Copper sales contract signed with Glencore

RNS Number : 6122T

Anglo Asian Mining PLC

17 December 2012

 



Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

17 December 2012

Anglo Asian Mining plc ('Anglo Asian' or 'the Company')

Copper sales contract signed with Glencore International

Anglo Asian Mining plc, the AIM listed gold producer, is pleased to announce that it has signed a contract with Glencore International plc ('Glencore') for the sale of 2,500 wet metric tonnes ('WMT') and 550 dry metric tonnes of copper concentrate, when available, from its Gedabek gold/copper/silver mine in western Azerbaijan ('Gedabek').

The Company 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 ('SART') plant at Gedabek. 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 1,500 WMT has been sold.

Anglo Asian CEO 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."

**ENDS**

For further information please visit www.angloasianmining.com or contact:

Reza Vaziri	Anglo Asian Mining plc	Tel: [phone]
Sean Duffy	Anglo Asian Mining plc	Tel: [phone]
Ewan Leggat	SP Angel Corporate Finance LLP	Tel: [phone]
Laura Littley	SP Angel Corporate Finance LLP	Tel: [phone]
Felicity Edwards	St Brides Media & Finance Ltd	Tel: [phone]
Lottie Brocklehurst	St Brides Media & Finance Ltd	Tel: [phone]

Notes:

Anglo Asian Mining plc (AIM:AAZ) is a gold producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan.  The Company has a 1,962 sq km prospective exploration portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement ('PSA') based on the Azeri oil industry. The Company developed Azerbaijan's first operating gold/copper mine, Gedabek, which commenced gold production in May 2009.  Gold production for the year ended 31 December 2011 totalled 57,068 oz of gold and it is targeted to reach 49-51,000 oz of gold for FY 2012.

Anglo Asian is actively looking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in Central Asia and Caucasia in order to fulfil its expansion ambitions and become a mid-tier gold and base metal production company focussed in these regions.

 

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