About Ariana Resources: Ariana is an AIM-listed mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include gold production in Turkey and copper-gold exploration and development projects in Cyprus. The Company holds 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea Construction Co. in Turkey which contains a depleted total of c. 2.1 million ounces of gold and other metals (as at July 2020). The joint venture comprises the Kiziltepe Mine and the Tavsan and Salinbas projects.
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17 February 2021 | 09:37am
StockMarketWire.com - Exploration and development company Ariana Resources said it had completed its joint venture with Ozaltin and Proccea Construction after all conditions for the JV were met.
Under the terms of the JV, the company sold a partial stake of its interests in Turkey for US$37.75 million in cash before costs and taxation.
Ariana and Proccea retained a 23.5% stake in expanded joint venture, with Ozaltin owning 53%.
The joint venture comprised the Kiziltepe mine and the Tavsan and Salinbas projects.
Process plant expansion at Kiziltepe was well underway, with completion expected in H2 2021, the company said.