9th Oct 2025 13:10
(Alliance News) - Anglo Asian Mining PLC on Thursday lowered its full-year gold production target but boosted guidance for copper, which it plans to prioritise going forwards.
Shares in the Azerbaijan-focused mining company traded 0.2% lower at 206.50 pence on Thursday afternoon in London, having risen 94% in the past year.
The firm's Demirli copper mine entered production in July and is nearing its design capacity as it completes commissioning, AAM said. Its Gilar prospect is also in production, with both sites stockpiling ore.
As a result, AAM sees full-year copper production between 8,100 and 9,000 tonnes, compared to the previous guide of 6,500 to 6,800 tonnes, and significantly up from 377 tonnes in 2024.
For gold, the firm has lowered its target range to between 25,000 and 28,000 ounces, compared to the prior forecast of 28,000 to 33,000 ounces. Still, the new guidance remains ahead of 2024, when AAM produced 15,073 ounces of gold.
AAM noted that it is sourcing ore from "higher grade" zones at Gilar, with copper graded between 3.5% and 4%, and gold at 2 grammes per tonne. This has slowed production at the Gedabek plant, which the company is upgrading to better manage the ore concentrate.
Though it has to stockpile higher grades until expansion works are completed, it continues production at the plant and expects to benefit from the upgrades in 2026.
The company anticipates having secured all operating permits for Demirli by the end of the month and to begin concentrate sales in November. It noted that production estimates at Demirli are subject to change, as they were calculated using an older, incomplete model of the deposit.
Turnover for the year ending December 31 is expected to range from USD125 million to USD140 million, versus USD40.9 million on-year. Earnings before interest, tax, depreciation and amortisation are forecast between USD40 million and USD50 million, up from USD15.7 million. All estimates are based on a gold price of USD3,500 per ounce and a copper price of USD10,000 per tonne in the fourth quarter.
"2025 is already a landmark year for Anglo Asian Mining, as we have commenced production at two new mines, Gilar and Demirli," commented Chief Executive Reza Vaziri.
"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 when Xarxar and Garadag commence production."
Xarxar and Garadag are copper prospects north of Gedabek.
By Holly Munks, Alliance News reporter
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