LONDON (ShareCast) - (Sharecast News) - Anglo Asian Mining announced the start of production at its new Gilar underground mine in Azerbaijan on Monday, marking a key milestone in its transition toward becoming a mid-tier copper producer.
Located at the Gedabek site, Gilar was initially producing ore from the higher-grade zone four, with copper and gold grades in line with the company's mining plan.

Processing would involve gold recovery through agitation leaching followed by flotation to produce a copper concentrate, with a targeted daily mining rate of around 2,000 tonnes.

The AIM-traded firm said the Gilar deposit was confirmed in a maiden JORC mineral resource estimate in December 2023, containing 6.1 million tonnes of mineralisation with average grades of 0.88% copper and 1.3 grams of gold per tonne, totalling 54,000 tonnes of copper and over 255,000 ounces of gold.

Anglo Asian said it expected production from the mine to ramp up to 50,000 to 60,000 tonnes of ore per month.

"We are delighted to announce that Gilar has now entered production," said chief executive officer Reza Vaziri.

"After years of exploration and development work, I wish to thank all the team for their hard work in delivering this achievement.

"With over 54,000 tonnes of copper and 255,000 ounces of gold confirmed, Gilar is set to play a crucial role in our strategy to transition to a mid-tier, primarily copper-focused producer."

At 1100 BST, shares in Anglo Asian Mining were flat at 125p.

Reporting by Josh White for Sharecast.com.

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