British mining company Anglo Asian Mining, which developed gold deposits in Azerbaijan, produced 6,062 thousand ounces of gold in the first three months of 2026.
This figure exceeded the same period last year by 0.56%.
Of the total production, 4,842 thousand ounces consisted of gold dore bars, while the remaining 1,220 ounces were recovered using flotation and SART technology. During the reporting period, Anglo Asian Mining increased copper production in Azerbaijan 6.89-fold, reaching 3,711 thousand tons, while silver recovery increased by 41.17%, reaching 42,796 thousand ounces.
During the reporting period, the company extracted 1,462 thousand tons of copper from the Gadabay deposit (up 2.71-fold), and 2,249 thousand tons from the Demirli deposit (production operations commenced there at the end of 2025).
From January to March, gold bar sales totaled 4.1 thousand ounces at an average price of $4,728 per ounce. By comparison, 4,753 thousand ounces were sold in the first quarter of 2025 at an average price of $2,843 per ounce. Total concentrate sales volume reached 18,553 dry metric tons (dmt) for a total value of $45.6 million. Of this, the Gadabay deposit accounted for 7,890 dmt ($24.2 million) and the Demirli deposit for 10,663 dmt ($21.4 million).
The company’s cash position increased by 23.2%, to $37.2 million. At the same time, Anglo Asian Mining reduced its leverage by 30.1%, to $19.5 million. Consequently, the company’s net cash position increased 7.69-fold, to $17.7 million.
The value of unsold dore bars and copper concentrate inventories at the end of the 2026 quarter is estimated at $30.8 million.
Anglo Asian Mining expects to triple its copper production in 2026 due to the expansion of its Gilar and Demirli mines. It should be noted that in 2025 alone, AAM produced 25,061 ounces of gold, 153,332 ounces of silver, and 7,915 tons of copper. AAM aims to extract between 28,000 and 33,000 ounces of gold in 2026. Silver production this year is projected to be between 170,000 and 210,000 ounces, and copper production between 20,000 and 25,000 tons.
Anglo Asian Mining mines precious metals from the Gadabay and Gosha contract areas. The PSA contract was signed on August 21, 1997, and covered the development of six deposits. Azerbaijan’s share in the contract is 51%, while Anglo Asian Mining PLC holds 49%. AAM currently holds the rights to develop eight contract areas in Azerbaijan. (Report)