Azerbaijani gold producer signs contract for copper concentrate sale
Anglo Asian Mining plc., a gold producer in Azerbaijan, has signed a contract with Glencore International plc., for the sale of 2500 wet metric tons ('WMT') and 550 dry metric tons of copper concentrate ('DMT') from its Gedabek gold, copper and silver mine in western Azerbaijan, the company said on Monday, Trend news agency reported.
Under the terms of the sales agreement, which is due to commence before the end of the current year, Glencore will purchase 250 WMT per month of copper concentrate product. There is also an option for the company to stop selling copper concentrate product to Glencore after 1500 WMT has been sold.
Anglo-Asian Mining has copper concentrate stockpiles which now
total 2900 WMT.
The gold producer has the rights to develop six deposits in the
south-west of Azerbaijan - Gedabek, Ordubad, Gosha Bulag, Gyzyl
Bulag, Vezhnali and Soyutlu based on a PSA type agreement signed in
August 1997 with the Azerbaijani government.