Ariana Resources PLC (LON:AAU) has completed conditional agreements on its joint venture with Özaltin Holding A.Ş and with Proccea Construction.
Under the terms of this agreement Özaltin will be acquiring 53% of both Pontid Madencilik Sanayi ve Ticaret A.Ş, the owner of the Salinbas project, and the existing Zenit Madencilik San. ve Tic. A.Ş. joint venture, which is currently owned by Ariana in a 50:50 partnership with Proccea.
The joint venture with Özaltin and Proccea involves the partial disposal of the interests of the company in Zenit and Pontid in exchange for US $35.75mln in cash.
On completion, Ariana will retain a 23.5% interest in the joint venture, as will Proccea.
The parties have also agreed to the sale of Ariana's remaining projects, under its subsidiary Galata, to Zenit for an additional US$2mln in cash.
US$8mln will be committed by Özaltin to fund a feasibility study, environmental impact assessment and additional permitting on Salinbas.
Separately, Ariana also announced a boost to the resource at the Magellan project. At the Sha sector the resource now amounts to one million tonnes grading 0.80% copper and 0.3% zinc inferred, including a higher-grade zone of 500,000 tonnes at 1.13% copper and 0.3% zinc.