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British company discloses revenues from sales of Azerbaijani gold

15 April 2026 10:41 (UTC +04:00)

The gold production of “Anglo Asian Mining” PLC (AAM), engaged in the production of gold, copper, and silver in Azerbaijan, increased by 0.6% in the first quarter of this year, reaching 6,062 ounces. Of this, 4,842 ounces were produced in gold dore, while 1,220 ounces were obtained through flotation and the SART process.

APA-Economics reports, citing the company, that during the reporting period, copper production increased by 3,177 tons to 3,711 tons. Of the total production, 1,462 tons were produced at the Gadabay deposit, and 2,249 tons at the Demirli deposit.

The mining company’s silver production increased by 41.2%, or 12,481 ounces, reaching 42,796 ounces.

As for sales, gold bullion sales decreased by 653 ounces (-13.7%) to 4,100 ounces. However, the increase in the average gold selling price by $1,885 (+66.3%) to $4,728 per ounce ensured an increase in total revenue.

Thus, in the first quarter of this year, the mining company generated $19.4 million in revenue from gold bullion sales. Compared to the same period last year, the British company’s gold revenues increased by 43.5%, or $5.9 million. In the first quarter of 2025, this figure stood at $13.5 million.

AAM’s concentrate sales totaled 18,553 tons, with a value of $45.6 million. Sales volume for Gadabay increased by 5,563 tons (+239%) to 7,890 tons, while its value rose by $20.1 million (+490%) to $24.2 million.

According to financial indicators, the company’s cash increased by $7 million (+23.2%) to $37.2 million, while debt decreased by $8.4 million (-30.1%) to $19.5 million. As a result, the net cash position increased by $15.4 million (+669%) to $17.7 million.

The value of unsold gold dore and copper concentrate inventories at the end of the reporting period amounted to $30.8 million.

Note that “Anglo Asian” began operations under a production sharing agreement (PSA) signed on August 21, 1997, covering the development of six deposits. Under the agreement, Azerbaijan holds a 51% share, while “Anglo Asian Mining PLC” holds 49%. Currently, the company has the right to operate in eight contract areas in Azerbaijan. The company is listed on the London Stock Exchange and is one of the country’s largest non-oil industrial exporters.