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Ariana eyes Cyprus as it looks to expand activities

The company has been carrying out due diligence in Cyprus for two years

Gold
The portfolio is currently focused on Turkish developments

Ariana Resources PLC (LON:AAU) expects to reveal ‘in due course’ its plans for Cyprus, where it has been carrying out due diligence on a potential exploration portfolio for two years.

Currently, the gold miner is focused solely on Turkey and released glowing results for the six months to June 2019, as its flagship project at Kiziltepe remains on track to meet targets.

READ: Ariana Resources sees scope to grow Turkey's Tavsan project

The company has now paid off 78% of the £26mln (US$33mln) loan taken out for its flagship mine Kiziltepe in Turkey, a 50/50 joint venture with Proccea Construction Co.

Once the construction loans are repaid, Ariana will receive a much larger, pro-rata share of Kiziltepe’s income.

Profit before tax was £2.3mln (£319,000), while gold production increased by 14% year-on-year at an operating cost below £406 (US$500) per ounce, one of the lowest globally.

Net profit was £1.2mln (£631,000).

Shares were down 4% to 2.15p in early morning trades.

Quick facts: Ariana Resources PLC

Price: 3.87 GBX

AIM:AAU
Market: AIM
Market Cap: £41.01 m
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