Anglo Asian Mining PLC Sees Encouraging Start to 2025 with Gilar Mine Producing in May

Strategic Insights -

Anglo Asian Mining PLC, an Azerbaijan-focused group, has made a promising start to 2025 as it resumes operations across its portfolio following last year's production curtailments. The company produced 8,085 gold equivalent ounces in the first quarter, with the Gilar underground mine entering production in May. CEO Reza Viziri attributed the progress to significant improvements across the group's developmental portfolio. Despite a fall in revenue to $39.6 million in 2024, the group narrowed its loss before tax to $21.3 million, thanks to tighter cost control and the absence of impairments that impacted the prior year.

Key Takeaways:

  • Anglo Asian Mining PLC produced 8,085 gold equivalent ounces in the first quarter of 2025, marking an encouraging start to the year.
  • The Gilar underground mine entered production in May, with output from Demirli expected to begin in the second half of 2025.
  • The group reported a fall in revenue to $39.6 million in 2024, but narrowed its loss before tax to $21.3 million due to tighter cost control and the absence of impairments.
  • The company's total JORC-compliant resources now stand at 328,000 ounces of gold and over one million tonnes of copper.
  • Anglo Asian highlighted progress across its development pipeline, including the completion of the first stage of a tailings dam raise at Gedabek and the publication of Joint Ore Reserves Committee (JORC) resource estimates for Xarxar and Garadag.
  • The company's current asset base, including the Gilar and Demirli projects as well as future developments at Xarxar and Garadag, supports its ambition to become a mid-tier copper-focused producer.
  • Sales of gold bullion reached 15,251 ounces at an average price of $2,432 per ounce, up from $1,951 in 2023.
  • Copper concentrate sales dropped sharply to 1,519 dry metric tonnes from 11,192 tonnes the previous year, generating $2.5 million excluding the government's production share.
  • Net debt rose by $4.4 million to $14.7 million, reflecting disciplined cash and working capital management.

Statistics:

  • 8,085 gold equivalent ounces produced in the first quarter of 2025.
  • 328,000 ounces of gold in the company's total JORC-compliant resources.
  • Over one million tonnes of copper in the company's total JORC-compliant resources.
  • $39.6 million revenue reported in 2024, down from $45.9 million the previous year.
  • $21.3 million loss before tax reported in 2024, compared to a $32 million loss in 2023.
  • 15,251 ounces of gold bullion sold at an average price of $2,432 per ounce in 2024.
  • 1,519 dry metric tonnes of copper concentrate sold in 2024, down from 11,192 tonnes the previous year.
  • $14.7 million net debt, up from $10.3 million the previous year.

Sources:

  • Anglo Asian Mining PLC
  • "Anglo Asian Mining PLC sees encouraging start to 2025 with Gilar mine producing in May"
  • "Anglo Asian Mining PLC Full-Year Results to 31 December 2024"