Gold producer in Azerbaijan buys 14% stake in Canadian company

Anglo Asian Mining plc, a gold, copper and silver producer operating in Azerbaijan, has acquired a 14.18% stake in the issued and outstanding shares of Canadian copper explorer Libero Copper & Gold Corporation, Report informs via foreign media.

The company reportedly obtained 5.6 million shares of Libero for a total of $2.8 million, paying $0.5 per share.

Anglo Asian Mining has made the purchase for investment purposes and, depending on the market and other conditions, including the general market conditions and other available investment and business opportunities, may increase or decrease the beneficial ownership of Libero's shares or warrants in the open market, through private negotiations or under certain conditions.

Anglo-Asian Mining is engaged in production in Azerbaijan under the PSA (Production Sharing Agreement) signed on August 21, 1997. Azerbaijan's share in the agreement is 51%. The first gold production (at the Gadabay field) began in 2009. Gadabay is an open-pit mine with integrated mines. The company is also engaged in production at the Gosha underground mine, 50 km from the Gadir and Gadabay fields, and at the newly discovered Ughur field.