#Anglo Asian Mining#Gedabek mine#Reza Vaziri#Gosha mine

Anglo Asians New Three-Year Contract Will Boost Profitability, Executive Says

Good news for Anglo Asian Mining: the Azerbaijan-based gold-silver-copper mining company has just sealed the deal on a three-year contract with Geneva-b...

Admin
|May 6|magazine5 min read

Good news for Anglo Asian Mining: the Azerbaijan-based gold-silver-copper mining company has just sealed the deal on a three-year contract with Geneva-based trading and logistics group Industrial Minerals SA. According to Anglo Asian executives, this partnership has the potential to greatly increase profitability and shareholder returns.

The new deal cements Industrial Minerals SA as an exclusive partner of Anglo Asian Mining for all sales of dry and wet copper concentrate excavated from Anglo Asian’s western Azerbaijan-based Gedabek mine. According to Anglo Asian, the mining company already has a stockpile of copper concentrate ready to go and expects to exceed its original copper excavation targets for the 2014 fiscal year – in the eyes of Anglo Asian CEO Reza Vaziri, this all adds up to a positive financial situation:

"We are delighted to secure this exclusive sales contract with Industrial Minerals, which will see our copper concentrate product adding to our bottom line and in turn increasing our profitability. With record copper sales from Gedabek totalling US$6.6m in 2013, we are well placed to continue this trend in 2014 and I look forward to updating shareholders on the copper production and sales in the coming months, as well as on gold production from Gedabek.”

While it is not clear whether Industrial Minerals SA will be involved in the sale and distribution of materials excavated at Anglo Asian’s Gosha mine site, Vaziri also expressed a positive outlook regarding the potential profitability of that project as well:

"Developments at our second gold project Gosha, which has started first phase gold production in Azerbaijan, will also materialise. We now have two production projects in the country, which together sees Anglo Asian's gold forecast for FY2014 between 62,000oz Au and 67,000oz Au."

These are just two of several mines that Anglo Asian has plans for within the next few years. These early successes so far predicate a bright future for the company.