LONDON (Alliance News) - Anglo Asian Mining PLC Tuesday said it has signed a three-year copper sales contract with Industrial Minerals SA for products from its Gedabek gold, copper, silver mine in Azerbaijan.
The miner said the deal makes Industrial Minerals its exclusive partner, purchasing dry and wet copper concentrate from Anglo Asian's Sulphidisation, Acidification, Recycling, and Thickening plant at Gedabek.
The company said that it has 75 tonnes of dry copper concentrate and 550 tonnes of wet copper concentrate stockpiles ready to sell immediately and Gedabek is currently expecting to exceed its target to produce 595 tonnes of copper in 2014.
"With record copper sales from Gedabek totalling USD6.6 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," Chief Executive Reza Vaziri said in a statement.
The company also said the development of its second gold project Gosha is expected to move forward in the coming months and its two production projects have meant that gold production in 2014 is forecast at between 62,000 ounces and 67,000 ounces of gold.
Anglo Asian Mining shares were up 2.6% to 16.67 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Anglo Asian (AAZ)