Anglo Asian Mining PLC, a gold, copper, and silver producer in Azerbaijan, has announced a prepayment agreement with Trafigura Pte Ltd for the sale of copper concentrate. The agreement involves a total of $5 million in advance payments for the purchase of copper concentrate, with Trafigura gaining exclusive rights to 50% of the first year of future production from the Demirli mine. The company will receive $3 million immediately and an additional $2 million upon the resumption of flotation processing. The agreement is in effect until 31 December 2024, providing flexibility for financing operations during the next few months.
The company is also in discussions regarding the utilization of its vendor financing facility with Caterpillar Financial Services Corporation and further bank financing with local banks. Reza Vaziri, Chief Executive Officer of Anglo Asian Mining, expressed satisfaction with the prepayment agreement, stating, "This provides another source of financing for the Company and again demonstrates our strong relationships with our business partners."
Anglo Asian Mining PLC is a gold, copper, and silver producer with a strategic plan for growth, aiming to transition to a multi-asset, mid-tier, copper, and gold producer by 2028. The company's forecast production includes around 36,000 copper equivalent tonnes, with plans to bring four new mines into production during the period 2024 to 2028 at Zafar, Gilar, Xarxar, and Garadag.