Anglo Asian Mining and Caterpillar Sign Vendor Financing Facility Agreement
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Anglo Asian Mining’s subsidiary, Azerbaijan International Mining Company (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 $4.6 million which has already been paid by AIMC, $3.7 million of that purchase price will be refinanced by the facility.
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.
“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,” said Reza Vaziri, chief executive Oofficer of Anglo Asian Mining.
“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,” added Vaziri.
Anglo Asian Mining is a gold, copper, and silver producer with a high-quality portfolio of production and exploration assets in Azerbaijan. On March 30, 2023, the company published its strategic plan for growth which shows a clearly defined path for the company to transition to a multi-asset, mid-tier, copper and gold producer by 2028, by which time copper will be the principal product of the company. It plans to achieve this growth by bringing into production four new mines during the period 2024 to 2028 at Zafar, Gilar, Xarxar, and Garadag.
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