Anglo Asian Mining reaches copper sales deal with Glencore

Anglo Asian Mining has signed a contract to sell copper concentrate from its Gedabek mine in western Azerbaijan to commodities giant Glencore International.

The AIM listed gold producer will sell 2,500 wet metric tonnes (WMT) and 550 dry metric tonnes of copper concentrate when available from the gold, copper and silver mine.

Glencore will purchase 250 WMT per month of copper concentrate under the agreement, which is due to commence before the end of 2012. There is also an option for Anglo Asian Mining to halt the sale of copper concentrate once 1,500 WMT has been passed to Glencore.

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Anglo Asian Mining Chief Executive Officer, Reza Vaziri, said: "We are delighted to have secured this sales contract with Glencore, which will see our copper concentrate product adding to our bottom line and in turn increasing our profitability. From here we hope to arrange further sales contracts for our copper concentrate stockpiles, which now total 2,900 WMT, and we also look forward to reporting our FY 2012 gold and copper production figures in the New Year, where we are on track to produce 49-51,000 ounces of gold and 600 tonnes of copper."

Shares were up 3.65% to 49.75 at 9:25 Monday for Anglo Asian Mining.

RD