Anglo Asian Mining (AAM), a British gold, copper, and silver miner operating in Azerbaijan and listed on the AIM exchange, has sharply increased its gold production in Azerbaijan in the first half of this year, APA-Economics reports.
The company increased its gold production in the first half of 2025 by 2.5 times compared to the same period last year, reaching 12,115 ounces. According to the report, gold production in the second quarter of this year amounted to 6,086 ounces, which is a 2.5-fold increase compared to the same period last year (Q2, 2024: 2,438 ounces). The company's total production was 8,293 gold equivalent ounces.
The main reason for the increase was the Gilar mine, which was put into operation in May. It is noted that 106,510 tons of ore were produced from the Gilar deposit during the quarter. The average ore grade was 1.23 g/t gold and 0.84% copper.
In addition, copper production also increased sharply, reaching 1,188 tons in the first half of the year (H1 2024: 100 tons). Silver production increased 5 times to 62,354 ounces.
The company sold a total of 9,781 ounces of gold bullion during the reporting period. The average sales price was $3,077. Over the half-year, AAM generated a positive cash flow of $1.8 million, reducing its net debt to $13.0 million.
The company's CEO, Reza Vaziri, said that a significant increase in production was observed after the Gilar mine was put into operation. According to him, production work is also planned to begin at the Demirli field in the coming months, which will play an important role in the company's transformation into a multi-asset producer.
