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The Markets
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Gold & silver

Anlgo Asian Mining borrows US$4mln from CEO

Anglo Asian Mining (LON:AAZ) is set for a US$4mln cash injection from chief executive Reza Vaziri.

Vaziri is provided the cash though a loan carrying interest at 10%, until January 2016.

The facility will be used as working capital, AAZ told investors.

An initial US2mln has already been drawn.

Last month the junior mining group revealed increased quarter-on-quarter gold production despite it traditionally being the toughest period to mine in Azerbaijan.

The miner produced 17,193 ounces of gold in the three months to March, compared to 17,053 in the previous quarter.

Production was 52% higher than a year ago and the target for 2015 overall remains between 70,000 and 75,000 ounces.

Sales in the quarter totalled 17,206 ounces of gold at an average of US$1,214 per ounce, while the company ended the period with net debt of US$50.7mln.

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