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Anglo Asian Mining
- BY: Andrew Hore |
- POSTED: 26/05/2009 |
Anglo Asian Mining has commenced production at the Gedabek gold/copper project in West Azerbaijan.
This sparked a 2.5p rise in the shares to 18p each, values Anglo Asian at £18.5m. The shares have risen by 500% in six months.
Gedabek is an open pit mine and it has poured its first gold. The mine should produce 70,000 ounces of gold in its first full year. Copper production should commence in the near future. The current resource is 702,000 ounces of gold, 37,500 tonnes of copper and 6,100,000 ounces of silver. The mine life is six years but further exploration should add to that.
Anglo Asian secured $9.4m from the Bank of Azerbaijan during May 2009. The annual interest rate is 15%. The loan will be paid in three-monthly instalments between March 2011 and March 2013. Anglo Asian already had a $25m loan facility.
The 2008 figures need to be published before the end of June 2009.
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