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Ariana Resources announces conditional agreement to sell Satellite Projects

Published by , Editor
Global Mining Review,

Ariana Resources plc, an AIM-listed exploration and development company operating in Europe, has announced the conditional agreement for the sale of its remaining projects in Turkey to Zenit Madencilik San. ve Tic. A.S. (Zenit), ahead of the planned completion of its agreements with Özaltin Holding A.S. and with Proccea Construction Co., concerning the proposed expanded joint venture (JV). The Zenit JV is currently owned by Ariana in a 50:50 partnership with Proccea.


  • Ariana's operating subsidiary in Turkey has agreed with Zenit the sale of its three remaining Turkish projects to Zenit for US$2 million in cash, payable over 20 months.
  • The projects, which include Kizilcukur, are considered satellites to the Kiziltepe Mine processing plant and will be referred to as the ‘Satellite Projects’.
  • Agreement is conditional and becomes effective on the satisfactory completion of the JV agreements with Özaltin and Proccea.

Dr Kerim Sener, Managing Director, commented: "This is an excellent outcome for the company as we move towards the completion of the JV agreements with Özaltin and Proccea. The sale of these projects to Zenit represents the culmination of our strategy to build on the resource base of the JV, prior to the completion of our proposed transaction. We have long viewed the JV as the natural home for these projects, particularly in relation to our hub-and-spoke approach to resource development in the context of the Kiziltepe Mine processing plant. We look forward to updating the market in due course on the status of the proposed expansion of our JV and the advancement of our portfolio."

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