The AIM-listed explorer said the proposed deal, outlined in a memorandum of understanding (MoU), will involve the sale of 17% of its Salinbas gold project for US$5mln.
The deal also proposes the sale of 53% of Zenit, Ariana’s joint venture (JV) with Turkish group Proccea which operates the Kiziltepe mine, for US$50mln to be split between the JV partners equally, as well as an US$8mln cash injection by the proposed partner to help bring the project into production.
Kerim Sener, Ariana’s managing director, said the partnership, if approved, “will create a formidable exploration, development and production group focused on Turkey”.
“This [MoU] will combine the unique skill-sets of each Partner in a mutually beneficial and synergistic manner. We look forward to advancing the proposed MoU into a joint venture capable of unlocking the full value of our assets in Turkey, which will also target the development of a future pipeline of high-value production projects.”
The company expects to secure binding agreements and shareholder approval for the partnership no later than February next year.
The news sent Ariana’s shares soaring 33.3% higher to 2.8p in early afternoon.