Anglo Asian Mining (LSE: AAZ) said on Wednesday it expects to raise its copper production about three-fold in 2026, its first full year as a multi-asset producer.
The company historically produced gold and silver across its Azerbaijan-focused operations. In 2025, it officially became a copper producer after bringing the Gilar and Demirli mines online. Since their respective starts in May and July, they produced a total of 7,915 tonnes of copper.
“During 2026, copper will become our primary product, and we are confident that we can triple our copper output year-on-year,” Reza Vaziri, CEO of Anglo Asian. “Anglo Asian has benefitted from our consistent operational delivery and strong prevailing precious and base metals prices.”
Leading Azerbaijan producer
Anglo Asian’s copper operations make it one of the leading red metal producers in Azerbaijan, a country historically known more for its oil and gas output.
Company shares gained 2% to £3.05 ($4.10), for a market capitalization of £350.7 million ($471.3 million). The stock has traded in a 12-month range of 93 pence to £3.30.
This year, the London-listed miner anticipates copper production of at least 20,000 tonnes, rising towards 25,000 tonnes with increased contributions from the two mines. The all-in sustaining cost (AISC) is estimated at $6,800 to $7,800 per tonne.
On the precious metals side, Anglo Asian expects its gold output to reach 28,000 to 33,000 oz. and silver output to be between 170,000 to 210,000 oz., at an AISC of $1,500 to $1,800 per ounce.
The company had recently been the subject of a takeover by ACG Metals (LSE: ACG), which is looking to consolidate the copper industry and already bought the Gediktepe mine in Turkey. However, ACG walked away from a deal, citing valuation.
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