Baku, Azerbaijan, April 3
By Azad Hasali – Trend:
Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, has announced that the company repaid in full the loan from Reza Vaziri, President and Chief Executive Officer of Anglo Asian.
The company said that the amount of the loan facility from Reza Vaziri was $4 million and the term of the loan was until Jan. 8 , 2019 with an interest rate on the loan of 7 percent per annum. The total outstanding amount under the loan facility of $3.9 million was repaid in full on 29 March 2018.
Earlier in February, AAM refinanced a significant part of its loans and attracted a loan for $15 million from PASHA Bank for this purpose.
AAM credit debt as of Jan. 1, 2018:
|
Credit institution |
Debt volume (million USD) |
|
Kapital Bank |
1 |
|
Amsterdam Trade Bank and Gazprombank (Switzerland) |
7.4 |
|
International Bank of Azerbaijan |
2.1 |
|
Atlas Copco |
0.3 |
|
YapıKredi |
2.2 |
|
PASHA Bank |
3.7 |
|
Reza Vaziri |
3.9 |
|
Net debt |
18.3 |
Anglo Asian Mining PLC is a gold, copper and silver producer with a broad portfolio of production and exploration assets in Azerbaijan.
AAM and Swiss Industrial Minerals SA signed an agreement in May 2014 on selling cooper concentrate produced at Gadabay field 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.
In 2017, AAM produced 59,617 ounces of gold, 1,991 tons of copper and 172,853 ounces of silver in Azerbaijan.
---
Follow the author on Twitter: @AzadHasanli