leadf
logo-loader
viewAriana Resources PLC

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

AIM:AAU
Market: AIM
Market Cap: £60.04 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Ariana Resources PLC named herein, including the promotion by the Company of Ariana Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Ariana Resources announce 'first resource statement for Cyprus for well over...

Ariana Resources PLC's (LON:AAU) Kerim Sener talks to Proactive London about their maiden JORC-compliant resource for the Magellan project in Cyprus. Sener talks through some of the opportunities, with the Magellan now estimated to host some 8.5mln tonnes of mineralisation with a copper grade...

1 week, 4 days ago

2 min read