Copper Rewrites Anglo Asian Mining's Numbers: $159M Half-Year on a 7.4x Production Surge

Anglo Asian Mining's first-half numbers tell a story of a company changing its identity. Revenue reached $159.1 million in H1 2026, and the driver was not the gold that long defined the AIM-listed, Azerbaijan-focused producer — it was copper, with production up roughly 7.4 times year-on-year, according to results reported by AzerNews on July 16.

The breakdown makes the shift explicit. Copper concentrate sales brought in $125.9 million across 58,577 dry metric tonnes — nearly four times the $33.2 million contributed by gold bullion. And within the copper line, the newer story dominates: the Demirli mine, selling for the first time, contributed 31,695 tonnes worth $71.4 million, outpacing the established Gadabay operation's 26,882 tonnes and $54.5 million.

Production figures for the half came in at 8,840 tonnes of copper, 12,329 ounces of gold and 92,855 ounces of silver — with silver up 48.9% and gold edging up 1.8%. Gold volumes sold actually fell 27.1%, but a 51.6% rise in the average realized price, to $4,664 per ounce, cushioned the revenue impact.

Full-year guidance points to the new balance holding: 20,000–25,000 tonnes of copper against 28,000–33,000 ounces of gold. For Azerbaijan's non-oil economy — which grew its exports 16.9% in the first half, as covered in our report on the H1 GDP figures — a mining sector scaling copper production is exactly the kind of diversification the statistics have been hinting at.

The company credits the revenue growth to “a sharp increase in copper production and the launch of sales from the Demirli deposit” — a sentence that doubles as a thesis for where the country's mining industry is heading.