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Anglo Asian Mining
- BY: Andrew Hore |
- POSTED: 23/10/2007 |
Anglo Asian Mining is selling its redundant gold processing plant to Celtic Resources for $7m after fees.
Anglo Asian will get a 10% deposit this week and the rest of the cash should be paid in November. Anglo Asian wrote down the value of the plant by $3.3m in its 2007 interim figures.
The company has decided to use an open heap leach method of gold extraction at its proposed Gedabek gold mine in Azerbaijan.
Gedabek requires $30.7m of investment and $7m will go towards that as will $5m from a loan facility with the International Bank of Azerbaijan. That leaves nearly $19m to find some of which will probably come from a share issue.
Gedabek’s cash operating cost are expected to be $283 per ounce of gold – or $147 per ounce when copper and silver credits are taken into account.
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