Azerbaijani gold producer's debt to IBA reduced to $ 17 million

Business Materials 11 July 2011 19:14 (UTC +04:00)

Azerbaijan, Baku, July 11 / Trend A.Badalova/

The Anglo Asian Mining Plc company, only gold producer in Azerbaijan, paid $4 million to its main creditor - the International Bank of Azerbaijan (IBA) in the second quarter of 2011, the company reported.

Thus, the company's debt to IBA made up $ 17 million as of June 30, 2011.

Including the company's debts to Anglo Asian Reza executive director Reza Veziri, as of June 30, the company's total debts amounted to $18 million compared to $42.1 million as of June 30 in 2010.
During the first quarter of 2011, the company paid to IBA about $ 8.6 million.

"We are significantly ahead of schedule for loan payments and expect to repay loans to the Bank in early 2012," company CEO Reza Veziri told Trend earlier. He said the company's debt to the Anglo Asian executive director (Veziri himself) may be repaid at any time given moment as the interest debt rate is lower. But first the loan must be paid to the IBA.

Anglo Asian Mining Plc is the only gold producer in Azerbaijan. The company 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, production is planned to reach about 400 tons of gold, 2,500 tons of silver and 1.5 million tons of copper at the fields.