UK-based Anglo Asian Mining PLC (AAM), which develops precious and base metal deposits in Azerbaijan, has lowered its 2026 gold production forecast from 28,000-33,000 ounces to 26,000-30,000 ounces.
The annual copper and silver production forecasts have been left unchanged.
“AAM maintains its full-year production guidance of 20,000-25,000 tons of copper and 170,000-210,000 ounces of silver. Variability in gold grade at the Gilar deposit resulted in lower-than-expected gold production in the first half of the year. Consequently, the 2026 gold production guidance has been reduced from 28,000-33,000 ounces to 26,000-30,000 ounces. The copper all-in sustaining cost guidance has also been reduced to $6,000-7,000 per ton,” the company said.
AAM remains confident in its medium-term strategy, which envisions the company becoming a mid-sized, multi-asset, copper-focused producer.
With the commissioning of two new mines in 2025, copper has become the company’s core product. Development of the Kharghar and Garadagh deposits is continuing in line with management plans. These copper assets are expected to enable AAM to complete its transition to mid-sized producer status by 2030.
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 holds a 51% stake in the contract, while Anglo Asian Mining PLC holds a 49% stake. AAM currently holds development rights to eight contract areas in Azerbaijan. (Report)