MINEX Forum

Tag: Anglo Asian Mining

  • Anglo Asian Mining Achieves Record First-Half Production as Demirli Copper Mine Ramp-Up Accelerates

    Anglo Asian Mining Achieves Record First-Half Production as Demirli Copper Mine Ramp-Up Accelerates

    Anglo Asian Mining Plc has reported record half-year production results, driven by the accelerated ramp-up of its Demirli copper mine in Azerbaijan. The company’s copper output surged to 5,129 tonnes in the second quarter of 2026, a 38% increase from the 3,711 tonnes produced in the first quarter. Demirli alone contributed 3,250 tonnes of copper during Q2, while the company’s Gedabek operation added 1,879 tonnes. Total first-half copper production reached 8,840 tonnes, a dramatic rise from just 1,188 tonnes in the same period last year. The company also generated a $39.9 million increase in net cash during the quarter, ending June with $69.8 million in cash and reducing debt to $12.2 million. Concentrate sales for the first half totaled 58,577 dry metric tonnes, valued at $125.9 million, with Demirli accounting for $71.4 million of that revenue. Gold production reached 12,329 ounces and silver output hit 92,855 ounces in the half year. Anglo Asian has reaffirmed its full-year guidance of 20,000–25,000 tonnes of copper, 28,000–33,000 ounces of gold, and 170,000–210,000 ounces of silver, with Demirli expected to reach steady-state production during the third quarter. The record performance underscores the successful execution of the company’s growth strategy in Azerbaijan’s mining sector, positioning Anglo Asian for continued strong output in the second half of the year.

     

  • Anglo Asian Mining Launches 90,000-Metre Drilling Programme Across Azerbaijan’s Kharxar, Garadagh and Gadabay Deposits

    Anglo Asian Mining Launches 90,000-Metre Drilling Programme Across Azerbaijan’s Kharxar, Garadagh and Gadabay Deposits

    Anglo Asian Mining has announced an expanded 90,000-metre drilling programme across several of its Azerbaijan deposits over 2026 and 2027, as the company works to increase resource estimates and advance key projects toward feasibility and mine development.

    The programme comprises approximately 55,000 metres of exploration drilling and 35,000 metres of feasibility drilling. Drilling operations using two rigs have already commenced at the Kharxar deposit, with work at Garadagh scheduled to begin in the third quarter of 2026. Additional drilling is planned within the Gadabay contract area and at the Demirli mine and South Demirli deposit. Underground drilling has also started at the Gilar deposit, focusing on upper mineralised horizons and potential extensions of ore bodies at depth.

    The feasibility component allocates approximately 10,000 metres at Kharxar and 25,000 metres at Garadagh for geological confirmation, geotechnical analysis, hydrogeological studies, metallurgical testing and quality control — work that will feed directly into updated resource assessments and future mine development plans.

    Kharxar, located approximately 1.5 kilometres north of the Gadabay contract area, has been the subject of extensive exploration in recent years. A JORC-compliant resource estimate has confirmed 119,100 tonnes of contained copper at the site. Garadagh, adjacent to Kharxar, has emerged as the company’s most significant copper asset, with a preliminary JORC-compliant resource estimate published in 2024 confirming approximately 900,000 tonnes of contained copper — a figure that positions it as potentially one of the most important copper developments in Azerbaijan’s mining sector.

  • ACG Metals Weighs Potential Takeover Bid for Anglo Asian Mining

    ACG Metals Weighs Potential Takeover Bid for Anglo Asian Mining

    Copper-focused consolidator ACG Metals has confirmed it is in the early stages of assessing a possible offer for the full issued and to-be-issued share capital of London-listed Anglo Asian Mining. The Azerbaijani-focused producer, which operates gold, copper and silver assets, has not agreed to or endorsed the announcement.

    According to UK takeover rules, ACG now has until 17:00 on December 24 to either announce a firm intention to make an offer or formally withdraw its interest. The company emphasized that discussions remain preliminary, and there is no certainty that an offer will be made.

    Anglo Asian Mining, which operates the Gedabek and Gilar projects among others, has faced operational constraints in recent years but remains one of Azerbaijan’s key mining companies. Any potential bid would mark a significant move for ACG Metals as it continues to expand its portfolio within the copper sector.

