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

Ariana to 'deliver positively' on production forecast after gold output jumps in second quarter

Kiziltepe produced 7,171 ounces (4,866 oz), a 47% increase quarter-on-quarter.
Gold being poured
Gold is flowing from Kiziltepe

Ariana Resources plc (LON:AAU) saw its shares jump higher on Wednesday as the group said it produced record amounts of gold from its Kiziltepe mine in Turkey in the three months to June as its ramp-up continued.

Kiziltepe, a joint venture with Turkish firm Procea, produced 7,171 ounces (4,866 oz), a 47% increase quarter-on-quarter.

READ: Ariana Resources continues to expect full-year gold production figures “to be in line with expectations”

Ariana said it is now looking to ‘deliver positively’ against its 2018 production guidance of 20,000 ounces.

Production was boosted by a rise in ore processed to 49,325 tonnes at an average head grade of 4.77 g/t gold, while 70,400 tonnes was mined at an average grade of 4.18 g/t gold.

Kerim Sener, managing director, said it was the mine’s best quarter to date and had exceeded the feasibility study projection by more than 90%.

“The tonnage of ore mined has exceeded 70,000 tonnes during the period and grades remain substantially above 4 g/t gold. 

“This production rate has ensured a very healthy stockpile position representing over four months of mill feed.

Sener added the processing plant’s performance so far suggest it can manage 200,000 tonnes per annum or 33% above the designed rate. 

In early morning trading, Ariana shares were up 5.35 at 1.5p.

 -- Adds share price --

View full AAU profile View Profile

Ariana Resources plc Timeline

Related Articles

Pan African Resources
September 06 2018
Pan African Resources has more than doubled its mineral resource estimate at the Royal Sheba project after results from the latest round of drilling beat expectations.
1527068084_shutterstock_102742847.jpg
May 23 2018
Chaarat's bold bid for the Kumtor mine is the first of many potential deals
Tomingley gold open pit operation
March 26 2018
The Dubbo Project hosts zirconium, hafnium, niobium, tantalum, yttrium and rare earth elements.

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