Business
Copper Sales Update, Gedabek
Copper Sales Update, Gedabek.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \nRNS Number : 7472I Anglo Asian Mining PLC 08 July 2013 \n \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n8 July 2013\nAnglo Asian Mining plc ('Anglo Asian' or 'the Company')\nCopper Sales Update - Gedabek\n \nAnglo Asian Mining plc, the AIM listed gold producer in Azerbaijan, is pleased to provide an update on copper sales from its flagship Gedabek gold, copper, silver mine in western Azerbaijan. \n \nIn addition to Gedabek's primary gold production which remains on track to meet 60,000 ounces for the year ending 31 December 2013, Gedabek produces a copper concentrate from a Sulphidisation, Acidification, Recycling and Thickening ('SART') process. With regards to the sale of this copper concentrate, the Company has signed a new sales contract with Seagate Minerals and Metals Inc ('Seagate') for 750 wet metric tonnes ('WMT') of copper concentrate +/- 7% over July and August 2013. This new sales contract follows the successful trial shipment of 200WMT of copper concentrate with Seagate which was undertaken in Q1 2013.\n \nThe Company is also pleased to provide an update on its copper sales contract with Glencore which was signed in Q4 2012. To date, Anglo Asian has delivered 1,750 WMT (1,500WMT in 2013) of copper concentrate and has exceeded its 1,500 WMT copper concentrate sales expectation with Glencore. A further 550 dry metric tonnes of copper concentrate sales remain under the contract and the Company expects to meet this order in 2013. \n \nThe Board believes these copper contract sales will significantly contribute to Gedabek's cash costs bottom line to achieve a lowered operational cash cost of US$450-US$500 per ounce of gold by the end of 2013.\n \nAnglo Asian CEO Reza Vaziri said, \"We are delighted to have secured this additional sales contract with Seagate, which will see our copper concentrate product adding to our bottom line at Gedabek and in turn increasing our profitability.\" \n \n\"In addition, we are delighted to report that our new agitation leaching plant at Gedabek, which was commissioned to increase our primary gold production, has performed well to date and we remain on track to produce circa 60,000 ounces of gold for the full year 2013.\" \n \n**ENDS**\n \n \n \n \nFor furth...