Anglo Asian Mining PLC (LSE:AAZ) reported revenue of $141.2 million for the six months ended 30 June 2026, compared with $40.9 million a year earlier, as copper production reached a record half-year level of 8,840 tonnes.
The Azerbaijan-focused copper, gold and silver producer reported profit before tax of $68.5 million and operating cash flow of $78.5 million. Its net cash position increased to $57.7 million at the period-end.
Following the results, the board declared an interim dividend of six US cents per share.
The increase in revenue was supported by higher copper production, increased silver output and higher market metal prices. Copper has become the company’s principal product as it expands its production portfolio.
During the first half, Anglo Asian continued ramping up operations at the Demirli mine, which is expected to reach steady-state production in the fourth quarter of 2026.
The company also progressed production at Gilar and expanded its processing infrastructure at Gedabek.
Infrastructure developments included the commissioning of nine new Imhoflot flotation cells, completion of a tailings dam raise at Gedabek and construction of a private haul road connecting Gilar with the processing facilities.
The new road is intended to increase ore transportation capacity between the mine and processing plants.
Anglo Asian maintained its full-year production guidance for copper and silver but reduced its gold output forecast following lower-than-expected recoveries from ore mined at Gilar.
The company also lowered its all-in sustaining cost guidance for copper production, citing operational efficiencies and higher market metal prices. Revenue is currently running ahead of budget, according to management.
Alongside its existing operations, Anglo Asian is advancing feasibility studies for the Xarxar and Garadag copper projects.
The company appointed Worley Europe as a consultant for the studies, while internal technical work includes mineralogical assessments and pilot facilities for heap leaching and solvent extraction-electrowinning (SX/EW) processing.
Anglo Asian is targeting production from Xarxar and Garadag in 2028 and 2029, respectively, as part of its broader development programme.
Its strategy also includes the Zafar project, with the company planning to bring additional assets into production between 2027 and 2030.
The group aims to become a multi-asset, mid-tier copper-focused producer by 2030, targeting annual copper production of approximately 50,000 to 55,000 tonnes.
Exploration activities are continuing alongside the development programme, including drilling intended to support resource evaluation and future mine planning.
In environmental and social management, Anglo Asian is implementing an integrated Environmental and Social Management System and introducing new environmental standards across the group.
The company has received an initial Digbee ESG rating and has committed to adopting the Global Industry Standard on Tailings Management by the end of 2026.
It also plans to develop a biodiversity management standard as part of its environmental management programme.
Anglo Asian’s near-term operational priorities include completing the production ramp-up at Demirli, progressing feasibility work at Xarxar and Garadag, and implementing its revised production and cost guidance for the remainder of 2026.
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