Anglo Asian Mining Plc (LSE:AAZ, OTC:AGXKF) has raised its production targets for the year after bringing two new copper and gold mines into operation in Azerbaijan, marking a major step in its shift towards becoming a predominantly copper producer.
The company now expects to produce between 8,100 and 9,000 tonnes of copper and 25,000 to 28,000 ounces of gold in 2025, up sharply from last year’s 377 tonnes of copper and 15,073 ounces of gold.
Turnover is forecast to triple to between $125 million and $140 million, with earnings before interest, tax, depreciation and amortisation rising to between $40 million and $50 million.
Production has been boosted by the start-up of the Gilar and Demirli mines.
Demirli began operations in July and is ramping up to full capacity, while ore from Gilar’s high-grade copper zones is being stockpiled ahead of processing at an expanded flotation plant next year.
The Gilar ore grades around 3.5 to 4% copper and 2 grammes of gold per tonne.
To support higher volumes, Anglo Asian is installing two more filter presses and extra flotation cells at its Gedabek processing plant, which remains in operation during the upgrade.
Concentrate from Demirli is also being stockpiled ahead of expected permit approvals by the end of October, allowing sales to begin in November.
Reza Vaziri, the company’s chief executive, said: “2025 is already a landmark year for Anglo Asian Mining, as we have commenced production at two new mines, Gilar and Demirli.
"This makes us a multi-asset producer, in line with our strategy, and we are on track to become a mid-tier producer in the coming years.”
The company added that progress at its Xarxar and Garadag projects supports its longer-term goal of building a stronger, more diversified production base. A detailed operational update for the first nine months of the year will be published later in October.