British company Anglo Asian Mining (AAM, which develops gold deposits in Azerbaijan) produced 25,061 thousand ounces of gold in 2025, a 1.7-fold increase from 2024.
Gold production in 2025 is in line with the lower bound of the updated annual forecast of 25,000-28,000 ounces.
Silver production during this period amounted to 153,332 thousand ounces (a 5.4-fold increase).
Copper production in 2025 totaled 7,915 thousand tons (a 21-fold increase), below the revised forecast of 8,100-9,000 tons “due to maintenance at the Demirli ball mill, which limited ore throughput.” Meanwhile, 4,787 thousand tons of copper were mined from the Gadabay deposit, and 3,128 thousand tons from the Demirli deposit.
“The company sold 19,631 thousand ounces of gold bars on global markets in 2025 (+28.7%) at an average price of $3,441 thousand per ounce (in 2024, the company sold gold bars at an average price of $2,432 thousand per ounce),” the company statement reads.
During the reporting period, AAM produced 23,148 thousand tons of copper concentrate (a 12.5-fold increase), of which it sold 20,317 thousand tons (a 13.5-fold increase) for $47.3 million (a 16.9-fold increase).
The company also noted that as of December 31, 2025 it had debt of $27.6 million and net cash of $2.5 million. Unsold gold dore and copper concentrate inventories as of December 31, 2025, totaled $37.7 million. These inventories include concentrate containing 2,457 tons of copper at a cost of $12,504 per ton.
“We were disappointed to slightly miss our copper production guidance due to maintenance work required at the Demirli ball mill. However, this was offset by excellent sales performance and favorable metal prices. We begin the year in a very strong position. The Demirli and Gilar projects are currently operating in line with our expectations, and metal prices remain favorable. We are also achieving encouraging results at our promising copper projects, the Kharghar and Garadagh deposits,” said Reza Vaziri, CEO of Anglo Asian Mining. (Report)