Anglo Asian will sell 2,500 wet metric tonnes and 550 dry metric tonnes of copper concentrate when available to Glencore.
Azerbaijan miner Anglo Asian Mining has unveiled a deal to sell copper concentrate to commodities giant Glencore. The company will sell 2,500 wet metric tonnes and 550 dry metric tonnes of copper concentrate when available from its Gedabek gold/copper/silver mine in western Azerbaijan.
The agreement, which is due to begin before the end of the 2012, will see Anglo Asian shift 250 WMT of concentrate per month, with an option to halt sales after 1,500 WMT have passed to Glencore.
Anglo Asian's CEO Reza Vaziri said that "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."
Earlier this year, the company shipped and sold GBP 1.4 million worth of copper concentrate samples to Glencore, which was testing the product.
In its interim results statement, Anglo Asian, which had been looking for a long-term sales partner for its copper concentrate, said selling its stockpiles would have a positive impact on cash costs at Gedabek.
Anglo Asian produces copper in the form of a precipitated copper sulphide concentrate by-product, which also contains silver with commercial value and a small amount of gold from its Sulphidisation, Acidification, Recycling, and Thickening plant at Gedabek.
