Ariana Resources PLC (LON:AAU) is on track to exceed this year’s target for gold production from its Kiziltepe mine in Turkey after another record quarter.
Income for the three months to September was US$10.1mln with 7,588 ounces of gold produced, a 6% rise compared to the previous quarter.
READ: Ariana Resources set to exceed production guidance after record-breaking third quarter
Kerim Sener, Ariana’s managing director said: "These quarterly results have yet again demonstrated record performance for the Kiziltepe Mine and we are now well on track to exceed our production guidance for the year. “
“Our operating cash cost per ounce has continued to remain low, due in part to a marked fall in the value of the Turkish Lira (-28%), a substantial increase in by-product silver credit (+36%) and maintenance of high grades through the plant during the period.”
Sener added that 40% of the joint venture construction capital loan of US$33mln has been repaid, with the remaining balance to be repaid between now and April 2020.