Anglo Asian scores three-year copper sales deal
Azerbaijan's main gold producer Anglo Asian Mining (LON:AAZ) said Tuesday it has signed a three-year copper sales contract with Geneva-based integrated trading, mining and logistics group Industrial Minerals (ARBA:GA).
The deal makes Industrial Mineral Anglo's exclusive partner for sales of copper concentrate from the London-listed miner's Gedabek gold, copper, silver operation in the transcontinental Asian and European nation.
Anglo Asian said it has 75 tonnes of dry copper concentrate and 550 tonnes of wet copper concentrate stockpiles ready to sell. The Gedabek mine expects to exceed its target to produce 595 tonnes of copper for 2014.
"With record copper sales from Gedabek totalling $6.6 million US in 2013, we are well placed to continue this trend in 2014," said CEO Reza Vaziri. "I look forward to updating shareholders on the copper production and sales in the coming months, as well as on gold production from Gedabek."
Anglo Asian began production at Gedabek, 350 kilometres west of the capital Baku, in 2009, becoming Azerbaijan's first operating gold and copper mine.
The company's second gold project Gosha was approved by the the government of Azerbaijan in 2012 and is currently under development. The gold forecast for 2014 is between 62,000 and 67,000 ounces under both production projects.
Anglo Asian, which is controlled by R.V. Investment Group Services, has plans to develop a total of seven mines in western Azerbaijan, with estimated gold reserves of 430 tonnes.