Anglo Asian Mining triples revenue from projects in Azerbaijan

British company Anglo Asian Mining (AAM) reported revenue from gold mining in Azerbaijan totaling $40.9 million in the first half of 2025, a 3.1-fold increase from January-June 2024, Report informs referring to the company, which published interim results for its operations in Azerbaijan for the first six months of 2025.

AAM notes that the revenue growth is due to the continuous operation of all processing facilities throughout the period, which ensured higher production volumes and higher commodity prices. The company's pre-tax profit for the first half of 2025 was $7.1 million, compared to a pre-tax loss of $5.5 million in the first half of 2024. AAM's gross profit for the period under review was $13.8 million, compared to a gross loss of $1.7 million in January-June 2024.

The company's financial expenses for the first half of 2025 were $1.7 million, an increase of 41.7% compared to the same period in 2024 due to higher borrowing costs. AAM's net cash generated from operating activities as of June 30, 2025, was $11.4 million (a 3.6x increase), and its inventory amounted to 1,176 ounces of gold with a market value of approximately $2.1 million. From January to June 2025, the company invested $8 million in mine development and processing capacity expansion (a 27% increase). AAM's net debt at the end of June 2025 was $13.1 million (as of December 31, 2024, it was $14.7 million).

The company did not declare interim dividends for 2025. AAM also revised its 2025 precious metals production forecasts in Azerbaijan, which it plans to publish later. As reported, in the first half of 2025, Anglo Asian Mining produced 16,378 gold equivalent ounces of precious metals (a 3.1-fold increase).

During the reporting period, gold production totaled 12,115 ounces (a 2.6-fold increase), silver production totaled 62,354 ounces (a 4.9-fold increase), and copper production totaled 1,188 tonnes (an 11.9-fold increase). The company sold 9,781 ounces of gold bars on global markets in the first half of the year (a 1.6-fold increase) at an average price of $3,077 per ounce (in January-June 2024, the company sold gold bars at an average price of $2,174 per ounce).

AAM currently holds development rights to eight contract areas in Azerbaijan, but is currently mining precious metals from two contract areas: Gadabay and Gosha. Azerbaijan, represented by AzerGold CJSC in the contract, holds a 51% stake, while AAM holds a 49% stake.