Positive Price Target Assigned to Anglo Asian After Operations Resume in Azerbaijan

2 min read | October 04, 2024 04:06 AM PDT | By Team Kalkine Media

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Positive Price Target Assigned to Anglo Asian After Operations Resume in Azerbaijan — Image source: Shutterstock

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Highlights

Buy Rating Reaffirmed: SP Angel has maintained a "buy" rating for Anglo Asian Mining PLC, with a target price of 308 pence following the restart of operations at the Gedabek Gold/Copper Mine in Azerbaijan.
Production Growth: The company is projected to experience significant production growth, with increasing copper output expected to enhance overall profitability.
Favorable Guidance for 2024: Anglo Asian’s 2024 guidance targets 15,000 to 19,500 gold equivalent ounces (GEO), comprising 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:AGXKF}, setting a target price of 308 pence following the recent resumption of operations at the Gedabek Gold/Copper Mine in Azerbaijan. This renewed valuation reflects the anticipated production growth from the mine and the potential contributions from the Demirli asset.

Analysts at SP Angel highlighted the strong potential for production growth, noting an increasing share of copper in the company’s output mix. They pointed out that the net asset value (NAV) sensitivity to copper prices is six times greater than that of gold, allowing Anglo Asian to capitalize on the limited number of copper producers listed in London.

For the year 2024, Anglo Asian has provided guidance targeting between 15,000 to 19,500 gold equivalent ounces (GEO), which includes an estimated 14,000 to 16,000 ounces of gold alongside 250 to 850 tonnes of copper.

In addition, SP Angel emphasized the potential of the Demirli asset, citing its low capital cost and quick route to production as favorable factors for the company’s growth strategy. This positions Anglo Asian Mining favorably in the evolving commodities market, particularly as demand for copper continues to rise.

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