: “Anglo Asian Mining” PLC, a producer of gold, copper and silver in Azerbaijan, has signed an agreement on a new credit line in the amount of AZN 55 million ($ 32.3 million) with the “International Bank of Azerbaijan” (IBA). “The seven-year revolving credit line has been provided through “Anglo Asian”s subsidiary, the “Azerbaijan International Mining Company” (AIMC). This is to ensure both additional funding and operational flexibility for the company’s expansion plans,”Anglo Asian Mining” said today. The agreement is another important step in “Anglo Asian”s preparations for transformation into a mid-level mining company specializing in copper mining. Note that the loan is guaranteed by “Anglo Asian” and “RV Investment Group Services” LLC. Until December 31 this year, the interest rate on the issue in manats will be from 10% to 12%, in US dollars – from 5.5% to 7%, depending on the maturity date. From January 1, 2024, interest rates may be raised by 0.5% for each percentage growth in the US Federal Reserve rate, depending on local market conditions. To remind, “Anglo Asian Mining PLC” produced 57,618 ounces in gold equivalent in 2022. On July 5, 2022, the Azerbaijani Parliament ratified amendments to the company’s production sharing agreement, which granted it ownership of three additional concessions with a total area of 882 square kilometers, including the Garadagh porphyry copper deposit with classified Soviet resources of 300,000 tons of copper

Source: Turan News Agency