Ariana Resources PLC's (LON:AAU) Kerim Sener talks to Proactive London's Katie Pilbeam about the completed conditional agreements on its joint venture with Özaltin Holding A.Ş and with Proccea Construction.
He says this new "powerful" joint venture partner will "support our strategy associated with western Turkey assets".
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.
Sener also explains the resource boost 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.