Anglo Asian Mining signs three-year contract

AIM-listed Anglo Asian Mining announced it has signed a three-year contract with Geneva-based logistics group Industrial Minerals for sales of its copper concentrate product.The contract will make both companies exclusive partners for the sale of its copper from Anglo Asian's silver mine in western Azerbaijan.Under the terms of the agreement Industrial Minerals will buy both dry and wet copper concentrate. The company has 75 tonnes of dry copper concentrate and 550 tonnes of wet copper concentrate stockpiles ready to sell. The group's contract area, Gedabek, expects to surpass its target to produce 595 tonnes of copper for 2014.Anglo Asian's Chief Executive Officer, 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. "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 between62,000oz Au and 67,000oz Au."As of 13:05, Anglo Asian's share price had increased 4.62% to 16.5p.WS