REG - Anglo Asian Mining - Loan from the International Bank of Azerbaijan

Anglo Asian MiningAnnouncement

09/10/2023 16:15

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RNS Number : 4609P  Anglo Asian Mining PLC  09 October 2023

9 October 2023

 

Anglo Asian Mining plc

$10 million loan drawdown from the International Bank of Azerbaijan

 

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM-listed gold,
copper and silver producer operating in Azerbaijan, announces that it has
drawn down a $10 million tranche from the International Bank of Azerbaijan
("IBA") under its revolving credit facility. This credit facility was
suspended whilst the Micon environmental review was carried out. However, this
drawdown of $10 million follows the recognition by the Government of
Azerbaijan that there is no environmental contamination at Gedabek following
the release of the Micon environmental report.

 

The $10 million tranche has a fixed interest rate of 6.5 per cent. and is
repayable over 3 years. Interest is paid monthly and there is a six-month
capital repayment grace period. The loan is then repayable in equal monthly
instalments over the next 30 months. The funds will be used for capital and
other expenditure to restart the Group's operations.

 

The loan has been drawn down under the Group's AZN55 million ($32.3 million)
credit line. $3.5 million was also drawn down in early July 2023 as a one-year
fixed term working capital loan with a fixed rate interest of 5.5 per cent.
Interest is paid monthly on the loan and the principal is repayable at the end
of the term.

 

The Group's remaining undrawn credit line with IBA is $18.8 million. The Group
has also drawn down a $5.6 million term loan with Access Bank in Azerbaijan
which is secured against a $6.0 million deposit with the bank and carries an
interest rate of 6 per cent. At 6 September 2023, the Group had cash of $20.3
million and total borrowings of $19.1 million.

 

Note that all references to "$" are to the United States dollar and the "AZN"
to the Azeri new Manat.

 

Market Abuse Regulation (MAR) Disclosure

 

Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014, which was incorporated into UK law by the European Union
(Withdrawal) Act 2018, until the release of this announcement.

 

For further information please contact:

 Reza Vaziri       Anglo Asian Mining plc          Tel: +994 12 596 3350
 Bill Morgan       Anglo Asian Mining plc          Tel: +994 502 910 400
 Stephen Westhead  Anglo Asian Mining plc          Tel: +994 502 916 894
 Ewan Leggat       SP Angel Corporate Finance LLP  Tel: +44 (0) 20 3470 0470

 Adam Cowl         Nominated Adviser and Broker
 Charlie Jack      Hudson Sandler                  Tel: +44(0) 20 7796 4133

 Harry Griffiths

 

Notes:

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer with a
high-quality portfolio of production and exploration assets in Azerbaijan.
The Company produced 57,618 gold equivalent ounces ("GEOs") for the year
ended 31 December 2022.

 

On 30 March 2023, the Company published its strategic plan for growth which
shows a clearly defined path for the Company to transition to a multi-asset,
mid-tier copper and gold producer by 2028. By 2028, copper will be the
principal product of the Company, with forecast production of around 36,000
copper equivalent tonnes. It plans to achieve this growth by bringing into
production four new mines during 2023 to 2028 at Zafar, Gilar, Xarxar and
Garadag.

 

The Company owns approximately 17.4 per cent. of Libero Copper & Gold
Corporation ("Libero"). Libero is listed on the TSX Venture
Exchange in Canada and owns, or has the option to acquire, several copper
exploration properties in North and South America, including Mocoa
in Colombia, one of the world's largest undeveloped copper-molybdenum
resources.

 

https://www.angloasianmining.com/ (https://www.angloasianmining.com/)

 

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