Anglo Asian Mining PLC, a prominent copper, gold, and silver producer in Azerbaijan, has announced its unaudited interim results for the six months ending June 30, 2026, showcasing record copper production and significant financial growth. The company reported total revenues of $141.2 million, a substantial increase from $40.9 million in the same period last year. This impressive growth is attributed to the full operational capacity of multiple mines, particularly the Gilar and Demirli mines, which have been pivotal in achieving the highest half-year copper production to date, amounting to 8,840 tonnes, compared to just 1,188 tonnes in the first half of 2025.
The financial highlights reveal a profit before taxation of $68.5 million, a remarkable rise from $7.1 million in the previous year. The net cash generated from operating activities also saw a significant increase, reaching $78.5 million, up from $11.4 million in H1 2025. The company ended the reporting period with a net cash position of $57.7 million, a notable improvement from $2.6 million at the end of 2025. In line with this financial performance, an interim dividend of 6 US cents per share has been declared for the year ending December 31, 2026.
Operationally, the company has maintained its full-year production guidance of 20,000 to 25,000 tonnes of copper and 170,000 to 210,000 ounces of silver. However, due to lower-than-expected recoveries of gold from Gilar ore, the gold production guidance has been revised down from 28,000 to 33,000 ounces to a new range of 26,000 to 30,000 ounces. The all-in-sustaining-cost (AISC) guidance for copper production has also been adjusted to $6,000 to $7,000 per tonne.
CEO Reza Vaziri expressed satisfaction with the company’s performance, highlighting the strong contributions from the new Gilar and Demirli mines. He noted that the copper production is expected to continue its upward trajectory as the Demirli mine completes its ramp-up to full production in Q4 2026. The company is on track to execute its medium-term growth strategy, aiming to transition into a multi-asset, mid-tier copper-focused producer by 2030.
In terms of future developments, Anglo Asian Mining has appointed consultants for feasibility studies on the Xarxar and Garadag deposits, which are expected to play a crucial role in the company’s growth strategy. A 90,000-metre core drilling programme has commenced for exploration and feasibility studies, further enhancing the company’s exploration capabilities.
The company remains committed to responsible and sustainable development, with ongoing efforts to strengthen its environmental and social governance (ESG) practices. The implementation of an integrated Environmental and Social Management System is underway, alongside commitments to adhere to global standards for tailings management by the end of 2026. The company’s focus on safety, environmental management, and stakeholder engagement continues to be a priority as it expands its operations.
