Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said it has signed a seven-year revolving credit facility worth US$32.3mln with the International Bank of Azerbaijan.
Entered into by Anglo’s wholly-owned operating subsidiary, Azerbaijan International Mining Company, the revolving credit facility provides “additional finance and operational flexibility for the company’s expansion plans”, according to a statement.
The AIM-listed gold, copper and silver producer said it believes the agreement represents an important step in its medium-term growth plans, culminating in the group becoming a mid-tier copper-focused mining company.
"We are pleased to sign a new revolving credit facility with the International Bank of Azerbaijan, another milestone in the preparation of rolling out our medium-term operational expansion plans,” said CEO Reza Vaziri.
“We see considerable potential across our portfolio of exploration and development stage assets and look forward to driving the company's progression with this additional capital support."