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Highlights
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Buy Rating Maintained: SP Angel has reaffirmed its "buy" rating for Anglo Asian Mining PLC, setting a target price of 308 pence.
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Positive Outlook on Production: The restart of operations at the Gedabek Gold/Copper Mine and the growth potential from the Demirli asset contribute to a promising production growth profile.
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2024 Production Guidance: Anglo Asian aims to produce between 15,000 and 19,500 gold equivalent ounces (GEO) in 2024, including 14,000 to 16,000 ounces of gold and 250 to 850 tonnes of copper.
SP Angel has reiterated its "buy" rating for Anglo Asian Mining PLC {OTC:AAZ} , with a target price of 308 pence. This updated valuation comes on the heels of the recent resumption of operations at the Gedabek Gold/Copper Mine in Azerbaijan, along with positive projections for the Demirli asset.
Analysts noted a robust potential for production growth, particularly due to the increasing share of copper in the company's output mix. They highlighted that the sensitivity of the company's net asset value (NAV) to copper prices is six times greater than that for gold, positioning Anglo Asian to benefit from the relatively limited number of copper producers listed in London.
For 2024, the company has provided guidance targeting the production of 15,000 to 19,500 gold equivalent ounces (GEO). This includes estimates of 14,000 to 16,000 ounces of gold and between 250 to 850 tonnes of copper.
Furthermore, SP Angel has expressed optimism regarding the Demirli asset, citing its low capital cost and the potential for a rapid route to production, which could further bolster Anglo Asian’s growth trajectory in the competitive mining sector.
