The Azerbaijani Anglo Asian Mining PLC (AAM) company and the Swiss Industrial Minerals S.A. have signed a contract for selling copper, which is being produced by the AAM's flotation plant.
The company signed a new contract with Industrial Minerals S.A. in March 2016, for the sale of copper concentrate produced from its flotation plant, the AAM reported.
The contract which is valid until December 31, 2018 has the same terms as the company's existing contract with the exception of improved terms for any penalty due to the concentrate containing zinc.
The AAM's copper production for Q1 of 2016 totaled 432 tons (181 tons from SART processing and 251 tons from flotation), which is by 29 percent more than the Q4 of 2015, according to the company.
The company's copper production target for Fiscal Year 2016 is between 1,700 and 2,100 tons, comprising 700-800 tons from SART processing and 1,000-1,300 tons from flotation plant.
The AAM company supplied 1,330 dry metric tons of copper worth $2.1 million in January-March 2016 (excluding the Azerbaijani government's profit share) versus 817 tons worth $1.3 million supplied in Q4 of 2015, according to the message.
Anglo Asian Mining PLC is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan.
Based on the production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in south-west of Azerbaijan: "Gadabay", "Ordubad", "Gosha Bulag", "Gizil Bulag", "Vejnali" and "Soyutlu".
Anglo Asian Mining started gold and silver production in May 2009 and copper concentrate production in 2010 at the Gadabay mine.
The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and stored in the government's account.
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