Anglo Asian Mining (AIM: AAZ) announced on Monday it has achieved production at Gilar, the new underground copper-gold mine at its Gedabek site in Azerbaijan.
Gilar, which mined its first ore in March, is expected to reach a monthly production of 50,000 to 60,000 tonnes following a steady ramp-up. The company is targeting around 2,000 tonnes of ore mined per day.
According to a JORC mineral resource estimate published December 2023, the deposit contains 6.1 million tonnes with average grades of 0.88% and 1.3 grams of gold per tonne, for nearly 54,000 tonnes of copper and over 255,000 oz. of gold.
Shares of the company rose 7% in London following the news, bringing the Azerbaijan-based miner to a market capitalization of £169.9 million ($226.9 million).
Anglo Asian is currently transitioning into a mid-tier, primarily copper-focused producer by 2029. In addition to Gilar, it plans to bring three more mines into production: Zafar, Xarxar and Garadag.
In 2024, Anglo Asian’s operations were severely restricted by environmental shutdown, but resumed by the end of the year. Its total gold-equivalent production was 16,760 ounces.
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