Gold producer in Azerbaijan attracts more loans

Business Materials 21 April 2017 15:55 (UTC +04:00)

Baku, Azerbaijan, Apr. 21

By Azad Hasanli – Trend:

Anglo Asian Mining PLC (AAM), producer of gold, copper and silver in Azerbaijan, has attracted another loan worth $2.3 million from Turkey’s Yapi Kredi bank, the AAM company said.

The AAM company received one more loan worth $1.3 million from the International Bank of Azerbaijan.

In general, given the repayment of other debts, AAM reduced its payables by $2 million in the first quarter of 2017.

The company repaid 2 million manats to PASHA Bank, having paid off a part of the loan taken from this bank, and also repaid $2.5 million to Amsterdam Trade Bank.

The AAM repaid $100,000 to Sweden’s Atlas Copco company and $100,000 to AAM CEO Reza Vaziri. The AAM also repaid $1 million to the International Bank of Azerbaijan.

Payables of AAM as of March 31, 2017 (in millions of US dollars):

Name of credit institution

Loan amount

Amsterdam Trade Bank




International Bank of Azerbaijan


Atlas Copco






Kapital Bank


Besides, AAM also owes $3.8 million to the company’s CEO Reza Vaziri. The company’s total debt is $34.4 million, while the net debt is $33.1 million.

Anglo Asian Mining PLC is a gold, copper and silver producer with a broad portfolio of production and exploration assets in Azerbaijan.

Based on the production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.

The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and are stored in the government’s account.