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Anglo Asian Mining Plc pays credit debt to IBA

Business Materials 9 October 2010 14:57 (UTC +04:00)

Azerbaijan, Baku, Oct. 9 / Trend N. Ismayilova /

Anglo Asian Mining Plc paid part of the credit debt worth $4,8 million to the International Bank of Azerbaijan (IBA) during the third quarter of this year, the company said.

As a result of the repayment, the total debt to the bank was 36.3 million manat as of Sept. 30. The company also plans to pay $1 million to Reza Vaziri, director general of the company, in November this year.

Anglo Asian Mining Plc owns the rights to develop six fields in south-west Azerbaijan at Gedabey, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu. The concession is based on PSA agreements signed with the Azerbaijani government in August 1997.

According to the contract, it is planned to produce about 400 tons of gold, 2,500 tons of silver and 1.5 million tons of copper at the fields.

The first gold and silver were mined at Gedabey mine in May 2009. In general, it is planned to produce over 300,000 ounces of gold at Gedabey field till 2015. The production volume of the company has reached 47,711 ounces since early 2010.

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