Anglo Asian Mining PLC Director loan and Company net debt (4964L)
January 11 2016 - 11:12AM
UK Regulatory
TIDMAAZ
RNS Number : 4964L
Anglo Asian Mining PLC
11 January 2016
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
11 January 2016
Anglo Asian Mining plc
Director loan and Company net debt
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,
has agreed to extend his loan facility to the Company. The Company
also provides a summary of its net debt position at 31 December
2015.
The amount of the loan facility from Reza Vaziri is $4.0 million
and the term of the loan is until 8 January 2016. The amount
currently outstanding under the facility is $3.9 million. The
extension of the term of this loan is currently being
renegotiated.
The Company had net debt at 31 December 2015 of $49.2 million, a
decrease of $3.2 million since 31 December 2014
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
Quarter 4 and Full Year 2015 update which is expected by 15 January
2016.
**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 Tel: +44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
-------------------- ------------------------------ ----------------------
Laura Harrison SP Angel Corporate Finance Tel + 44 (0) 20 3470
LLP 0470
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Felicity Winkles St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
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Lottie Brocklehurst St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
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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. Gold production for the year ended 31 December 2014
from Gedabek totaled 60,285 ounces with 784 tonnes of copper also
produced. The Company has a second mine, Gosha, which is 50
kilometres from Gedabek, and the ore produced at Gosha is processed
at Anglo Asian's Gedabek plant. The Company is also developing the
Gadir underground mine which is co-located at the Gedabek site. The
Company's production target for full year 2015 is between 72,000
ounces and 74,000 ounces of gold. 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 has also
commenced production of a copper and precious metal concentrate
using a small scale, low capital expenditure flotation plant which
it commissioned in the last quarter of 2015. This is initially
processing tailings from its agitation leach plant.
Anglo Asian is also 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 copper metal production
company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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