Ariana Resources PLC (AIM:AAU) has announced that Pontid, the company that owns the Salinbas project in Türkiye, has been merged with the Zenit consortium through an all-share merger.
The gold miner previously held a 23.5% interest in both Zenit and Pontid via its 100%-owned subsidiary, Galata Mineral.
All of its projects in Türkiye, specifically Kiziltepe, Tavsan and Salinbas are now held directly through Zenit with Ariana having a 23.5% interest in the enlarged group.
Ariana added that gold and silver production from Kiziltepe and Tavsan continues as planned with 8,500 ounces of gold and 66,300 ounces of silver produced to the end of June.
Kerim Sener, Ariana’s managing director, said: "This concludes the process that started in 2021, following the partial divestment in Türkiye to Ozaltin Holding and the restructuring of our interests in Zenit Madencilik with Proccea Construction.
"Due to the different funding structure and requirements of Zenit and Pontid, it was determined at that time to pause the contemplated merger until the Tavsan mine construction was sufficiently advanced.
“The past two years have witnessed significant progress at Tavsan, held by Zenit along with Kiziltepe, while the Salinbas asset, held by Pontid, has also advanced significantly.
"Accordingly, we have determined that this was the right time to complete the merger as initially planned and provided for in the Shareholders Agreement.
“This action substantially simplifies the way we hold our interests in Türkiye and helps prepare the ground ahead of our planned ASX listing later in the year. “
"Meanwhile, gold and silver production from Kiziltepe and Tavsan continues as planned, with c.8,500 ounces of gold and 66,300 ounces of silver produced to the end of June, recording over US$20 million in revenue.
“Trucking operations from Tavsan to Kiziltepe have intensified in recent months and are now running at a rate of 50 trucks per day.
“Meanwhile, a major pre-strip operation has accelerated at the Arzu South pit at Kiziltepe, with the expectation of ore production to recommence from this pit in early 2025."