The mine, which is part of the Red Rabbit joint venture (JV) with Proccea Construction, produced 27,985 ounces of gold in 2019, which was comfortably above guidance of 25,000 ounces (oz) and up by around 12% on 2018.
The Kiziltepe Mine has been producing for about three years and was expected to deliver roughly 20,000 oz gold equivalent per annum, on average, over eight years.
Gross income for the year was US$45.1mln, with the fourth-quarter turning out to be a record one, with income of US$12.78mln at an average realised gold price of US$1,484 an ounce.
Operating cash costs for the final quarter of 2019 were estimated at US$500 per ounce.
Ariana said the process recovery of gold remains high at 92%.
"The performance of the Kiziltepe Mine remains fully in line with expectations and these record-breaking results for Q4 2019 represent a fitting end to an operationally superb year," said Dr Keim Sener, the managing director of Ariana.
“The sustained increase in gold price during the period contributed significantly to revenue, while operating cash cost per ounce remained low, mainly due to increased by-product silver credit. It is important to note that these strong results are despite the expected reduction in grade during the period as operations on the high-grade Arzu South pit were decreased and gradually replaced by production from the lower-grade Arzu North pit,” he added.
“We are excited by the resource growth opportunities we have identified recently at Kiziltepe and the progress being made at Tavsan, which represents the opportunity to deliver an additional 30,000 oz of gold per annum to the Red Rabbit Joint Venture, targeting an overall production of 50,000 oz of gold per annum.
"As at the end of the quarter, 87% of the JV construction capital loan of US$33 million has been repaid, with the remaining balance to be completed in April 2020. Intercompany loan repayments from the JV to our wholly-owned subsidiary, Galata Madencilik San ve Tic Ltd., have totalled US$2.0 million during the year ending 31 December 2019," Sener revealed.