Azerbaijan International Mining Company has signed an agreement with Trafigura Pte

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AK&M 17 July 2024 14:08

Azerbaijan International Mining Company Limited (AIMC), a subsidiary of Anglo Asian Mining plc, has entered into an agreement with Trafigura Pte Ltd regarding an advance payment of $5 million as part of a deal to sell copper concentrate. This is reported in the AIMC press release.

Advance payments for the supply of copper concentrate will be calculated in accordance with the current contract, which granted Trafigura the exclusive right to purchase 50% of future production at the Demirli mine.

As part of the agreement, AIMC will receive $3 million after the signing of the agreement and another $2 million after the resumption of flotation processing. The agreement is valid until December 31, 2024, because by that time, AIMC is expected to deliver enough concentrate to Trafigura to pay upfront payments.

AIMC continues to negotiate with Caterpillar Financial Services Corp. regarding the attraction of financing from suppliers and local banks. At the same time, the agreement with Trafigura provides the company with an additional opportunity to raise funds to finance its current activities for several months.

Anglo Asian Mining PLC is a geological exploration company focused on the exploration and production of minerals (gold, copper, silver and precious metals) in Azerbaijan. The headquarters is located in Baku (Azerbaijan).

Trafigura Pte Ltd is a Singapore multinational trading company in the wholesale trade of metals, energy, and hydrocarbon raw materials (including oil). The company ranks second in the list of the largest oil suppliers in the world after Vitol and first among the largest suppliers of metals.

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