Gold producer in Azerbaijan to have new shareholders

Baku, Azerbaijan, July 6

By Anvar Mammadov – Trend:

Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, has issued options to buy 420,000 shares worth 56,850 pounds sterling, the company said in a message July 6.

The first option in the amount of 300,000 shares was given to William Morgan, chief financial officer of AAM, who will be able to purchase 0.26 percent of the company’s shares. The value of each share is 0.15 pounds sterling.

The second option in the amount of 120,000 shares was granted to Stephen Westhead, director of geology and mining at AAM. He will have the opportunity to purchase 0.11 percent of the company’s shares. The value of each share is 0.098750 pounds sterling.

AAM and Swiss Industrial Minerals SA signed an agreement in May 2014 on selling cooper concentrate produced at Gadabay field in Azerbaijan.

Based on the production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.

The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and are stored in the government’s account.

This article provided by NewsEdge.