Anglo Asian Mining company completes refinancing loan with Azerbaijani big bank

Business Materials 13 February 2020 15:42 (UTC +04:00)
Anglo Asian Mining company completes refinancing loan with Azerbaijani big bank

BAKU, Azerbaijan, Feb. 13

By Eldar Janashvili – Trend:

Anglo Asian Mining PLC gold mining company operating in Azerbaijan has made the final repayment of its bank loan finance and is now debt free, Trend reports referring to the company.

Anglo Asian completed a refinancing loan with Azerbaijan’s Pasha Bank for $15 million ($13.5 million drawn down) at a seven percent interest rate per annum in February 2018. On February 10, 2020, the company paid the final instalment of this refinancing loan and its balance sheet is now debt free.

"I am delighted to announce that the company has made the final repayment of the Pasha Bank refinancing loan, marking the significant milestone of Anglo Asian now being debt free,” Anglo Asian CEO Reza Vaziri said.

"Since 2015, alongside paying off its debt, the company has continued to invest in its business, embarked on a three-year exploration programme at its contract areas, commenced payment of regular dividends and built up a significant holding of cash,” Vaziri added. “This amply demonstrates the robust cash generation of the company.”

"The financial flexibility of being debt free allows Anglo Asian to focus on the growth of the business which I look forward to updating the market on as and when appropriate," CEO said.

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

The company has a 1,962 square kilometer portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azerbaijani oil industry.

The company’s main operating location is the Gedabek contract area ("Gedabek"), which is a 300-square kilometer area in the Lesser Caucasus mountains in western Azerbaijan.


Follow the author on Twitter: @eldarjanashvili