  • Anglo Asian Mining Begins Production at Gilar Underground Mine in Azerbaijan

    Anglo Asian Mining Begins Production at Gilar Underground Mine in Azerbaijan

    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.

  • Anglo Asian Mining PLC Mines First Ore from Gilar Underground Deposit at Gedabek

    Anglo Asian Mining PLC Mines First Ore from Gilar Underground Deposit at Gedabek

    Anglo Asian Mining PLC, an AIM-listed gold, copper, and silver producer focused on Azerbaijan, has successfully extracted the first ore from its new underground mine, Gilar, located at the Gedabeksite.

    A maiden JORC mineral resources estimate, released on 11 December 2023, revealed that the Gilar deposit holds 6.10 million tonnes of mineralisation, with average grades of 0.88% copper (totaling nearly 54,000 tonnes) and 1.30 g/t gold (containing over 255,000 ounces).

    Earlier this month, the company mined 1,267 tonnes of ore from Gilar, averaging 0.65% copper(peaking at 1.63%) and 1.36 g/t gold (reaching up to 3.27 g/t). While development tunnels are still under construction, the extracted ore will be stockpiled until processing begins.

    Anglo Asian aims to steadily increase production in the coming months, targeting 50,000 to 60,000 tonnes of ore per month.

    Reza Vaziri, CEO of Anglo Asian, stated:
    “We are thrilled to reach this key milestone at Gilar after years of exploration and development. Our team’s dedication has been instrumental in this achievement. With 54,000 tonnes of copper and 255,000 ounces of gold confirmed, Gilar is pivotal to our strategy of becoming a mid-tier, copper-focused producer. We are now focused on scaling production to meet our monthly target.”

  • Anglo Asian Mining Unveils JORC-Compliant Resource Estimate for Garadag Copper Deposit

    Anglo Asian Mining Unveils JORC-Compliant Resource Estimate for Garadag Copper Deposit

    On Tuesday, Anglo Asian Mining (LON: AAZ), a leading producer of gold, silver, and copper in Azerbaijan, announced an independent JORC-compliant mineral resource estimate (MRE) for its Garadag copper deposit. The estimate was carried out by Mining Plus UK, revealing a total resource of approximately 900,000 tonnes of copperhosted within 285 million tonnes of ore, with an average grade of 0.32% copper. This includes 304,300 tonnes of copper in the indicated category, derived from 86.9 million tonnes of ore.

    The MRE, the first for the Garadag deposit, was based on 113 third-party drill holes, covering a total of 25,620 meters. To further refine the estimate, Anglo Asian is planning additional infill and extensional drilling, focusing on 26 legacy holes drilled by AzerGold that have not yet been assayed. The company also intends to explore further to gauge the full extent of the mineralization at Garadag.

    “We are excited to confirm the significant potential of the Garadag copper deposit through this independent resource estimate,” said Stephen Westhead, vice-president of Anglo Asian. He noted that the copper output from Garadag would play a crucial role in the company’s strategy to evolve into a mid-tier copper producer with multiple assets.

    Since 2021, Anglo Asian has been expanding its presence in Azerbaijan, acquiring three new copper concessions, including the large-scale Garadag porphyry deposit and the adjacent Xarxar copper deposit. In return, Anglo Asian will relinquish its rights to the Soyudlu gold mine, situated on the border of Azerbaijan’s Kelbajar district and Armenia.

    Anglo Asian’s stock saw a 3.5% increase in London trading, closing with a market capitalization of £102.82 million ($138 million).

  • Anglo Asian Mining Unveils Major Copper Discovery in Azerbaijan

    Anglo Asian Mining Unveils Major Copper Discovery in Azerbaijan

    Anglo Asian Mining (AAM), a leading British mining entity operating in Azerbaijan, has disclosed a substantial copper finding at the Kharhar site, marking a significant milestone in the nation’s mining landscape.

    In adherence to Joint Ore Reserve Committee (JORC) standards, the revelation delineates a copper mineralization zone estimated at 24.9 million tons with an average copper content of 0.48%. Notably, from 22 million tons of ore, approximately 106,000 tons of copper have been identified, contributing to a total mineral reserve estimate of 119,000 tons.

