Anglo Asian Mining Opens Four New Azerbaijan Mines by 2026

Anglo Asian Mining has unveiled an ambitious expansion strategy to open four new mines in Azerbaijan by 2026, targeting transformation from a single-asset operator into a mid-tier copper and gold producer with significantly expanded output.

The London-listed company plans to bring the Zafar, Gilar, Xarxar, and Garadag deposits into production sequentially. Gilar commenced operations in early 2025, while Demirli is expected to begin production within months. The strategy anticipates copper contributing more to company revenues than gold from 2026 onward.

Production is forecast to increase from approximately 50,000 gold-equivalent ounces in 2023 to 175,000 gold-equivalent ounces by 2028. The overall value of metal output is expected to more than double from 2023 to 2027 and could triple by 2028.

Anglo Asian operates eight contract areas spanning 2,544 square kilometers along the mineral-rich Tethyan Tectonic Belt. The company secured a $32 million debt facility with the International Bank of Azerbaijan to support development activities.

CEO Reza Vaziri emphasized the strategic timing of increased copper exposure, noting the metal's critical importance for global energy transition and electrification trends driving sustained demand growth.