Azerbaijani and Swiss companies signed a new contract for the sale of copper

According to statement of company, on May of  2014, AAM signed three-year contract with Industrial Minerals S.A for sale of copper concentrates produced by the company using SART (sulfidization, acidification, recycling and thickening) standards.

"On May of 2016 the company signed new agreement with Industrial Minerals S.A for sale of copper concentrates produced at the flotation plant of AAM.

The contract expires on December 31 of 2018 and it was signed on same conditions as the previous contract. The exception is modified conditions regarding penalty for zinc content in copper concentrate. Sliding scale of penalties will be applied for zinc content between 1 to 12 per cent,” said in a statement.

In the first quarter of 2016 AAM produced 432 tons of copper, 181 tons from SART processing and 251 tons from flotation which is 29%  more than in the same quarter of 2015.

In 2016 the company targets copper production between 1,700 tons and 2,100 tons, comprising between 700 tons to 800 tons from SART processing and between 1,000 tons to 1,300 tons from flotation. In the first quarter of this year copper concentrate shipments to the customer totalled 1,330 dry metric tons ("dmt") with a sales value of $2.1m (excluding Government of Azerbaijan profit share).

The Company Anglo Asian Mining PLC holds mining and exploration rights in six fields in the south-western part of Azerbaijan.- "Gedabek”, "Ordubad”, "Qosha Bulaq”, "Gizil Bulag” , "Vejnali” and "Soyutlu” based on PSA agreement signed with the Azerbaijani government in August 1997. The mined gold  doré  transported to Switzerland for  purification. Gold bars delivered to Azerbaijan and stored at the account of government.