Anglo Asian signs copper sales contract with Glencore
Anglo Asian Mining shares gained 4.5% on Monday after the company announced it signed a contract to sell copper concentrate from its Gedabek mine, a gold, copper and silver project in western Azerbaijan, to commodities giant Glencore International (LON:GLEN).
Under the terms of the sales agreement, due to commence before the end of 2012, Anglo Asian will sell 2,500 wet metric tonnes (WMT) and 550 dry metric tonnes of copper concentrate to Glencore, when available.
Glencore will purchase 250 WMT per month of copper concentrate product.
There is also an option for Anglo Asian to stop selling copper concentrate product to Glencore after 1,500 WMT has been sold.