The net debt of Anglo-Asian Mining engaged in gold mining in Azerbaijan is 40 million USD, although in comparison with the first quarter, the company's debt has been reduced by 14%. This is stated in the interim report posted on its website. According to the document, the main duty of the company in the amount of 22.2 million dollars is to Amsterdam Trade Bank.
Anglo-Asian Mining owes a considerable amount of 8.7 million dollars to the World Bank. In addition, the gold miner has to pay 2.8 million dollars taken from the International Bank of Azerbaijan (IBA) for credit lines. The company noted, however, that in the last quarter it repaid IBA 9% of its debt.
Anglo-Asian Mining owes loans also to other banks of Azerbaijan. Its debt to Yapi Kredi Bank is $ 1.4 million. The gold miner owes 3.3 million USD to Pasha Bank.
In 1997, the Azerbaijan State Company Azergyzyl and the US company R.V. Investment Group Services LLC signed an agreement on exploration, development and production sharing of promising gold deposits Gadabay, Gosha, the Ordubad group (Piyazbashy, Agyurd, Shakardarya, Kalaki), Seyudlu, Gizilbulag and Vejneli. 51% of the revenue from the gold and copper project Gadabay belongs to Azerbaijan. The project is led by Azerbaijan International Mining Operation Company, whose share is 49%. In turn, the company is owned by Anglo-Asian Mining registered in London and is at its full subsidization. Azerbaijan International Mining Operation Company provides all the necessary capital for the project. -0--
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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