    Scheduled for copper production initiation in 2026, AAM aims to extract approximately 9,000 tons annually over a span of seven years, leveraging open-pit mining methodologies due to the site’s favorable terrain.

    The original contract inked between Anglo Asian Mining and Azerbaijan in 1997 entailed the development of six sites, with Azerbaijan holding a 51% stake and Anglo Asian Mining possessing 49%. A revised agreement in September 2021 expanded this contract to cover eight areas, granting AAM rights to three additional blocks while ceding rights to one site.

    Industry analysts foresee substantial revenue streams stemming from the Kharhar site and other contract zones, underscoring the pivotal role of the mining sector in diversifying Azerbaijan’s economy away from oil dependence. Azerbaijan, in alignment with global standards, is actively exploring innovative techniques, seeking investments, and concentrating efforts on recently liberated territories known for their significant mineral reservoirs.

    Azerbaijan’s mineral resource base, as outlined in the State Programme for Geological Exploration and Efficient Utilization of Mineral Resources Base for 2020-2024, is undergoing comprehensive exploration and development, particularly in liberated territories rich in gold, mercury, copper, and other minerals.

  • Anglo Asian Mining Unveils Significant Copper Find in Azerbaijan

    Anglo Asian Mining Unveils Significant Copper Find in Azerbaijan

    Anglo Asian Mining (AAM), renowned for its expertise in gold, silver, and copper extraction in Azerbaijan, announced substantial copper mineralization at the Kharhar site in February 2024. Following Joint Ore Reserve Committee (JORC) standards, the estimated copper mineralization zone at the site stands at 24.9 million tons, boasting an average copper content of 0.48%. From 22 million tons of ore, 106,000 tons of copper have been identified, contributing to the total reserves of minerals at the site, which amount to 119,000 tons. Plans are underway for AAM to kickstart copper production at the Kharhar site by 2026, with an anticipated annual extraction of approximately 9,000 tons over the subsequent seven years. The favorable terrain at the site facilitates open-pit mining operations. Under a contract signed with the British company on August 21, 1997, encompassing the development of six sites, Azerbaijan retains a 51% share, with Anglo Asian Mining holding the remaining 49%. In September 2021, a new agreement expanded the company’s rights to three additional contract blocks, bringing the total to eight areas. Experts highlight that the development of the Kharhar site, alongside other contract areas, promises substantial revenue. The mining sector stands as a pivotal player in Azerbaijan’s non-oil sector development, with the nation actively aligning its industry with global standards, exploring innovative approaches and technologies, and seeking to attract investments. Attention is particularly focused on opportunities in liberated territories, which hold immense potential. The country continues to study and develop its mineral resource base, as outlined in the State Programme for Geological Exploration and Efficient Use of Mineral Resources Base for 2020-2024 and subsequent amendments. Estimates indicate abundant mineral deposits, including gold, mercury, copper, and more, within these territories. Positioned advantageously, Azerbaijan possesses rich reserves of diverse minerals and construction materials, positioning itself as a significant player in the regional mineral resources market.

  • Anglo Asian releases initial resource estimate for Xarxar copper deposit

    Anglo Asian releases initial resource estimate for Xarxar copper deposit

    Anglo Asian Mining (LON: AAZ) released on Tuesday a JORC-compliant mineral resource update (MRE) for the Xarxar copper deposit in Azerbaijan following its discovery last year. The initial MRE shows 24.9 million tonnes of mineralization with average grades of 0.48% copper, for 119,100 tonnes of contained metal.

    A majority of the MRE is in the measured and indicated category, totalling 22 million tonnes at 0.48% copper for 106,000 tonnes. The remaining resource (2.9 million tonnes at 0.44% copper for 12,800 tonnes) are in the inferred category.

    In July 2022, an extensive geological exploration program began at the Xarxar deposit, targeting the central copper mineralization zone. Surface drill holes intercepted significant high-grade and continuous grades of copper mineralization, with intercepts of continuous copper for up to 380 metres.

    Last month, the company confirmed the significant quantity of copper mineralization at Xarxar following analysis of recent surface drilling on the project.

