Baku, Azerbaijan, Jan. 10
By Anvar Mammadov – Trend:
Anglo Asian Mining (AAM), a producer of gold, copper and silver in Azerbaijan, has secured a one-year extension to the $4 million loan provided by President & Chief Executive Officer Reza Vaziri.
The loan facility has been extended until Jan. 8, 2019, Anglo Asian Mining said.
Presently, the sides are discussing new terms of loan repayment. All other loan terms remain unchanged.
To date, $0.1 million of $4 million was repaid. The interest rate on the loan is 10 percent per annum.
Based on a production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in southwest 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 then delivered to Azerbaijan and stored in the government's account.