Anglo Asians New Three-Year Contract Will Boost Profitability, Executive Says
Good news for Anglo Asian Mining: the Azerbaijan-based gold-silver-copper mining company has just sealed the deal on a three-year contract with Geneva-based trading and logistics group Industrial Minerals SA. According to Anglo Asian executives, this partnership has the potential to greatly increase profitability and shareholder returns.
The new deal cements Industrial Minerals SA as an exclusive partner of Anglo Asian Mining for all sales of dry and wet copper concentrate excavated from Anglo Asian’s western Azerbaijan-based Gedabek mine. According to Anglo Asian, the mining company already has a stockpile of copper concentrate ready to go and expects to exceed its original copper excavation targets for the 2014 fiscal year – in the eyes of Anglo Asian CEO Reza Vaziri, this all adds up to a positive financial situation:
"We are delighted to secure this exclusive sales contract with Industrial Minerals, which will see our copper concentrate product adding to our bottom line and in turn increasing our profitability. With record copper sales from Gedabek totalling US$6.6m in 2013, we are well placed to continue this trend in 2014 and I look forward to updating shareholders on the copper production and sales in the coming months, as well as on gold production from Gedabek.”
While it is not clear whether Industrial Minerals SA will be involved in the sale and distribution of materials excavated at Anglo Asian’s Gosha mine site, Vaziri also expressed a positive outlook regarding the potential profitability of that project as well:
"Developments at our second gold project Gosha, which has started first phase gold production in Azerbaijan, will also materialise. We now have two production projects in the country, which together sees Anglo Asian's gold forecast for FY2014 between 62,000oz Au and 67,000oz Au."
These are just two of several mines that Anglo Asian has plans for within the next few years. These early successes so far predicate a bright future for the company.
Newmont acquires Canada’s GT Gold in $325mn deal
Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.
“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”
Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.
With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.