Ariana Resources PLC’s (LON:AAU) chairman hailed the dawn of a “new age” as the gold-silver exploration and development company continued to advance a strategy that he said will allow it to “pay dividends over the long term”.
In an outlook statement accompanying results, Michael de Villiers said the miner will continue to focus on discovering mineral resources by “mitigating risks, mobilising cutting-edge technologies, minimising environmental impact and maximising partnerships with local communities”.
READ: Ariana Resources launches discovery fund to invest in exploration projects
“With some of the difficulties of 2020 behind us, we are now looking strategically and operationally to the horizon of the next decade… Most importantly of all from an investor perspective, the company can demonstrate a robust track-record across several metrics which, among others, includes our industry-leading discovery cost per ounce of gold and our operational cash-costs which are in the lower quartile internationally”, he added.
In its results for the year to December 31, the company reported a pre-tax profit of £5.09mln compared to £6.98mln in the prior year, a decline which was attributed to a drop in profitability at the company’s joint venture company Zenit Madencilik and the processing of lower grade ore. Gold production for the year stood at 18,645 ounces at an average life of mine cash cost of less than US$500 per ounce.
Despite this, the company said costs had remained “broadly constant” year-on-year.