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Ariana Resources MD hail "excellent" performance of Turkish gold mine

The operation, which it jointly owns with construction firm Proccea, churned out 7,517 ounces of the precious metal
gold being poured
The average revenue per gold ounce was a healthy US$1,413 (the figure included a silver credit too)

Ariana Resources PLC (LON:AAU) managing director, Kerim Sener, hailed the “excellent” performance of the company’s Kiziltepe gold mine in Turkey after it delivered another strong quarter of low-cost production.

The operation, which it jointly owns with construction firm Proccea, churned out 7,517 ounces of the precious metal, generating US$10.62mln during the three months to December 31. For the year the gross income was US$37.80mln from 27,110 ounces.

WATCH: Much low-hanging fruit for cash flow positive Ariana Resources

 The average revenue per gold ounce was a healthy US$1,413 (the figure included a silver credit too). Operating cash costs were some of the best in class at US$349 per ounce.

From inception to December 31, Kiziltepe milled 49,717 tonnes of ore at a grade 5.23 grams per tonne of gold.

Quarter on quarter, production was steady, gross income up slightly as was average realised revenue and cost.

Sener said: "These final results for the fourth-quarter are fully in line with the excellent performance of the Kiziltepe Mine achieved during the prior two quarters.

“Operating cash cost per ounce remains low, mainly due to the maintenance of significant by-product silver credit and increased grades through the plant during the period.”

The Ariana MD told investors the loan to build the operation should be “largely” repaid this year.

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