Ariana Resources plc, an AIM-listed exploration and development company operating in Europe, has announced the receipt of formal approval from the Competition Authority in Turkey for the completion of its joint venture (JV) agreements with Özaltin Holding A.S. and Proccea Construction Co., as announced on 7 December 2020 and ratified by shareholders on 30 December 2020.
- Approval received from the Competition Authority, representing the final regulatory condition precedent for the conclusion of the expanded JV.
- Expanded JV with Özaltin and Proccea involves the partial disposal of the company's interests in Turkey in exchange for up to US$37.75 million in cash before costs and taxation (the transaction).
- Ariana and Proccea to retain a 23.5% interest each in the expanded JV.
Dr Kerim Sener, Managing Director, commented: "We are very pleased to have received this approval from the Competition Authority and welcome their support of this transaction. This approval marks the last significant condition precedent for the conclusion of the expanded JV. We are now working with Özaltin and Proccea to finalise the transaction, so that we can commence activities across our projects within the framework of our new JV.
"We are already well underway with a new drilling programme at Kiziltepe, testing extensions to known vein systems along strike and at depth. This programme is being undertaken with the aim of increasing the project's resources and reserves, in parallel with the expansion plans for the processing facilities at Kiziltepe.
"These are exciting times for the company, providing us with a large degree of optionality across our portfolio, which we look forward to further de-risking and crystallising value from in the future."
Read the article online at: https://www.globalminingreview.com/finance-business/19012021/ariana-resources-receives-competition-authority-approval/
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