Shares in Anglo Asian Mining Plc (LSE:AAZ, OTC:AGXKF) rose 7% after the group confirmed the start of production at its Demirli copper mine in Azerbaijan’s Karabakh Economic Region.
This marks the second new mine to come online for the company this year and strengthens its ambition to become a mid-tier, multi-asset copper producer.
Initial output at Demirli is expected to reach around 4,000 tonnes of copper in concentrate in 2025, with plans to ramp up to 15,000 tonnes a year from 2026.
The mine is supplied by a large open pit and nearby flotation plant, with power and water sourced locally. Waste material, or tailings, is currently stored in an existing dam, with a new facility planned as part of broader environmental measures.
Anglo Asian has completed a full environmental assessment at Demirli and hired 150 new staff, underlining its commitment to sustainable mining and ongoing regional exploration.
"Demirli commissioning represents a significant milestone for the Group and a major accomplishment for the team, given access to the site was secured only last summer," SP Angel in a note.
The broker upgraded its price target to 333p on the back of the news from 316p previously.
The shares rose 11.45p to 177.45p.