMC"), which will provide both additional finance and operational flexibility for the company's expansion plans.
“No drawdown has currently been made from the facility,” the PLC added.
The company also said that the agreement represents another important step in Anglo Asian Mining preparing for the implementation of its medium-term growth plans, culminating in establishing it as a mid-tier copper-focused mining company.
Speaking about the signing of the agreement, the company’s CEO Reza Vaziri highly appreciated the event.
"We are pleased to sign a new revolving credit facility with the International Bank of Azerbaijan, another milestone in the preparation of rolling out our medium-term operational expansion plans,” Vaziri noted. “The facility was negotiated on a non-secured basis which demonstrates the confidence of local Azeri financial institutions in our business.”
“We see considerable potential across our portfolio of exploration and development stage assets and look forward to driving the Company's progression with this additional capital support," added the CEO.
The main activity of Anglo Asian Mining in Azerbaijan is focused in Gadabay, and this year the "Zafar" deposit is planned to be commissioned in the Gadabay district. In addition, in the coming years, Anglo Asian Mining plans to put into operation such contract zones as "Garadagh", "Kharkhar" and "Damirli". On the liberated territories, the company has already started the exploration of the "Vezhnali" gold deposit in the Zangilan district.
Anglo Asian Mining mainly exports gold bars produced in Azerbaijan to Switzerland. Meanwhile, copper is exported to Georgia, Uzbekistan, and Türkiye.