British company Anglo Asian Mining Plc. (AAM), which mines gold, silver, and copper in Azerbaijan, has signed a contract with Singapore-based multinational trading company Trafigura Pte Ltd to sell concentrate produced at the Demirli copper mine in the Karabakh economic region of Azerbaijan.
AAM announced this in a statement.
“A contract for the sale of copper concentrate has been signed with Trafigura, which has been approved by the government. The company expects the first sale of concentrate to be completed in mid-November,” the statement said.
The contract also includes a revolving credit facility with an upfront payment of up to $25 million.
The company also announced that it had received the necessary licenses from the Azerbaijani government to operate the processing plant at the Demirli mine.
“Work to complete the necessary documentation is ongoing, but the licenses were issued in parallel with this process. AAM also received permission to use the existing tailings storage facility for up to 12 months, during which time a second tailings storage facility will be constructed. The operating lease for the Demirli processing plant commenced on October 1,” the statement reads. (Report)