Anglo Asian Mining (LON: AAZ) has actually started copper concentrate sales from its brand-new Demirli mine as component of a just recently authorized contract with assets trading team Trafigura.
On Nov. 3, the London-listed miner, which runs mines in Azerbaijan, contracted to sell copper concentrates created at Demirli in Karabakh to Trafigura, with the last accepting a $25 million early repayment.
In the 2nd fifty percent of November, Anglo Asian made its initial sale to Trafigura– completing 2,055 damp tonnes of copper concentrate having 351 tonnes of steel. This is anticipated to create $3.6 million in earnings prior to the federal government of Azerbaijan’s share, it stated.
To assist in the delivery, the business stated it developed a devoted logistics centre for storage space and distribution near Marijuana, near to the primary freeway in between Azerbaijan and Georgia. The area would certainly enable Trafigura vehicles to get focuses without getting consent to get in Karabakh, which has limited accessibility.
” We are remaining to make fantastic development at the Demirli mine, which was brought right into manufacturing on schedule and on spending plan, and we have actually currently finished our initial copper concentrate sales to Trafigura,” Anglo Asian chief executive officer Reza Vaziri stated in a news release.
” We remain to buy this partnership, which is tactically essential for Anglo Asian, by developing our brand-new logistics centre, which will certainly drive substantial effectiveness.”
In July, the business announced the successful commissioning of the Demirli mine. According to its projections, the procedure is anticipated to supply 4,000 tonnes of copper focuses this year, after that climbing to 15,000 tonnes from 2026 onwards.
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