Anglo Asian Mining Plc. (AAM), which extracts gold, silver and copper in Azerbaijan, plans to start copper mining at the Damirli copper-molybdenum mine in the Karabakh economic region in 2025, Report informs referring to the company's statement.
AAM's strategic growth plan envisages becoming a diversified, medium-sized producer of copper and gold by 2029. By that time, copper will become the company's main product, with a projected production of about 50,000 - 55,000 tons of copper equivalent. The company plans to achieve this growth by commissioning four new mines between 2025 and 2029 - at Zafar, Gilar, Kharkhar and Garadagh.
AAM continues to evaluate its Demirli mining asset, which it gained access to in 2024. The company expects to resume production at this mining complex by the end of 2025, reads the statement.
Anglo Asian Mining produces precious metals from the Gadabay and Gosha contract area. The PSA contract was signed on August 21, 1997, and provided for the development of six deposits.
Azerbaijan's share in the contract is 51%, Anglo Asian Mining PLC - 49%. Currently, AAM holds the rights to develop eight contract areas in Azerbaijan.