Anglo Asian Mining (AAZ): Growth in copper production poised to explode
AAZ is embarking on an expansion that will create a much larger mining business, extending well beyond its flagship Gedabek contract area (“Baseline Gedabek”). The company was awarded three concessions in 2022 at no cost, each containing a substantial copper deposit: Xarxar with nearly 100kt, Garadag over 300kt and Demirli estimated at 200kt. The staged development of the integrated Xarxar and Garadag project (“Copper 1”) and Demirli (“Copper 2”) will transform AAZ from a small-cap gold miner to a mid-sized copper producer with c.50kt p.a. of copper production, and significant gold and zinc by-products. We estimate an aggregate valuation for Baseline Gedabek + Copper 1 – Xarxar and Garadag + Copper 2 – Demirli of 214p per share.Anglo Asian Mining's principal activity is that of a holding Co. and a provider of support and management services to its main operating subsidiary R.V. Investment Group Services. Co., together with its subsidiaries (the Group), owns and operates gold, silver and copper producing properties in the Republic of Azerbaijan. It also explores for and develops other potential gold and copper deposits in Azerbaijan. The Group's primary operating site is Gedabek, which is the location of the Group's main gold, silver and copper open pit mine and Gadir, an underground mine.
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