Ariana Resources PLC (AIM:AAU) posted higher profits in 2021 as it booked a gain of £6.4mln on the disposal of a big chunk of its gold mining interests in Turkey.
The junior cut its stake in the Kiziltepe mine and Salinbas project to 23.5% from 50%, with the gain helping profits in 2021 rise to £7.7mln from £5.1m with the sales generating £27mln overall.
Some of those proceeds have been paid out in special dividends amounting to £5.6mln so far, with another £1.8mln payout planned for October, but Ariana added it would also use the funds to broaden the spread and type of assets in its portfolio.
As well as Turkey. which also includes the Tavsan gold mine development, Ariana is invested in Cyprus, Kosovo and, through its Asgard fund, gold nickel-cobalt exploration in Western Australia and the Northern Territory, gold-copper exploration in Kazakhstan and gold-copper exploration in Laos.
“The company presently has the capability and financial resources to hold a structurally more diverse portfolio of mineral exploration, development and mining project investments across a broader geography,” said Kerim Sener, managing director.
Cash at the year-end amounted to £16.4mln.