Anglo Asian Mining PLC Loan from the International Bank of Azerbaijan (4609P)
October 09 2023 - 11:00AM
UK Regulatory
TIDMAAZ
RNS Number : 4609P
Anglo Asian Mining PLC
09 October 2023
9 October 2023
Anglo Asian Mining plc
$10 million loan drawdown from the International Bank of
Azerbaijan
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the
AIM-listed gold, copper and silver producer operating in
Azerbaijan, announces that it has drawn down a $10 million tranche
from the International Bank of Azerbaijan ("IBA") under its
revolving credit facility. This credit facility was suspended
whilst the Micon environmental review was carried out. However,
this drawdown of $10 million follows the recognition by the
Government of Azerbaijan that there is no environmental
contamination at Gedabek following the release of the Micon
environmental report.
The $10 million tranche has a fixed interest rate of 6.5 per
cent. and is repayable over 3 years. Interest is paid monthly and
there is a six-month capital repayment grace period. The loan is
then repayable in equal monthly instalments over the next 30
months. The funds will be used for capital and other expenditure to
restart the Group's operations.
The loan has been drawn down under the Group's AZN55 million
($32.3 million) credit line. $3.5 million was also drawn down in
early July 2023 as a one-year fixed term working capital loan with
a fixed rate interest of 5.5 per cent. Interest is paid monthly on
the loan and the principal is repayable at the end of the term.
The Group's remaining undrawn credit line with IBA is $18.8
million. The Group has also drawn down a $5.6 million term loan
with Access Bank in Azerbaijan which is secured against a $6.0
million deposit with the bank and carries an interest rate of 6 per
cent. At 6 September 2023, the Group had cash of $20.3 million and
total borrowings of $19.1 million.
Note that all references to "$" are to the United States dollar
and the "AZN" to the Azeri new Manat.
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, which was incorporated into UK law by
the European Union (Withdrawal) Act 2018, until the release of this
announcement.
For further information please contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350
Bill Morgan Anglo Asian Mining plc Tel: +994 502 910 400
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Stephen Westhead Anglo Asian Mining plc Tel: +994 502 916 894
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Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
Adam Cowl LLP 0470
Nominated Adviser and Broker
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Charlie Jack Hudson Sandler Tel: +44(0) 20 7796
Harry Griffiths 4133
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Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver
producer with a high-quality portfolio of production and
exploration assets in Azerbaijan. The Company produced 57,618 gold
equivalent ounces ("GEOs") for the year ended 31 December 2022.
On 30 March 2023, the Company published its strategic plan for
growth which shows a clearly defined path for the Company to
transition to a multi-asset, mid-tier copper and gold producer by
2028. By 2028, copper will be the principal product of the Company,
with forecast production of around 36,000 copper equivalent tonnes.
It plans to achieve this growth by bringing into production four
new mines during 2023 to 2028 at Zafar, Gilar, Xarxar and
Garadag.
The Company owns approximately 17.4 per cent. of Libero Copper
& Gold Corporation ("Libero"). Libero is listed on the TSX
Venture Exchange in Canada and owns, or has the option to acquire,
several copper exploration properties in North and South America,
including Mocoa in Colombia, one of the world's largest undeveloped
copper-molybdenum resources.
https://www.angloasianmining.com/
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