Anglo Asian Mining to receive new loan
By Aynur Karimova
Anglo Asian Mining plc, the AIM listed gold, copper and silver producer focused in Azerbaijan, will receive a loan worth $4 million.
Reza Vaziri, president and chief executive officer of Anglo Asian Mining agreed to provide this unsecured loan to the company with several principal terms, the company said on May 22.
The loan should be repaid until January 8, 2016. The interest is 10 percent per annum, and is payable in full at the end of the term. Also, early repayment is allowed with the approval of both parties.
Anglo Asian Mining intends to use these funds for general working capital purposes and has made an initial drawdown of $2 million.
Anglo Asian Mining 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 prospective exploration portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modeled on the Azerbaijani oil industry.
Being a leading company extracting precious metals in Azerbaijan, the company developed Azerbaijan's first operating gold/copper/silver mine, Gedabek, which commenced gold production in May 2009. Last year gold production from Gedabek totaled 60,285 ounces and 784 tons of copper.
The company is also developing a second resource area, Gosha, which is 50 kilometers from Gedabek, and the ore produced at Gosha is processed at Anglo Asian's Gedabek plant.
Anglo Asian Mining increased gold production by over 50 percent in the first quarter of 2015.
Gold production rose to 17,193 ounces with 11,222 ounces from the agitation leaching plant, 5,963 ounces from heap leach operations and 8 ounces from SART processing.
The production of the precious metal increased by 52 percent in comparison with the same period in 2014, when 11,318 ounces of gold were produced.
The company's production target for 2015 stands in between 70,000 ounces and 75,000 ounces of gold.
Anglo-Asian Mining has 75 tons of dry copper concentrate and 550 tons of wet copper concentrate stockpiles ready to sell.
The company has the right to develop six deposits in the south-west of Azerbaijan - Gadabay, Ordubad, Gosha Bulag, Gyzyl Bulag, Vezhnali, and Soyutlu- under a production sharing agreement signed in August 1997 with Azerbaijan government.
The resource base of the company exceeds 36 tons of gold, 292 tons of silver and 94.000 tons of copper.
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Aynur Karimova is AzerNews’ staff journalist, follow her on
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