Ariana Resources PLC (LON:AAU) has reported a jump in quarter-on-quarter (QoQ) gold production at the Kiziltepe mine in Turkey, part of its Red Rabbit joint venture with Proccea Construction Co.
The AIM-listed gold miner reported that the mine had produced and sold 7,171 ounces of gold during the second quarter, a 47% increase on the one before, generating a gross income of US$10.07mln, up from US$6.98mln previously.
READ: Ariana to 'deliver positively' on production forecast after gold output jumps in second quarter
Ariana added that the mine had milled 49,325 tonnes of ore during the period, with an average head grade of 4.77 grams per tonne of gold, while operating cash costs of production had seen a QoQ decline to US$371 per ounce from US$612 per ounce in the first quarter.
Dr Kerim Sener, managing director of Ariana, said that the decline in operating costs had been helped by the recent decline in the value of the Turkish Lira, adding that the mine was “on track to deliver on our production guidance for the year”.
In early-morning trading, Ariana’s shares were up 2% at 1.2p.