BAKU, Azerbaijan, May 10. Anglo Asian Mining plc (AAM), a subsidiary of Azerbaijan's gold, copper, and silver producer known as Azerbaijan International Mining Company (AIMC), has signed an equipment supplier financing agreement for the Gilar mine with Caterpillar Financial Services Corporation, Trend reports.
According to AAM, AIMC received a fleet of Cat® underground mining equipment for its new Gilar mine in December 2023, which included three R1700 underground loaders and two 980UMA underground loaders.
"The underground fleet cost $4.6 million, which AIMC has already paid. Of this, $3.7 million will be refinanced through a line of credit, the agreement for which has already been signed," the information said.
Additionally, it is noted that Caterpillar Financial Services Corporation for the first time, provides vendor financing to a client in Azerbaijan, and for the first time, Cat® underground equipment will be used in the country.
"This is a significant achievement for AIMC, and it further strengthens our ties with Caterpillar following the important delivery of their equipment last year." This deal is a first for Caterpillar in Azerbaijan, and we are proud that it is also the first agreement of its kind in the country. This step strengthens our cooperation with Caterpillar, and we look forward to a long-term and mutually beneficial partnership," Chef Executive of AAM Reza Veziri commented.
To note, the company currently has eight contract areas in Azerbaijan with a total area of 2,544 square kilometers. AAM is currently mining precious metals from the Gedabek and Gosha contract areas.
On August 21, 1997, the PSA contract concluded, encompassing the development of six fields. According to the contract, Azerbaijan holds a 51 percent interest, and Anglo Asian Mining PLC holds a 49 percent interest.
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