Anglo Asian Mining posts sharp profit rise after record copper output

Anglo Asian Mining PLC on Monday shared an optimistic outlook as record interim copper production supported profit and revenue growth for the first half of 2026.

The Azerbaijan-focused gold, copper and silver producer reported pretax profit of USD68.5 million for the half year ended June 30, up sharply from USD7.1 million a year earlier.

Revenue more than tripled to USD141.2 million from USD40.9 million.

Copper output increased to a record 8,840 tonnes from 1,188 tonnes, driven by the continued ramp-up of production at its Demirli and Gilar sites, the company explained.

Gold output rose 1.8% to 12,329 ounces from 12,114 ounces, while silver output rose 49% to 92,855 ounces from 62,348 ounces.

The average gold sales price increased 36% to USD4,466 per ounce from USD3,441 per ounce in 2025.

Cost of sales at its Gedabek mine rose to USD31.6 million, up 20% from USD26.4 million, while sales from its Demirli mine rose to USD31.3 million from USD500,000, with 2026 marking the first full year of production of both mines.

Anglo Asian Mining declared an interim dividend of 6 US cents per share. It did not declare an interim dividend in 2025.

Looking ahead, Anglo Asian lowered its full-year all-in sustaining cost guidance for copper to USD6,000 to USD7,000 per tonne from USD6,800 to USD7,800.

Gold production target for 2026 was cut to 26,000 to 30,000 ounces from 28,000 to 33,000 ounces, citing "the variability of gold-bearing minerals in the Gilar ore". This led to lower-than-expected gold recoveries in the first half of the year, the company said.

However, Anglo Asian maintained its 2026 production targets of 20,000 to 25,000 tonnes of copper and 170,000 to 210,000 ounces of silver.

Chief Executive Reza Vaziri said: "Anglo Asian enters the second half of the year in a strong operational and financial position, delivering record half-year copper production and good cash generation.

"We remain focused on completing the ramp-up of production at Demirli, which is on track for the fourth-quarter, while continuing to deliver sustained production at Gedabek. Simultaneously, we are continuing to develop Xarxar and Garadag in line with our growth strategy.

"With strong production growth, a strengthened financial position and a substantial pipeline of future copper assets, we remain confident in our ability to deliver our medium-term growth strategy and create long-term value for shareholders."

Shares in Anglo Asian Mining rose 10% to 405.66 pence on Monday morning in London.