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Anglo Asian makes loan repayment ahead of schedule

By BFN News | 02:21 PM | Thursday 23 December, 2010

Anglo Asian Mining has repaid $5.4m of its outstanding loan with the International Bank of Azerbaijan ahead of schedule, bringing the current loan balance to $29.6m. Anglo Asian has also rescheduled the repayment of its outstanding $998,663 loan provided by the company's CEO Reza Vaziri on 7 August 2009. This will allow Anglo Asian to repay loans with a higher interest rate as a priority during a period of strong operational performance. It was agreed that the loan would be paid back in one instalment on 30 November 2010. Under the new rescheduled payment plan, the loan will be rolled over on a month by month basis with a 30-day notice period. The loan carries an all inclusive annual interest rate of 8% per annum. The company's total interest-bearing loans and borrowings, which were $43.0m at then end of 2009 and peaked at $45.9m in March this year, now stand at $30.6m. Story provided by