Anglo Asian's New Contract Leaves Glencore without Azeri Copper
9 May 2014 22:27
(Minews) - Industrial Mining SA, a Geneva-based group, has become an exclusive trader of a copper concentrate produced in Azerbaijan, replacing Swiss trading major Glencore , the producer company said.
Azerbaijan's main gold and copper producer, London-listed Anglo Asian Mining Plc , said on Wednesday it had signed a three-year contract with Industrial Minerals SA, an integrated trading, mining and logistics group, to become its exclusive partner for sales of copper concentrate produced at Azerbaijan's main mine, Gedabek.
"With record copper sales from Gedabek totalling $6.6 million in 2013, we are well placed to continue this trend in 2014," Anglo Asian Chief Executive Officer Reza Vaziri said in a statement.
He did no specify the cost of a deal or reasons for securing a new sales contract.
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.
The company said it had 75 tonnes of dry copper concentrate and 550 tonnes of wet copper concentrate stockpiles ready to sell and expected to exceed its target to produce 595 tonnes of copper in 2014.
Anglo Asian, which is controlled by R.V. Investment Group Services, began production at Gedabek, 350 km west of the capital Baku, in July 2009.
Metals are produced at Gedabek and other Azeri mines under a production venture with Anglo Asian, in which the government owns 49 percent.
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