Baku. 22 December. REPORT.AZ/ Anglo Asian Mining plc ("Anglo Asian" or "the Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, announces that Reza Vaziri, President and Chief Executive Officer of Anglo Asian, has agreed to extend the term of his loan facility to the company.
Report informs referring to the company.
The amount of the loan facility from Reza Vaziri is $4.0 million and the term of the loan is until 8 January 2017. The amount currently outstanding under the facility is $3.9 million. The interest on the loan is at a rate of 10 per cent. per annum. The extension of the term of this loan is currently being renegotiated. It is expected that the other terms of the loan will remain the same.
Further details of the extension of the term of the loan from Reza Vaziri and Company net debt will be provided in the Company's Q4 2016 and Full Year 2016 update which is expected to be released in January 2017.
Notably, Anglo Asian Mining plc (AIM:AAZ) 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 kilometre portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.
The Company developed Azerbaijan's first operating gold/copper/silver mine, Gedabek, which commenced gold production in May 2009. Gedabek is an open cast mine with a series of interconnected pits. The Company also mines high grade ore from the Gadir underground mine which is co-located at the Gedabek site. The Company has a second underground mine, Gosha, which is 50 kilometres from Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek plant.
Gold production for the year ended 31 December 2015 from Gedabek totalled 72,032 ounces with 969 tonnes of copper also produced. Gedabek is a polymetallic deposit and its ore has a high copper content, and as a result the Company produces copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant. Anglo Asian also produces a copper and precious metal concentrate from its flotation plant, which commenced production in the last quarter of 2015. This is initially processing tailings from the agitation leach plant.
Anglo Asian is also actively seeking 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 copper metal production company.