Anglo Asian Mining more than doubled quarterly copper production as the Demirli mine in Azerbaijan continued its ramp-up, supporting the company’s target of increasing annual copper output to 50,000–55,000 tonnes by 2030.
Copper production reached 5,514 tonnes, compared with 2,288 tonnes in the corresponding quarter a year earlier. Demirli contributed 3,824 tonnes, while the established Gedabek operation produced 1,690 tonnes. Total copper production reached a record 14,354 tonnes during the first nine months, up from 3,476 tonnes in the same period of 2025. Demirli is expected to achieve steady-state production.
Production Guidance and Copper Sales
Anglo Asian maintained its annual production guidance of 20,000–25,000 tonnes of copper, alongside 26,000–30,000 ounces of gold and 170,000–210,000 ounces of silver. Copper concentrate sales totalled 28,987 dry tonnes, generating approximately €71.8 million in quarterly sales value.
The production increase reflects the continuing contribution from Demirli as the company develops its Azerbaijani mining portfolio.
Cash Position and Financial Developments
The company reported approximately €50.4 million in cash and €8.4 million in debt, leaving net cash of around €42 million.
Its financial position weakened during the quarter because of dividend payments, taxation and working-capital movements. These included approximately €26.8 million associated with September sales invoices, with the proceeds received. The operational update confirmed higher production and sales but included no new project-financing agreement or external capital raise.
New Projects Support Long-Term Copper Targets
Anglo Asian plans to expand production through its Xarxar, Garadag and Zafar projects, targeting annual copper output of 50,000–55,000 tonnes by 2030.
The immediate operational priority is completing the Demirli ramp-up. The company did not disclose any new binding European industrial offtake agreement.
