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

Ariana's Kiziltepe gold mine continues to perform well

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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.

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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: 2.2475 GBX

AIM:AAU
Market: AIM
Market Cap: £23.82 m
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