Last checked at 16 Feb 2017 12:32
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
16 February 2017
Anglo Asian Mining plc
Partial transfer of loan from Amsterdam Trade Bank N.V. to Gazprombank (Switzerland) Ltd
Anglo Asian Mining plc ("Anglo Asian" or "Company"), the AIM-listed gold, copper and silver producer focused in Azerbaijan, announce the partial transfer of its loan from Amsterdam Trade Bank N.V. ("ATB N.V.") to Gazprombank (Switzerland) Ltd ("GPBS"). Note that all references to "$" are to United States dollars.
In October 2013, Anglo Asian entered into a loan with ATB N.V. for $37 million for the purpose of constructing its agitation leaching plant. The balance of the loan at 31 December 2016 was $17.3 million. On 15 February 2017, a transaction was finalised to transfer 50 per cent. of the balance of the loan being $8.6 million to GPBS. The terms of the loan and security will remain unchanged and ATB N.V. will act as agent to administer the loan on behalf of ATB N.V. and GPBS.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
For further information please visit www.angloasianmining.com or contact:
Reza Vaziri | Anglo Asian Mining plc | Tel: +994 12 596 3350 |
Bill Morgan | Anglo Asian Mining plc | Tel: +994 502 910 400 |
Ewan Leggat | SP Angel Corporate Finance LLP Nominated Adviser and Broker | Tel: +44 (0) 20 3470 0470 |
Laura Harrison | SP Angel Corporate Finance LLP | Tel + 44 (0) 20 3470 0470 |
Susie Geliher | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Lottie Brocklehurst | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Notes:
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 2016 from Gedabek totaled 65,394 ounces with 1,941 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 is 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.