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Ariana Resources set to receive £3.79mln in capital from Turkish subsidiary

The Red Rabbit mine is now building up a track record of production
Ariana Resources set to receive £3.79mln in capital from Turkish subsidiary
The money will be used to step up work on the wider Turkish project portfolio

Ariana Resources PLC (LON:AAU) is set to receive £3.79mln from its Turkish subsidiary Galata, following the repayment of loans made to the jointly owned operator of its Turkish gold mine, Zenit.

The capital reduction has been undertaken because the flow of funds from Zenit, derived from revenue from the Kiziltepe gold mine, will exceed the working capital requirements of Galata in the future, enabling the direct return of funds to Ariana. 

WATCH: Ariana Resources' Kerim Sener updates on bulk sampling at Kizilcukur

These funds will be used by Ariana for exploration and development of the project portfolio, including on the Salinbas project, and for general working capital. 

 

 

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