viewAriana Resources PLC

Ariana’s Kiziltepe mine generates nearly US$11mln in gross income during the first quarter

Ariana's Kiziltepe gold mine continues to perform well

Project debt is being paid down at a rapid rate

Ariana Resources PLC (LON:AAU) produced 7,296 ounces of gold from its Kiziltepe project in Turkey during the quarter to 31 March 2019.

That in turn generated gross income of US$10.86mln.

WATCH: Ariana Resources makes strong start to drilling at Salinbas

The average realised price per ounces of gold was US$1,311.

Operating cash costs for the quarter were estimated at US$399 per ounce.

"These first quarter results for the Kiziltepe mine reflect a solid start to 2019 and continue to demonstrate the efficiency of our JV operations,” said Ariana managing director Kerim Sener. 

“Operating cash costs per ounce continue to remain low, despite the high strip ratios incurred during the pushback of the southern pit wall at Arzu South. This was helped by the planned drawdown on stockpiles, maintenance of significant by-product silver credit and high grades through the plant during the period. 

What’s more, the strong cashflow has enabled continued repayments of the project debt.

"As at the end of the quarter, 60% of the JV construction capital loan of US$33 million had been repaid, and by the end of the June quarter we are expecting to be almost 70% repaid,” continued Sener.

“Monthly intercompany loan repayments and dividends from the JV to our wholly owned subsidiary, Galata Madencilik San. ve Tic. Ltd., reached approximately US$2.7 million by the end of Q1 2019."



Quick facts: Ariana Resources PLC

Price: 3.95 GBX

Market: AIM
Market Cap: £41.86 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Ariana Resources PLC named herein, including the promotion by the Company of Ariana Resources PLC in any Content on the Site, the Company...



Ariana Resources' Kerim Sener says investors should be feeling 'very...

Ariana Resources PLC's (LON:AAU) Kerim Sener caught up with Proactive London's Andrew Scott following the news that Özaltin Holding A.S. has formally committed to proceeding with its acquisition of 53% of both the Salinbas Project and the Zenit joint venture in Turkey. ''Investors should be...

5 days, 20 hours ago

2 min read