26th Feb 2025 11:43
(Alliance News) - Anglo Asian Mining PLC on Wednesday said it expects 2025 to be a "milestone" year for the firm, as it forecasts record copper and gold production.
The Azerbaijan-focused gold, copper and silver miner said it anticipates turnover between USD110 million and USD125 million for 2025, and earnings before interest, tax, depreciation and amortisation between USD45 million and USD55 million.
Figures for 2024 have not yet been reported, but this would be more than double the revenue of USD45.9 million reported for 2023.
Anglo Asian forecasts 2025 gold production between 28,000 and 33,000 ounces, more than doubling at best from the 15,073 ounces reported for 2024.
Copper production for 2025 is anticipated between 6,500 and 6,800 tonnes, against 377 total tonnes for 2024.
"Copper is now becoming an increasing important part of the group's production," said Chief Executive Officer Reza Raziri.
"Our production in 2025 will be significantly increased compared to 2024, which was impacted by our partial shutdown. I am also pleased that the guidance for 2025 turnover is the highest annual turnover for the group.
"2025 will be a milestone year for the company as we begin to ramp up our proportion of copper within our production portfolio, ahead of bringing the larger Garadag and Xarxar copper assets into production in the coming years."
Anglo Asian added that it is continuing to evaluate its Demirli mining property, with production expected to restart at the plant before the end of the year.
The guidance provided today excludes any turnover from Demirli, and the firm will provide a further update on its production forecast "as appropriate" later in 2025.
Shares in Anglo Asian Mining were up 6.7% at 120.00 pence in London on Wednesday morning.
By Emily Parsons, Alliance News reporter
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