Anglo Asian Mining Reports Record First Half Production Amid Demirli Ramp Up

Anglo Asian Mining Plc has reported record production figures for the first half of the year whilst simultaneously strengthening its balance sheet, as the company’s Demirli copper mine continues its accelerated ramp-up programme.

The Azerbaijan-focused mining group disclosed that copper production increased to 5,129 tonnes during the three months ending June, representing a 38% rise from the 3,711 tonnes produced in the preceding quarter. The Demirli operation accounted for 3,250 tonnes of this output, with the remaining 1,879 tonnes sourced from the Gedabek facility.

Total copper production for the six-month period reached 8,840 tonnes, a substantial increase from the 1,188 tonnes recorded in the corresponding period of the previous year. This significant uplift reflects the ongoing commissioning and scaling of operations at Demirli, which management expects to achieve steady-state production during the current quarter.

The company’s financial position strengthened materially during the period. Net cash increased by $39.9 million during the second quarter alone, bringing the total cash position to $69.8 million at the end of June. Concurrently, total debt declined to $12.2 million, underscoring the group’s improving financial flexibility.

Revenue generation remained robust, with first-half concentrate sales totalling 58,577 dry metric tonnes valued at $125.9 million. Sales from Demirli contributed $71.4 million to this figure, demonstrating the asset’s growing importance to the company’s revenue profile.

Precious metals output also featured in the results, with gold production totalling 12,329 ounces and silver output reaching 92,855 ounces during the half-year period.

Management has reaffirmed its full-year production guidance, targeting output of 20,000 to 25,000 tonnes of copper, 28,000 to 33,000 ounces of gold, and 170,000 to 210,000 ounces of silver. The achievement of these targets will largely depend on Demirli reaching its planned steady-state production levels during the third quarter as anticipated.

The results demonstrate operational momentum at a critical juncture for the company, as it transitions from development to production at its flagship copper asset whilst maintaining output from existing operations.