Anglo Asian Reviews Aim Listing Amid Plans to Triple Copper Production

Anglo Asian Mining Eyes Copper Boom as It Keeps Aim Listing Under Review

Azerbaijan-based mining group Anglo Asian is poised to more than triple its copper output in 2026, but its future on London’s junior stock market remains uncertain as the company weighs options amid a wave of Aim departures by larger peers.

In an interview with City AM, Anglo Asian Vice President Stephen Westhead confirmed the company is maintaining its listing on the Alternative Investment Market (Aim) under regular review, even as it pursues growth that could see it graduate to a mid-market commodities player. The decision comes as Aim faces mounting pressure from companies seeking to relocate to London’s main market or other exchanges.

“While we are currently satisfied with our status listed on Aim, there remains mixed thinking about the exchange that prompts us to explore other options,” Westhead said. “The board and senior management are regularly reviewing not just Aim, but other exchanges as well.”

The company’s financial turnaround underpins its confidence. Anglo Asian swung from a $21.3 million (£15.85 million) loss in 2024 to a pre-tax profit of $25.8 million in 2025, driven by higher production volumes and rising commodity prices. The improved performance allowed it to reinstate its dividend after suspending payouts the previous year.

Copper production is set to become the company’s dominant revenue driver, with Westhead targeting 20,000–25,000 tonnes of copper metal in 2026—more than triple the 8,000 tonnes produced in 2025. Gold output is also expected to rise to 28,000–33,000 ounces, up from 25,000 ounces last year.

“We want to maintain our 2026 production guidance, which represents a significant jump from where we are,” Westhead said. “Copper will play a major role in our revenue, given its essential role in the transition to net zero, but we won’t become exclusively a copper company. Our exploration focus will remain multi-commodity, including gold and other base metals.”

The company’s strategic shift aligns with broader trends on Aim, where multiple firms have opted to relocate to London’s main market in recent months. Last October, gold miner Pan African Resources moved its primary listing to the London Stock Exchange’s flagship bourse. Earlier this year, Kefi, a gold and copper group, announced plans to graduate from Aim, while Young’s, a pub chain, and Serica, a North Sea oil giant, also confirmed moves to the main market. Six companies made the transition in 2025—a decade-high—reflecting stricter Aim listing rules and lower liquidity concerns.

Westhead acknowledged the broader market dynamics but emphasized that Anglo Asian’s decision remains under active consideration. “We continue to believe Aim is the appropriate exchange for now,” he said, “but growth and evolving market conditions mean we must keep all options open.”

The company’s focus on copper—critical for renewable energy infrastructure—positions it well in the energy transition, though Westhead stressed that gold and other metals will remain part of its portfolio. With production ramping up at its Gilar and Demirli sites in Azerbaijan, Anglo Asian is betting on sustained commodity demand to fuel its expansion, even as it navigates the shifting landscape of London’s stock markets.