Anglo Asian Mining plc, a publicly listed company on AIM specializing in gold, copper, and silver production in Azerbaijan, has revealed that its subsidiary, Azerbaijan International Mining Company Limited (AIMC), has entered into a Vendor Financing Facility Agreement with Caterpillar Financial Services Corporation.
In December 2023, AIMC received a shipment of Cat® underground mining machinery for its newly established Gilar mine, consisting of three R1700 underground loaders and two 980UMA underground loaders. The total cost of this underground fleet amounted to US$4.6 million, which has already been settled by AIMC. However, US$3.7 million of this acquisition cost is set to be refinanced through the recently agreed and executed Facility.
This marks the debut of Cat Financial extending vendor financing to a client in Azerbaijan, as well as the inaugural deployment of Cat® underground equipment in the country.
Reza Vaziri, CEO of Anglo Asian Mining, commented:
“AIMC’s accomplishment in securing this Facility further solidifies our partnership with Caterpillar, following the significant delivery of their equipment last year. This agreement represents a pioneering move for Caterpillar in Azerbaijan, showcasing their trust in our market. My congratulations to both AIMC’s team and Caterpillar for their diligent efforts in making this happen. This Facility strengthens our bond with Caterpillar, and we anticipate a fruitful and enduring collaboration in the future.”
