Azerbaijan, Baku, Jan. 10 / Trend N.Ismayilova /
In 2010, debt of Anglo-Asian Mining Plc., the producer of gold in Azerbaijan, fell by almost 40 percent, from $42.2 million to $25.6 million, the company said Monday.
"As of Dec.31, the total debt of the company amounted to $30.6 million. At present, the company has cash on the balance of $5 million, bringing the volume of net debt reduced to $25.6 million as of Dec. 31," the statement reads.
The company's total interest-bearing loans and borrowings, which were $43.0 million on Dec. 31, 2009 and peaked at $45.9 million in March 2010, now stand at $30.6 million.
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 Aug. 1997.
According to the contract, there are plans 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 extracted at Gedabey mine in May 2009. In general, there are plans to produce over 300,000 ounces of gold at Gedabey field before 2015. The production volume of the company has reached 47,711 ounces of gold since early 2010.