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Ariana Resources cruises past production target after strong final quarter

Kiziltepe is part of Ariana’s joint venture with Turkish construction group Proccea

Ariana Resources PLC -
Ariana added it now expects to repay the development loan taken out to build Kiziltepe in full in April.

Ariana Resources PLC (LON:AAU) produced a record 27,985 ounces of gold in 2019 surpassing its forecast for the year by almost 12%.

The output from its Kiziltepe mine in Turkey in the fourth quarter was also close to a new record said Kerim Sener, the miner’s managing director.

Ariana added it now expects to repay the development loan taken out to build Kiziltepe in full in April.

Kiziltepe is part of Ariana’s joint venture with Turkish construction group Proccea over the Red Rabbit licence area.

Sener said: "The last quarter of 2019 has again set another record for the company, exceeding our forecast production for the year by a significant margin and beating last year's record.

“Looking ahead to 2020, the JV remains in a strong position as we pursue our future project development plans at Kiziltepe and Tavsan.

"We are pleased with the strong start to the year and expect to publish our 2020 production guidance during Q1 2020, once the latest resource estimation for Kiziltepe has been completed.”

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Price: 2.95 GBX

AIM:AAU
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Market Cap: £31.26 m
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