Azerbaijan's Azergold auctions off bonds

By Trend

Azerbaijan’s AzerGold CJSC held an auction on the placement of bonds worth $10 million on Nov.30, Trend reports referring to the Baku Stock Exchange.

A total of 37 investors submitted 46 applications for the purchase of bonds in the price range of 100 manat ($58 or four percent) – 103.4 manat ($60.82 or three percent).

In accordance with the decision of the issuer, the cut-off price of the bonds was set at 102.06 manat ($60.04 or 3.5 percent), while the weighted average price at 102.4 manat ($60.24 or 3.35 percent).

The total amount of orders at par was $18.43 million while the volume of bonds placed at par was $10 million.

In accordance with the Azerbaijani president’s order dated August 6, 2020, AzerGold CJSC has begun geophysical research and exploration work as part of the preparation of the primary assessment document for re-commissioning of the Dashkesan iron ore deposit.

The deposit with reserves in the volume of 350 million tons of ore was constantly used from 1954 through 1994, during which 92 million tons of minerals were extracted.

(1 USD = 1.7 AZN on Dec.1)