Ariana Resources PLC (LON:AAU) is progressing with its proposed new joint venture with Özaltin Holding A.S. and with Proccea Construction Co.
Özaltin will be acquiring 53% of both the Salinbas project and the existing Zenit Madencilik joint venture which is currently owned by Ariana in a 50:50 partnership with Proccea.
There is also a proposed new joint venture with Özaltin and Proccea by way of a partial disposal of the interests of the company in Zenit and Salinbas in exchange for US$35.75 million in cash.
The parties are undertaking an all-parties meeting today to finalise the terms of the definitive joint venture agreements governing the transaction.
"We are a further step closer to the completion of the agreements governing our proposed new joint venture in Turkey,” said Ariana’s managing director Dr Kerim Sener.
“Almost all of the necessary government approvals in Turkey have now been received, with only two important outstanding processes remaining, notably the application to the Competition Authority. At this time, we are expecting that these processes, which are conditions precedent to the transaction, will conclude following the signing of the joint venture agreements.”