Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) expects copper to become its main metal by 2026, surpassing gold and silver, as it pivots towards battery metals.
Reza Vaziri, chief executive, said: “We have devised a strategic plan for growth to drive the company to multi-asset, mid-tier producer status.
"This focuses on a very substantial increase in copper production, augmented by our ongoing significant gold and silver production.”
Azerbaijan-based Anglo Asian said the strategy will see copper equivalent tonnes rise to 15,000-15,500 tonnes (70,000-75,000oz gold equivalent) over the next two years and to reach around 36,000t plus (175,000 oz gold eq) by 2028.
This change of emphasis will be driven by the opening of four new mines in Azerbaijan, it added.
“Copper is a critical metal for the energy transition to net zero that is expected to benefit from increased demand as the move towards electrification intensifies,” Vaziri commented.
Anglo Asian said the strategy will be funded by current cash holdings, cash flow from operations and an undrawn US$32mln debt facility.