    Data for 66 holes with a total length of 21,707 metres (including historical drilling) were eventually used to complete the first resource estimate for Xarxar.

    This resource estimate, Anglo Asian’s VP Stephen Westhead said, demonstrates that the deposit is “a substantial resource” containing over 100,000 tonnes of copper. According to the company, the Xarxar deposit still has significant additional exploration potential.

    “To further expand the current mineral resources estimate, work will include surface infill drilling to the east of the deposit, deposit geotechnical and hydrogeological drilling, and drilling to supply samples for further metallurgical testwork,” Westhead added.

    The resource estimate was prepared using a copper price of $9,000 per tonne to determine the amount of metal under the reasonable prospects for eventual economic extraction under JORC criteria.

    The parameters of an open pit were also determined at a copper selling price of $20,000 to calculate a “maximum” pit floor depth, which was used to define two zones (one upper and one lower). The upper zone is calculated to have resources ranging from 5.0 to 10.2 million tonnes at 0.2% to 0.3% copper.

    The Xarxar deposit is one of several exploration-stage assets held by Anglo Asian in Azerbaijan. The group currently produces gold, silver and copper from its flagship Gedabek mine, with four more mines planned to come online over the next four years.

  • The British Anglo Asian Mining has received permission to resume activities in Gedabek

    The British Anglo Asian Mining has received permission to resume activities in Gedabek

    British company Anglo Asian Mining, which is involved in the extraction of precious metals in Azerbaijan, has been granted permission to resume its operations in the “Gedabek” contract area.

    Following the announcement of the immediate resumption of mining, Anglo Asian Mining’s shares experienced a significant increase of 42%, reaching 70.93 pence per share.

    The gold, copper, and silver producer has signed a protocol with the government of Azerbaijan, outlining a plan of action to enhance its operations and procedures based on recommendations from a recent environmental audit conducted by Micon International Ltd.

    “Most of the proposed measures will be implemented by the end of next year, and they will not require substantial costs,” stated the company.

    Anglo Asian Mining highlighted that the prompt resumption of mining activities will result in the production of gold ore and copper concentrate returning to previous levels. The company has maintained its annual production forecast at 30-34 thousand ounces of gold equivalent.

    “The remaining restart operations will be carried out gradually. The flotation plant is expected to resume operations in approximately 90 days, after raising the wall of the existing tailings dam,” the company explained.

    It is worth noting that in late July, Micon representatives visited the Gedabek gold mine to conduct a comprehensive inspection at the request of the Azerbaijani government, focusing on environmental protection and safety measures.

    In September, Anglo Asian Mining reported that radiation levels in the operational area were consistent with natural background conditions, with no issues regarding air quality, and no detection of cyanide exceeding the analytical limits in any soil sample.

    During the audit, the need for modernization to enhance the handling and storage of reagents and other chemicals, as well as the implementation of emergency plans for incidents such as spills or cyanide-related incidents, was identified. Additionally, a technical-economic justification for alternative tailings storage facilities will be prepared.

    The company also expressed its commitment to accelerating the development of the Gilar mine and “actively cooperating” with the government of the Autonomous Republic of Azerbaijan to ensure the successful implementation of work to further raise the existing tailings dam at the flotation plant.

    Anglo Asian Mining currently operates in the “Gedabek” and “Gosha” contract areas. Gold extraction began in 2009 at the Gedabek deposit, and in September 2013, the company commenced development in the “Gosha” contract area. This year, mining is planned to commence at the Vejnali and Gilar deposits.

    The PSA-type contract, signed on August 21, 1997, provided for the development of six deposits, with Azerbaijan holding a 51% share in the contract and Anglo Asian Mining PLC holding the remaining 49%. Currently, the company holds the rights to develop eight contract areas in Azerbaijan.

    In 2022, Anglo Asian Mining mined 43,114 thousand ounces of gold in Azerbaijan (an 11.4% decrease compared to 2021), 182,046 thousand ounces of silver (a 17.8% increase), and 2,516 thousand tons of copper (a 5% decrease). In global markets, 34,918 thousand ounces of gold ingots were sold in 2022 (an 11.7% decrease) at an average price of $1,783 per ounce.