Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
22 May 2014
Anglo Asian Mining plc ('Anglo Asian' or 'the Company' or 'the Group')
Loan Agreement with International Bank of Azerbaijan
Anglo Asian Mining plc, the AIM listed gold producer in Azerbaijan, is pleased to announce that it has agreed a six month loan from the International Bank of Azerbaijan ('IBA') for US$1.5 million ('the Agreement'). The loan will be utilised for general working capital whilst the Company continues to increase production at its flagship Gedabek gold, copper, silver mining operation, and at its second mining operation, Gosha in Azerbaijan. The Company's gold production target for FY 2014 remains at 62,000oz to 67,000oz.
Under the terms of the Agreement, an all inclusive annual interest rate of 12% will apply on funds drawn, payable quarterly from the date that each tranche of funds is drawn down. There is no penalty for early repayment.
The loan as described above is in addition to the Group's existing borrowings, which includes loans with IBA, the Amsterdam Trade Bank N.V. and Atlas Copco which stood at US$11.6 million, US$37.0 million and US$1.7 million, respectively, at 31 March 2014.
**ENDS**
For further information please visit www.angloasianmining.com or contact:
Reza Vaziri |
Anglo Asian Mining plc |
Tel: +994 12 596 3350 |
Sean Duffy |
Anglo Asian Mining plc |
Tel: +994 12 596 3350 |
Ewan Leggat |
SP Angel Corporate Finance LLP |
Tel: +44 (0) 20 3463 2260 |
Laura Harrison |
SP Angel Corporate Finance LLP |
Tel: +44 (0) 20 3463 2260 |
Felicity Edwards |
St Brides Media & Finance Ltd |
Tel: +44 (0) 20 7236 1177 |
Lottie Brocklehurst |
St Brides Media & Finance Ltd |
Tel: +44 (0) 20 7236 1177 |
Notes
Anglo Asian Mining plc (AIM:AAZ) is a gold producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 sq km prospective exploration portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement ('PSA') based on the Azeri oil industry. The Company developed Azerbaijan's first operating gold/copper mine, Gedabek, which commenced gold production in May 2009. Gold production for the year ended 31 December 2013 totalled 52,068oz.
Anglo Asian is actively looking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in order to fulfil its expansion ambitions and become a mid-tier gold and base metal production company.
