Anglo Asian Mining Plc (LSE:AAZ, OTC:AGXKF) reported a return to profitability in its interim results for the first six months of 2025, as two new mines entered production.
The Azerbaijani gold and copper miner posted a pre-tax profit of $7.1 million, compared to a $5.5 million loss in H1 2024, as revenue more than tripled to $40.9 million, supported by higher production volumes and strong commodity prices.
Gold sales totalled 9,781 ounces at an average price of $3,077 per ounce, while copper concentrate sales rose to $10.4 million.
Total production reached 16,378 gold equivalent ounces, including 12,115 ounces of gold and 1,188 tonnes of copper.
A new Gilar underground mine began ramping production from May, and the Demirli copper mine entered production in July.
Net cash from operations was $11.4 million, with capital expenditure of $8 million. Net debt fell to $13.1 million. No interim dividend was declared.
CEO Reza Vaziri said the two new mines, Gilar and Demirli, are "important milestones in the execution of our growth strategy and in Anglo Asian's history, as we transition to a mid-tier producer with copper as our dominant product".