Azerbaijan, Baku, March 30 / Trend N. Ismayilova /
Anglo Asian Mining plc company is the only producer of gold in Azerbaijan. It attracted unsecured line of credit to the amount of $1 million from the Azerbaijani Bank Standard, the company reported.
The credit will be given at an annual rate of 19 percent and must be repaid in December 2010.
"The loan will focus on the acquisition of assets and equipment that will be used to increase production, providing the company with additional financial flexibility," the statement said.
The company attracted credit resources from the International Bank of Azerbaijan up to now.
Anglo Asian Mining PLC company has the rights to develop six fields in the south-west of Azerbaijan - Gedabey, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu based on PSA agreements signed with the Azerbaijani government in August 1997. Under the contract, about 400 tons of gold, 2,500 tons of silver and 1.5 million tons of copper are planned to be produced at these fields.
The first gold and silver were mined at Gedabey mine in May 2009. In general, more than 300 million ounces of gold are planned to be produced at Gedabey mine till 2015. At present, the volume of production, launched in July 2009, reached 18,855 ounces.
The company's management expects that production will exceed the revised target volume for the first 12 months of work (up to June 30, 2010) to the amount of 25,000 ounces of gold