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.

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.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

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

MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.