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Three year Copper sales contract signed with Industrial Minerals SA
Anglo Asian Mining plc, the AIM listed gold producer, has announced that it has signed a three year contract with Industrial Minerals SA (‘Industrial Minerals’), a Geneva based integrated trading, mining and logistics group, to become Anglo Asian’s exclusive partner for sales of its copper concentrate product from the Gedabek gold, copper, silver mine in western Azerbaijan.
The Company produces copper in the form of a precipitated copper sulphide concentrate by-product, which also contains silver with commercial value and a small amount of gold, from its Sulphidisation, Acidification, Recycling, and Thickening (‘SART’) plant at Gedabek. Under the terms of the sales agreement Industrial Minerals will purchase both dry and wet copper concentrate. Importantly, the Company has 75 tonnes of dry copper concentrate and 550 tonnes of wet copper concentrate stockpiles ready to sell and Gedabek expects to exceed its target to produce 595 tonnes of copper for FY 2014.
Anglo Asian CEO Reza Vaziri said, “We are delighted to secure this exclusive sales contract with Industrial Minerals, which will see our copper concentrate product adding to our bottom line and in turn increasing our profitability. With record copper sales from Gedabek totalling US$6.6 million in 2013, we are well placed to continue this trend in 2014 and I look forward to updating shareholders on the copper production and sales in the coming months, as well as on gold production from Gedabek.
“Developments at our second gold project Gosha, which has started first phase gold production in Azerbaijan, will also materialise. We now have two production projects in the country, which together sees Anglo Asian’s gold forecast for FY2014 between 62,000oz Au and 67,000oz Au.”
