Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer primarily focused in Azerbaijan, is pleased to announce it has signed an agreement for a new AZN 55 million (US$32.3 million) revolving credit facility (the "Facility") with the International Bank of Azerbaijan, Anglo Asian Mining PL told APA-Economics.
The seven-year revolving credit facility was entered into through Anglo Asian's wholly owned operating subsidiary, Azerbaijan International Mining Company ("AIMC"). It will provide both additional finance and operational flexibility for the Company's expansion plans. No drawdown has currently been made from the facility. The main terms of the Facility are set out below in Appendix One.
The agreement represents another important step in Anglo Asian preparing for the implementation of its medium-term growth plans, culminating in establishing the Company as a mid-tier copper-focused mining company. These plans will be published later this month.