Azerbaijan, Baku, May 21/ Trend , S.Babayeva /
Anglo-Asian Mining PLC, which develops gold and copper in Azerbaijan, signed a $9.4 million loan agreement with International Bank of Azerbaijan.
The funds will be directed towards the final phase of construction of a plant and minerals production on 300 square kilometers of gold section of Gedabek deposit in West Azerbaijan.
Credit was provided under the interest rate of 15 percent annually. The period of the agreement will expire on March 13, 2013. Re-payment of funds will be made through nine quarterly payments (the first eight tranches with $1.044 million per each and ninth tranche - $1.048 million).
The first payment should be made in March 2011 and then every three months by March 2013.
The agreement currently is addition to the existing loan of $25 million obtained from the International Bank of Azerbaijan, which will be re-paid from the funds gained from production on Gedabek deposit.
The Head of Anglo-Asian Rza Vaziri said: "Additional funding will allow us to complete the transition from exploration company to the organization that produces gold."
Anglo Asian Mining PLC has the right to develop six deposits in the south-west of Azerbaijan - Gadabek, Ordubad, Gosha Bulagi, Gizil Bulagi, Vezhnali and Soyutlu on the basis of PSAs signed with the Government of Azerbaijan in August 1997.
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