Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Ariana Resources to be self-financing this year

Production of ore from the open-pit achieved an average rate of 20,300 tonnes per month over the period, with a peak rate of over 28,800 tonnes achieved in February
Around four months of production has been stockpiled for future use

Ariana Resources plc (LON:AAU) said process recoveries of gold at the Kiziltepe Mine were higher than expected.

Ariana’s gross income for the quarter clocked in at US$6.98mln, with an average realised gold price of US$1,328.79 per ounce, compared to an operating cost of US$612 per ounce.

READ: Ariana boosts production to 4,866 ounces of gold during the first quarter of 2018

As previously announced, the mine produced 4,866 troy ounces in the quarter, all of which was sold, as were the 30,864 troy ounces of silver. Gold production was up 8% quarter-on-quarter.

Process recoveries of gold remain higher than expected at around 95% for gold at the end of the quarter.

44,897 tonnes of ore were milled during the period, which was 20% higher than the forecast in the pre-feasibility study on an annualised basis and milled grades were 3.85 grams per tonne (g/t) gold.

"This past quarter has been another successful period of operation for the Kiziltepe Mine,” said Dr Kerim Sener, the chief executive officer of Ariana.

“Due to the strong operational cash flow from Kiziltepe, we have been receiving inter-company loan repayments from the JV [joint venture] to our wholly owned subsidiary, Galata Madencilik San ve Tic Ltd during Q1 2018. These repayments are continuing and are expected to be made on a monthly basis, enabling the company to become self-financing during 2018," he added.


View full AAU profile View Profile

Ariana Resources plc Timeline

Related Articles

August 03 2018
The company has an extensive portfolio of exploration projects in Nevada and Utah
June 07 2018
"We acknowledge the continuing disconnect between our share price and the value of our assets when assessed in terms of the in-situ value of our resource and reserve ounces."
April 04 2018
BAM East will be the focus in 2018, after Landore completed a £3.15mln funding

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use