Anglo Asian Mining shows record first half for copper production

Anglo Asian Mining Plc (LSE:AAZ, OTC:AGXKF, FRA:A4A) has retained copper guidance, following a half with record copper production thanks to the full contribution from its Gilar and Demirli mines, driving a sharp increase in revenue, profit and cash generation.

Revenue for the six months to June rose to $141.2 million from $40.9 million a year earlier, while profit before tax increased to $68.5 million from $7.1 million.

Copper production reached 8,840 tonnes, compared with 1,188 tonnes in the first half of 2025, with gold output at 12,329 ounces and silver at 92,855 ounces.

Operating activities generated $78.5 million of net cash, helping the Azerbaijan-focused miner finish June with net cash of $57.7 million, up from $2.6 million at the end of 2025.

The board declared a 6 US cents per share interim dividend, payable in November.

Anglo Asian retained full-year copper guidance of 20,000–25,000 tonnes and silver guidance of 170,000–210,000 ounces, though gold guidance was lowered to 26,000–30,000 ounces from 28,000–33,000 because of weaker-than-expected recoveries from Gilar ore.

Copper AISC guidance was reduced to $6,000–$7,000 per tonne, with Demirli expected to reach steady-state production during the fourth quarter.