Ariana Resources PLC (AIM:AAU) has reported record gross full-year revenue of US$58mln from the Kiziltepe mine in western Turkey, while also informing of progress at the Tavsan and Salinbas projects in a year-end update.
The 23.5%-owned gold and silver mine exceeded forecasts as it produced a record total of 28,421 ounces of gold during the year, which was sold at an average of US$1,858 per ounce.
In the statement, Ariana’s managing director, Dr Kerim Sener, hailed the sixth “highly productive years of operation” of the mine and said the company looks forward to “further expansion of the near-mine resources and reserves in due course, as we develop plans to keep the mine operational over the coming years”.
He noted that Zenit Madencilik, which is the company in which Ariana holds its shareholding in the mine, has reinvested funds into the construction of the Tavsan mine and the exploration and development of demonstrably expanded resources both at Kiziltepe and Tavsan.
Mine construction at Tavsan was said to be advancing on schedule, with earthworks “progressing well”, concrete to be poured next month for the adsorption-desorption-recovery (ADR) plant, and drilling underway to top up the resource estimate.
At Salibas, two diamond drilling rigs were reported to be operating, with results from the initial phase of drilling due to be announced soon.
Venus Minerals, of which Ariana owns 50%, is reviewing its IPO plans after pressing pause last year due to adverse market conditions.
Western Tethyan Resources, of which Ariana owns 75%, is said to be “actively exploring” in south-east Europe, while the wholly owned Asgard Metals Fund is reported to have a number of potential investments in the pipeline to add to its three investments made in the past year and a bit.