TBILISI, May 7 (Reuters) - Industrial Mining SA, aGeneva-based group, has become an exclusive trader of a copperconcentrate produced in Azerbaijan, replacing Swiss tradingmajor Glencore, the producer company said.
Azerbaijan's main gold and copper producer, London-listedAnglo Asian Mining Plc, said on Wednesday it had signeda three-year contract with Industrial Minerals SA, an integratedtrading, mining and logistics group, to become its exclusivepartner for sales of copper concentrate produced at Azerbaijan'smain mine, Gedabek.
"With record copper sales from Gedabek totalling $6.6million in 2013, we are well placed to continue this trend in2014," Anglo Asian Chief Executive Officer Reza Vaziri said in astatement.
He did no specify the cost of a deal or reasons for securinga new sales contract.
Anglo Asian produces copper in the form of a precipitatedcopper sulphide concentrate by-product, which also containssilver with commercial value and a small amount of gold.
The company said it had 75 tonnes of dry copper concentrateand 550 tonnes of wet copper concentrate stockpiles ready tosell and expected to exceed its target to produce 595 tonnes ofcopper in 2014.
Anglo Asian, which is controlled by R.V. Investment GroupServices, began production at Gedabek, 350 km west of thecapital Baku, in July 2009.
Metals are produced at Gedabek and other Azeri mines under aproduction venture with Anglo Asian, in which the governmentowns 49 percent. (Reporting by Margarita Antidze and Nailia Bagirova; Editing byLouise Heavens)
Anglo Asian (AAZ)
Glencore (GLEN)
