Anglo Asian Mining boosts copper production in Azerbaijan nearly sevenfold in 1Q2026

British mining company Anglo Asian Mining, which develops gold-bearing deposits in Azerbaijan, produced 6,062 ounces of gold in the first three months of 2026, Report informs, citing company data.

This figure exceeded the result for the same period of the previous year by 0.56%.

Of the total output, 4,842 ounces consisted of Doré gold bullion, while the remaining 1,220 ounces were recovered through flotation and SART technology. During the reporting period, Anglo Asian Mining increased copper production in Azerbaijan by 6.89 times, bringing it to 3,711 tons, while silver recovery volumes rose by 41.17%, reaching 42,796 ounces.

During the reporting period, the company extracted 1,462 tons of copper from the Gedabek deposit (a 2.71-fold increase), and 2,249 tons from the Demirli deposit (where production operations were launched at the end of 2025).

In the period from January to March, gold bullion sales amounted to 4,100 ounces at an average price of $4,728 per ounce. For comparison, in the first quarter of 2025, some 4,753 ounces were sold at an average price of $2,843 per ounce. Total concentrate sales reached 18,553 dry metric tons (dmt) for a total value of $45.6 million. Of this amount, the Gedabek deposit accounted for 7,890 dmt ($24.2 million), and Demirli for 10,663 dmt ($21.4 million).

The company's cash holdings increased by 23.2%, reaching $37.2 million. At the same time, Anglo Asian Mining reduced its debt burden by 30.1% to $19.5 million. As a result, the company's net cash position increased 7.69 times, reaching $17.7 million.

The value of inventories of unsold Doré bullion and copper concentrate as of the end of the quarter of 2026 is estimated at $30.8 million.

Anglo Asian Mining expects a threefold increase in copper production volumes in 2026 due to the expansion of capacity at the Gilar and Demirli mines. In 2025 alone, AAM produced 25,061 ounces of gold, 153,332 ounces of silver, and 7,915 tons of copper. AAM intends to extract between 28,000 and 33,000 ounces of gold in 2026. Silver production for the current year is forecast at between 170,000 and 210,000 ounces, while copper is projected at between 20,000 and 25,000 tons.

Anglo Asian Mining carries out precious metals extraction from the Gedabek and Gosha contract areas. A PSA-type contract was signed on August 21, 1997, and provided for the development of six deposits. Azerbaijan's share in the contract is 51%, and Anglo Asian Mining PLC holds 49%. AAM holds development rights for eight contract areas in Azerbaijan.