Anglo Asian Mining reported a surge in copper production as its new Demirli mine in Azerbaijan ramps up, making it a majority copper producer.
The miner said it produced 5,514 tonnes of copper in the third quarter, up from 5,129 tonnes in the previous quarter and more than double the 2,288 tonnes a year earlier, with Demirli expected to reach full production by the end of November.
Copper output for the first nine months reached a record 14,354 tonnes, more than four times the level of a year earlier. Gold production was broadly flat, and silver rose.
The company benefited from strong precious metals prices, selling gold at an average of $4,259 an ounce, up from $3,430 a year earlier. It sold copper concentrate worth $80.5m in the quarter, with its new Demirli operation contributing the majority. It ended the period with cash of $56.5m.
Anglo Asian maintained its full-year guidance of 20,000 to 25,000 tonnes of copper, and said it was well placed to become a mid-tier copper producer. Chief executive Reza Vaziri said the Demirli ramp-up remained on track.
Anglo Asian Mining shares were little changed on Thursday, with the update justifying the stock’s rally earlier in the year, rather than providing a fresh catalyst for further upside.