Reza Vaziri, president and chief executive officer of Anglo Asian Mining PLC, has agreed to extend the term of his loan facility to the company, the company said in a message Dec. 22.
Anglo Asian Mining PLC is a gold, copper and silver producer with a broad portfolio of production and exploration assets in Azerbaijan.
The amount of the loan facility from Vaziri is $4.0 million and the term of the loan is until January 8, 2017, the company said.
According to the company, the amount currently outstanding under the facility is $3.9 million. The interest on the loan is at a rate of 10 percent per annum.
The extension of the term of this loan is currently being renegotiated. It is expected that other terms of the loan will remain the same, the company said.
Based on the production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.
The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and are stored in the government’s account.