Anglo-Asian Mining repays loan from CEO in full

Baku. 3 April. REPORT.AZ/ Anglo Asian Mining plc.,gold, copper and silver producer focused in Azerbaijan, announced that the Company repaid in full the loan from Reza Vaziri, President and Chief Executive Officer of Anglo Asian. 

Report informs citing the company.

The amount of the loan facility from Reza Vaziri was $4.0 million and the term was until 8 January 2019. Total amount outstanding under the loan facility of $ 3.9 million was repaid in full on 29 March 2018.

Notably, Anglo-Asian Mining is engaged in production in Azerbaijan in the framework of the contract such as PSA (Production Sharing Agreement), signed on 21 August 1997. The agreement includes the development of six fields: in Nakhchivan - 1, Gadabay - 2, Kalbajar and Zangilan, which are currently under Armenian occupation - 3. The agreement Azerbaijan's share is 51%, of the British company Anglo Asian Mining Plc. - 49%. The company commenced gold production in 2009 (in Gedabek deposit).

Gedabek is an open cast mine with a series of interconnected pits. The company has a second underground mine, Gosha, which is 50 kilometres from Gadir and Gedabek.

Discovery of the Ugur field was reported in October 2016. The bed is located 3 km north-west from the Anglo-Asian Mining Leaching Plant.