BAKU, Azerbaijan, September 21. Anglo Asian
Mining PLC has reduced its full-year gold production guidance for
2026 due to lower-than-expected gold recoveries at its Gilar mine
in Azerbaijan.
The company lowered its gold production guidance to
26,000-30,000 ounces from the previous range of 28,000-33,000
ounces. The lower end of the guidance range was reduced by 7.1%,
while the upper end was cut by 9.1%.
According to the company, the adjustment was prompted by
variability in the gold-bearing minerals in Gilar ore, which
resulted in lower-than-expected gold recoveries during the first
half of 2026.
Despite this, Anglo Asian produced 12,329 ounces of gold in H1
2026, compared with 12,114 ounces in H1 2025, representing an
increase of 1.8%.
Gold bullion sales totaled 7,126 ounces during the period, at an
average realized price of $4,664 per ounce.
Commenting on the revised guidance, Anglo Asian CEO Reza Vaziri
said:
“The small decrease in full year gold production guidance is a
disappointment. However, this is offset by a reduction in our
All-in-sustaining-cost of copper production and increased revenues,
which are currently performing better than budget, due to higher
metal prices.
“We are making encouraging progress and are pleased with the
continued development of our portfolio and its significant cash
generation capabilities.”
Anglo Asian Mining is implementing a strategic growth plan aimed
at becoming a multi-asset, mid-tier copper and gold producer by
2030. Copper is now the company's principal product, with annual
production forecast at around 50,000-55,000 tonnes by 2030.
The company plans to achieve this growth through the development
of three new mines — Xarxar, Garadag and Zafar — between 2027 and
2030. They will complement Gilar and Demirli, which commenced
production in May and July 2025, respectively.
