Anglo Asian Mining maintains 2026 copper, silver targets

The UK‑based company Anglo Asian Mining PLC (AAM), operator of gold deposits in Azerbaijan, has maintained its production forecasts for copper at 20,000–25,000 tons and for silver at 170,000–210,000 ounces for the current year.

According to Report, citing company data, these projections remain consistent with those announced in February.

However, the company has revised its gold production forecast downward, from 28,000–33,000 ounces to 26,000–30,000 ounces.

The company stated that instability in gold‑bearing minerals at the Gilar mine led to lower‑than‑expected gold output in the first half of the year. At the same time, the annual All‑In Sustaining Cost (AISC) forecast for copper production has been reduced to $6,000–$7,000 per ton.

Anglo Asian remains confident in successfully implementing its medium‑term development strategy to become a multi‑asset, copper‑focused, mid‑tier producer. With the commissioning of two new mines in 2025, the company transitioned to copper as its main product in 2026. Development of the Kharkhar and Garadagh deposits continues as planned, with both considered key copper assets to secure Anglo Asian's transition to mid‑tier producer status by 2030.

The Production Sharing Agreement (PSA) signed on August 21, 1997 covered the development of six deposits, with Azerbaijan holding 51% and Anglo Asian Mining 49%.

Currently, AAM has rights to operate eight contract areas in Azerbaijan, but is engaged in precious metal production at only two sites - Gadabay and Gosha.