Ariana Resources PLC (AIM:AAU)'s partnership in Turkey has arranged a US$20 million credit facility to support operations at the Kiziltepe gold-silver mine and the Tavsan mine construction programme.
Turkey’s largest bank, Ziraat Bankasi, will provide non-recourse finance at an effective interest rate of 8.5% repayable over three years with no hedging or currency swap requirements.
Zenit Mining is a partnership between Ariana (23.5%), Proccea Construction (23.5%) and Özaltin Holding (53%).
Kerim Sener, Ariana’s managing director, commented: "This funding facility will enable the partnership to accelerate the construction of the Tavsan mine with the expectation that the mine build will be completed in the latter part of 2024.
“We would like to take this opportunity to thank both Özaltin and Proccea for their impressive efforts in progressing the Tavsan mine development programme and extend our appreciation to Ziraat Bankasi for the completion of this funding arrangement.
“Such strong banking relationships bode well for the development of our future project pipeline, both in Türkiye and potentially also in Zimbabwe."