Ariana Resources plc (LON:AAU) moved into the black in its latest half year as it booked a profit on the sale of lithium properties in Australia.
The junior’s main focus, however, remains construction of its first gold mine, at Kiziltepe in Turkey, with its joint venture partner Proccea.
Kiziltepe is nearing completion Ariana said today with the tailings storage facility development underway.
Once that has been commissioned, Kiziltepe expects to pour first gold late in 2016.
Michael de Villiers, chairman, said the construction crews had made tremendous progress.
“Work at the tailings storage facility is continuing apace and all of the major work for the process plant is now complete, with piping and electrical installation fully underway.”
A second phase of drilling around the mine had also now been completed to boost its resource and extend its mine life. Results from this programme are due next month.
For the six months to June, Ariana made a profit of £1.1mln pre-tax (loss £621,000).