Anglo Asian signs Vendor Financing Facility Agreement with Caterpillar

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Published by
Jane Bentham,
Editorial Assistant

Global Mining Review,
Thursday, 09 May 24

Anglo Asian Mining plc, the AIM listed gold, copper, and silver producer focused in Azerbaijan, has announced that its subsidiary, Azerbaijan International Mining Company Limited (AIMC), has signed a Vendor Financing Facility Agreement with Caterpillar Financial Services Corporation.

In December 2023, AIMC took delivery of a fleet of Cat® underground mining equipment for its new Gilar mine, comprising three R1700 underground loaders and two 980UMA underground loaders. The underground fleet cost US$4.6 million which has already been paid by AIMC. US$3.7 million of that purchase price will be refinanced by the Facility which has now been agreed and signed.

This is the first time Cat Financial will provide vendor financing to a customer in Azerbaijan and the first time Cat® underground equipment has been deployed in Azerbaijan.

Reza Vaziri, Chief Executive Officer of Anglo Asian Mining, commented:

“This is an important achievement for AIMC, which further enhances our relationship with Caterpillar following the milestone delivery of their equipment last year. This transaction is a first for Caterpillar within Azerbaijan, and we are proud that this is also its first agreement of this type in Azerbaijan. Congratulations to both AIMC’s team and Caterpillar for their hard work on this achievement. The facility cements our relationship with Caterpillar and we look forward to a long and mutually beneficial future partnership.”

 

This article has been tagged under the following:

Asian mining news



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