Anglo Asian Mining reduces its credit debt

Baku, Azerbaijan, April 16

By Anvar Mammadov – Trend:

Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, has reduced the loan debt by 43.2 percent, to $10.4 million in the first quarter of 2018, the company said in a report.

The company fully repaid the loan to Amsterdam Trade Bank and Gazprombank, YapıKredi and Reza Vaziri, president and CEO of AAM.

The company also reduced its loan debt before International Bank of Azerbaijan and Atlas Copco.

The AAM’s debt to PASHA Bank increased after attraction of a new loan.

AAM credit debt as of January-March 2018:

Credit institution

Debt volume (million USD)

Kapital Bank

1

International Bank of Azerbaijan

0.9

Atlas Copco

0.1

PASHA Bank

17

Net debt

10.4

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.

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