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Ariana Resources says income from Turkish gold mine boosted by additional silver sales

Ore from the Kiziltepe operation comes with a silver 'credit'

Ariana Resources PLC -

Ariana Resources PLC (LON:AAU) saw an 18% increase in gross income from its Kiziltepe Mine in Turkey, buoyed by a fall in costs below US$500 per gold ounce, a rise in stockpiled silver sold and higher precious metals prices.

The company, which owns the operation with local partner Proccea Construction, said precious metal sales generated US$9.9mln in the second quarter.

Output fell a little to 4,679 ounces, from 5,129 ounces in Q1, while on the plus-side cash operating costs followed suit as they dropped to US$492 an ounce from US$533 the three months earlier.

Ariana managing director, Kerim Sener, said that 30,000 ounces of silver production generated from gold mining that had been held back from sale from in late February were successfully sold at a much better price in early June, helping boost the overall financial performance of the mine. 

A total of US$33mln of construction loans have been repaid, while the US$7mln the joint-venture borrowed to cover its working capital requirements will be repaid by next October, investors were told.

"We are now looking forward to delivering upon another strong quarter at Kiziltepe, with July and August production in line with operational expectations,” said Ariana’s Sener.

“While the mine site is continuing to observe strict COVID-19 mitigation measures, we are now largely back to full staffing levels on site and operations are proceeding under far more normal conditions."

Quick facts: Ariana Resources PLC

Price: 5.65 GBX

Market: AIM
Market Cap: £60.04 m

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