Azerbaijani gold producer attracts large loan from Dutch bank
Azerbaijan, Baku, Oct. 10 /Trend A.Akhundov/
Anglo Asian Mining Plc (gold producer in Azerbaijan) has attracted a large loan from the Dutch Amsterdam Trade Bank N.V. (ATB), a company statement said on Wednesday.
Under the terms of the agreement signed between the two structures, ATB will open a credit line worth $37 million for the Azerbaijan International Mining Company LLP which is a subsidiary of Anglo Asian Mining.
The company intends to raise the entire amount at once in order to partially repay the loan attracted earlier from the International Bank of Azerbaijan (IBA) for the construction of a gold processing plant.
At the moment the company's debt to the bank is $48.2 million and after the repayment of its part, the debt to the IBA will reduce to $11.6 million.
The company took this step because of more profitable terms on credit offered by the ATB.
The plant for vat leaching of gold was commissioned in Gadabay in early June. Initially, it was expected that the construction of the plant will require $52 million, but the company managed to save $7 million.
The company's resource base exceeds 36 tons of gold, 292 tons of silver and 94,000 tons of copper. The Gadabay ore complex is the largest of the fields developed by Anglo Asian Mining. The first gold and silver were mined here in May 2009 and production of copper concentrate began in 2010.
The gold mined at the fields is sent to Switzerland for processing. The ingots are brought to Azerbaijan and stored in the government's account.