Anglo Asian Mining cuts 2026 gold production forecast in Azerbaijan

British company Anglo Asian Mining PLC (AAM), which develops precious and base metal deposits in Azerbaijan, has lowered its 2026 gold production forecast from 28,000–33,000 ounces to 26,000–30,000 ounces.

According to company data cited by Caliber.Az, its full-year production forecasts for copper and silver remain unchanged.

“The Group maintains its Full Year production guidance of 20,000 to 25,000 tonnes of copper and 170,000 to 210,000 ounces of silver. Due to the variability of gold bearing minerals in the Gilar ore, which has led to lower-than-expected recoveries of gold in the first half of the year, gold production guidance has been reduced from 28,000 to 33,000 ounces of gold to 26,000 to 30,000 ounces of gold. Full Year All-In-Sustaining-Cost (‘AISC’) guidance for copper production has also been reduced to $6,000 to $7,000 per tonne of copper produced,” the company said.

AAM reiterated its confidence in executing its medium-term strategy, which envisages transforming the company into a mid-sized, copper-focused producer with multiple assets.

Following the commissioning of two new mines in 2025, copper became the company’s primary product. Development of the Xarxar and Garadag deposits is progressing according to management plans. The company expects these copper assets to enable AAM to complete its transition into a mid-sized producer by 2030.

Anglo Asian Mining currently produces precious metals from its Gedabek and Gosha contract areas in Azerbaijan. The PSA contract, signed on August 21, 1997, covered the development of six deposits. Azerbaijan holds a 51% stake in the contract, while Anglo Asian Mining PLC holds 49%. AAM currently holds development rights for eight contract areas in Azerbaijan.

By Jeyhun Aghazada