Debt of gold mining company to Azerbaijani banks declines

Finance

16 January, 2018
14:12

Debt of gold mining company to Azerbaijani banks declines

Add Report.az to preferred Google sources

Stay up to date with the top news!

Baku. 16 January. REPORT.AZ/ Anglo Asian Mining plc gold, copper and silver producer focused in Azerbaijan had net debt at 31 December 2017 of $ 18.3 million, a reduction of $ 16.3 million since 31 December 2016.

Report informs referring to the company.

Creditors	Debt ($ m)
Kapital Bank	1.0
Amsterdam Trade Bank and Gazprombank (Switzerland)	7.4
International Bank of Azerbaijan	2.1
Atlas Copco equipment finance loan YapiKredit Pasha Bank Reza Vaziri - director's loan	0.3 2.2 3.7 3.9
*Total loans*	*20.6*
Cash on hand and at bank	(2.3)
*Net debt*	*18.3*

In Azerbaijan, the gold and silver mined in the framework of the contract such as PSA (production sharing agreement), signed on 21 August 1997. The agreement includes the development of six fields: in Nakhchivan - 1, Gadabay - 2, Kalbajar and Zangilan, which are currently under Armenian occupation - 3. Azerbaijan's share is 51% of the British company "Anglo Asian Mining Plc." - 49%.