Loan Update (3133R)
November 02 2011 - 2:00AM
UK Regulatory
TIDMAAZ
RNS Number : 3133R
Anglo Asian Mining PLC
02 November 2011
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
2 November 2011
Anglo Asian Mining plc ('Anglo Asian' or 'the Company')
Loan Update
Anglo Asian Mining plc, the AIM listed gold producer, is pleased
to announce that it has negotiated a 3% reduction in the interest
rate for the repayment of its outstanding loan of US$15.0 million
to the International Bank of Azerbaijan ('IBA') ('the Agreement').
Under the new terms of the Agreement, an all inclusive annual
interest rate of 12% will apply on funds drawn, down from 15%, with
effect from 1 October 2011. This reduction can, in part, be
attributed to the Company's reduced risk profile as a cash
generative gold production company, and its proven track record of
paying its outstanding loan to the IBA ahead of schedule.
Repayment of the total outstanding loan to the IBA is scheduled
by June 2013. There is no penalty for early repayment and at
today's date the Company has repaid US$8.5 million, ahead of the
official schedule. Including Anglo Asian's loan with Reza Vaziri
amounting to US$0.5m with an 8% interest rate following a repayment
of US$0.5m during September and October 2011, the Company's total
outstanding loans stand at US$15.5 million.
The table below shows the repayment schedule for the outstanding
IBA loan.
2012 2013 Total
US$ US$ US$
----------- ---------- -----------
Repayment schedule for
IBA loans 13,219,999 1,821,000 15,040,999
----------- ---------- -----------
**ENDS**
For further information please visit www.aamining.com or
contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350
Andrew Herbert Anglo Asian Mining plc Tel: +994 12 596 3350
-------------------------- ----------------------
Stuart Skinner Numis Securities Limited, Tel: +44 (0) 20 7260
as Nominated Adviser 1000
-------------------------- ----------------------
James Black Numis Securities Limited, Tel: +44 (0) 20 7260
as Corporate Broker 1000
-------------------------- ----------------------
Felicity Edwards St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
-------------------------- ----------------------
Hugo de Salis St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
-------------------------- ----------------------
Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold producer in Central
Asia with a broad portfolio of production and exploration assets in
Azerbaijan. The Company has a 1,962 sq km prospective exploration
portfolio, assembled on the back of analysis of historic Soviet
geological data and held under a Production Sharing Agreement
('PSA') based on the Azeri oil industry. The Company developed
Azerbaijan's first operating gold/copper mine, Gedabek, which
commenced gold production in May 2009. Gold production for the year
ended 31 December 2010 totalled 67,267 oz of gold.
Anglo Asian is actively looking to exploit its first mover
advantage in Azerbaijan to identify additional projects, as well as
looking for other properties in Central Asia and Caucasia in order
to fulfil its expansion ambitions and become a mid-tier gold and
base metal production company focussed in these regions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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