Anglo Asian Mining PLC (AIM: AAZ) has commenced production at its Gilar underground mine, situated within the Gedabek site in Azerbaijan. The company targets an output of approximately 2,000 tonnes of ore per day, with expectations to ramp up to a monthly production rate of 50,000 to 60,000 tonnes.
A maiden JORC mineral resource estimate released on December 11, 2023, revealed that the Gilar deposit holds 6.10 million tonnes of mineralisation. The average grades include 0.88% copper—equating to nearly 54,000 tonnes of copper—and 1.30 grams of gold per tonne, totaling over 255,000 ounces of gold.
Following the announcement, shares of Anglo Asian Mining rose by 7% in London, bringing the company’s market value to £169.9 million ($226.9 million).
In 2024, Anglo Asian produced 16,760 gold-equivalent ounces, although production faced disruptions due to a partial environmental shutdown. Operations resumed by the end of the year.
The company plans to evolve into a multi-asset, mid-tier copper and gold producer by 2029, with copper becoming its primary product. As part of its growth strategy, Anglo Asian intends to bring four new mines into production between 2025 and 2029: Gilar, Zafar, Xarxar, and Garadag.
