LONDON (ShareCast) - (Sharecast News) - Anglo Asian Mining reported record quarterly copper production in the third quarter on Thursday, as new mines came online, marking a major step in the group's strategic shift toward becoming a predominantly copper producer.
The AIM-traded, Azerbaijan-focused miner said copper output reached 2,287 tonnes in the three months ended 30 September, up 250% from the previous quarter, following first production from the Demirli mine and a full quarter of output from Gilar.

Production comprised 1,576 tonnes from Gedabek and 711 tonnes from Demirli.

Gold and silver production also rose sharply, supported by strong grades at Gilar.

Anglo Asian said gold output climbed to 6,798 ounces from 2,956 ounces a year earlier, while silver production surged to 41,605 ounces from 3,315 ounces.

For the first nine months of 2025, copper production rose to 3,475 tonnes, up from 111 tonnes in the prior-year period, alongside gold output of 18,912 ounces and silver production of 103,959 ounces.

"I am delighted to report our strong performance in the nine months to end September in this transformational year," said chief executive Reza Vaziri.

"The new Gilar and Demirli mines are both performing well, with very strong grades at Gilar in particular.

"Reflecting these two new assets being in production, we were delighted to deliver a record quarterly copper production of 2,287 tonnes, a milestone for Anglo Asian as we transition to a production profile of mostly copper."

The company said operations continued to strengthen across its portfolio, with Demirli contributing significantly to copper output and its ball mill now in operation alongside the SAG mill.

At Gilar, 239,120 tonnes of ore were produced during the quarter, grading 2.34% copper and 1.65 grams per tonne of gold.

The Gedabek flotation plant is also being upgraded to process higher-grade ores and improve efficiency.

Anglo Asian reaffirmed revised full-year guidance, issued earlier this month, for copper production of between 8,100 and 9,000 tonnes and gold output of 25,000 to 28,000 ounces.

Gold bullion sales in the first nine months totalled 14,962 ounces at an average price of $3,200 per ounce, compared with 9,220 ounces at $2,287 per ounce a year earlier.

The group said it maintained tight cost control, with negative cash flow of $1.2m in the quarter and net debt of $14.2m at 30 September, little changed from $14.8m at year-end 2024.

Inventory increased to $11.5m, reflecting unsold copper concentrate from Demirli.

At 1035 BST, shares in Anglo Asian Mining were up 5.04% at 202.2p.

Reporting by Josh White for Sharecast.com.

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