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

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

The electric-car bubble could get an awful lot bigger from here
Renewables

The electric-car bubble could get an awful lot bigger from here

The switch to electric cars is driving a huge investment bubble. But that’s not necessarily a bad thing, says John Stepek. Fortunes will be made and l…
24 Sep 2020
Can Rishi Sunak’s winter plan save the UK economy?
UK Economy

Can Rishi Sunak’s winter plan save the UK economy?

With his Winter Economic Plan, chancellor Rishi Sunak is hoping to support the economy through the dark months ahead as restrictions tighten again. Jo…
25 Sep 2020
The rising dollar is proving bad news for most other assets – will it last?
Investment strategy

The rising dollar is proving bad news for most other assets – will it last?

Precious metals, stocks and pretty much every other asset has taken a tumble as the US dollar strengthens. Dominic Frisby looks at how long this trend…
23 Sep 2020