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Ariana Resources kicks off earn-in with Cyprus copper developer

Ariana currently owns 6% of Venus, but if it funds an additional €1.9mln in the next three years, it could take that stake to 50%

Ariana Resources PLC -
Ariana's flagship Kiziltepe Mine in Turkey recently signed a construction agreement

Ariana Resources PLC (LON:AAU) has kicked off an earn-in agreement to acquire up to 50% of Venus Minerals Ltd, which owns exploration and development projects targeting copper and gold in Cyprus. 

In an update on Monday, the AIM-listed miner said that it plans to provide Venus with €500,000 in funding during the first year of operations, which will take its stake in the company to 11% by December 2020.

Ariana currently owns 6% of Venus, which is developing two advanced copper-gold-zinc prospects in Cyprus with historical resources of 4.3 million tonnes (Mt) at a grade of 0.5% copper and 0.8% zinc, and 5.2Mt at a grade of 0.7% copper, respectively.

Venus has completed scoping and pit-optimisation studies for the prospects, which it is hoping to develop into a single project known as Magellan.

Ariana said it has conducted two years’ due diligence on the projects owned by Venus.

If Ariana provides additional funding of €1.9mln between October 2020 and October 2022, it will have acquired 50% of Venus as long as the company gets no additional third-party funding.

Kerim Sener, managing director of Ariana commented: "We are exceptionally pleased to expand our interests within the Tethyan Metallogenic Belt and to do so in the operationally-friendly jurisdiction of Cyprus represents the fulfilment of a well elucidated long-term diversification strategy of the Company.

"Cyprus holds a global reputation for high-quality copper deposits, which tend to occur in distinct clusters; many of which remain significantly underexplored."

Quick facts: Ariana Resources PLC

Price: 6.05 GBX

Market: AIM
Market Cap: £64.29 m

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