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.

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.

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

Recommended

The Burberry share price looks like a good bet
Trading

The Burberry share price looks like a good bet

The Burberry share price could be on the verge of a major upswing as the firm’s profits return to growth.
5 Oct 2022
3 emerging market dividend stocks to buy now
Share tips

3 emerging market dividend stocks to buy now

Professional investor Omar Negyal of the JPMorgan Global Emerging Markets Income Trust picks three of his favourite emerging market stocks for income …
4 Oct 2022
Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
The best British tech stocks from a thriving sector
Share tips

The best British tech stocks from a thriving sector

Move over, Silicon Valley. Over the past two decades the UK has become one of the main global hubs for tech start-ups. Matthew Partridge explains why,…
29 Sep 2022

Most Popular

Should you take a 25% tax-free pension lump sum in instalments?
Pensions

Should you take a 25% tax-free pension lump sum in instalments?

Taking out a 25% tax-free lump sum sounds appealing but it might not be the best way to manage your pension
30 Sep 2022
Mortgage early repayment charges: are they worth the cost?
Mortgages

Mortgage early repayment charges: are they worth the cost?

With interest rates set to rise further in the months ahead, is it worth swallowing early repayment charges to refinance your mortgage today?
4 Oct 2022
Why the Bank of England intervened in the bond market
Government bonds

Why the Bank of England intervened in the bond market

A sudden crisis for pension funds exposed to rapidly rising bond yields meant the Bank of England had to act. Cris Sholto Heaton looks at the lessons …
30 Sep 2022