Ariana Resources PLC (LON:AAU) said it has received formal approval from the Competition Authority in Turkey for the completion of its joint venture agreements with Özaltin Holding and Proccea Construction Co, as ratified by shareholders on December 30, 2020.
The joint venture with Özaltin and Proccea involves the partial disposal of the company's interests in Turkey in exchange for up to US$37.75mln in cash before costs and taxation.
Ariana and Proccea will retain a 23.5% interest each in the expanded joint venture.
"We are very pleased to have received this approval from the Competition Authority and welcome their support of this transaction,” said Ariana’s managing director Dr Kerim Sener in a statement.
“We are already well underway with a new drilling programme at Kiziltepe, testing extensions to known vein systems along strike and at depth. This programme is being undertaken with the aim of increasing the project's resources and reserves, in parallel with the expansion plans for the processing facilities at Kiziltepe," he added.