Azerbaijan, Baku / Trend / Anglo Asian Mining PLC, a gold and copper development company with projects in Azerbaijan, announced that the International Bank of Azerbaijan (IBA) has agreed to establish an unsecured $5 million credit facility for the company's operational subsidiary.
Funds provided under this credit facility will be available on 1 October 2007 and they are being provided to assist in the development of the company's Gedabek copper and gold project in Western Azerbaijan. The loan is repayable after three years and carries an interest rate of up to 15%.
The IBA has also confirmed that it is willing to entertain providing further loans to advance the development of Gedabek.
A full update on the company's progress on all matters will be provided on Friday 28 September along with interim results.