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Ariana Resources PLC says gold confirmed to be significant part of Kokkinoyia deposit
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Ariana Resources confirms gold at Kokkinoyia Sector
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Ariana Resources Plc seals expanded JV in Turkey
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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.
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Ariana Resources plc, an AIM-listed exploration and development company operating in Europe, has announced its full-year production results for the year ended 31 December 2020 for the Kiziltepe Mine in Turkey. Kiziltepe is currently 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S., which will reduce to 23.5% once the new joint venture with Ozaltin Holding A.S. and Proccea Construction Co. completes (details as announced on 7 December 2020 and ratified by shareholders on 30 December 2020).
Production update
Kiziltepe produced a total of 18 645 oz of gold during the year, exceeding its full year production guidance by 3.5%.
As at end 2020 the mine had produced a total of 84 200 oz of gold and 915 233 oz of silver, recording US$134 million in revenue since operations commenced in early 2017.