Anglo Asian Mining increases gold production in Azerbaijan 0.6% in Q1

BAKU. April 15 (Interfax) - Anglo Asian Mining Plc, which has a portfolio of gold, silver and copper projects in Azerbaijan, mined 6,062 ounces of gold in the first quarter of 2026, a 0.6% increase year-on-year, the company reported.

AAM mined 42,796 ounces of silver, up 41.2%.

Copper output rose 6.9-fold to 3,711 tonnes, including 1,462 tonnes at the Gedabek mine and 2,249 tonnes at Demirli.

The company sold 4,100 ounces of gold bullion on global markets, down 13.7% year-on-year, at an average price of $4,728 per ounce, up from $2,843 per ounce a year previously.

AAM sold 18,533 tonnes of copper concentrate, up 8-fold from Q1 2025, for $45.6 million, an 11.1-fold increase.

As of March 31, the company had precious metals inventory with a market value of $30.8 million, including gold-silver Dore and copper concentrate.

AAM's debt amounted to $19.5 million, and net cash amounted to $17.7 million.

AAM forecasts gold production in 2026 at between 28,000 and 33,000 ounces, compared to actual production of 25,061 ounces in 2025. Silver production is expected to be between 170,000 and 210,000 ounces versus 153,333 ounces last year. Copper production is forecast at 20,000 to 25,000 tonnes, against just over 7,900 tonnes in 2025.

All-in sustainable cost (AISC) per ounce of gold in 2026 is estimated at $1,500-$1,800, while for copper production it is $6,800-$7,800.

Azerbaijan signed a production sharing agreement with Anglo Asian for six deposits back in 1997. Azerbaijan's stake in the contract, held by CJSC AzerGold, is 51% and AAM holds the remaining 49%. AAM currently holds the rights to eight contract areas in Azerbaijan, namely Gedabek, Demirli, Xarxar, Garadag, Gosha, Vejnaly, Ordubad and Kyzlbulag.