Anglo Asian Mining Plc ( LSE:AAZ , OTC:AGXKF , FRA:A4A ) reported a 141% year-on-year jump in third-quarter copper production, driven by the continued ramp-up of its Demirli mine in Azerbaijan, as the company maintained its full-year production guidance.
Copper output reached 5,514 tonnes in the three months to September, compared with 2,288 tonnes a year earlier and 5,129 tonnes in the preceding quarter. Demirli contributed 3,824 tonnes, with the remaining 1,690 tonnes coming from Gedabek.
Production for the first nine months of 2026 reached a record 14,354 tonnes of copper, more than four times the 3,476 tonnes produced a year earlier. Third-quarter concentrate sales totalled $80.5 million, while gold production was broadly unchanged at 6,781 ounces and silver output rose 27% to 52,969 ounces.
The company ended September with net cash of $47.1 million, down from $57.7 million at the end of June. The $10.6 million quarterly outflow reflected a $30.1 million working capital increase relating to September concentrate sales, with the proceeds subsequently received in October.
Chief executive Reza Vaziri commented that the company was "very well placed" to deliver its strategy of becoming a mid-tier, majority copper producer.
"We are delighted with the continued operational progress made during the Quarter, with successive quarter-on-quarter copper production growth driven by the ongoing ramp-up at Demirli, which remains on track to enter full production by the end of November," Vaziri said in a stock market statement.
Anglo Asian reiterated its 2026 guidance of 20,000 to 25,000 tonnes of copper, 26,000 to 30,000 ounces of gold and 170,000 to 210,000 ounces of silver, with Demirli expected to reach steady-state production by the end of November.
