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Ariana Resources release interim results

Published by , Editorial Assistant
Global Mining Review,

Ariana Resources plc, the AIM-listed mineral exploration and development company with gold mining interests in Europe, has announced its unaudited interim results for the six months ended 30 June 2022.

Financial highlights:

  • Ariana's share of profits from the Kiziltepe Mine, of which Ariana owns 23.5% through its investment in Zenit Madencilik San. ve Tic. A.S. (Zenit), in the six months to June 2022 amount to £2.5 million (1H21: £1.3 million), reflecting improved metals prices and a doubling of capacity of the Kiziltepe processing plant.
  • Profit before tax of £2.9 million recorded for the period, with operating costs in line with expectations and the prior year.
  • Payment of the second tranche of the company’s special dividend, of 0.175 pence per ordinary share, following the completion of the partial divestment of its interests in Turkey.
  • Approval at the company’s annual general meeting of the payment of the final tranche of special dividend, of 0.175 pence per ordinary share, to be made to shareholders on 3 October 2022.

Operational highlights:

  • Strategic investment of US$2.5 million made into Ariana by Newmont Corporation to support the exploration programmes of Ariana’s 75%-owned Western Tethyan Resources (WTR) in Southeastern Europe.
  • WTR has since been granted 297 km2 of highly prospective ground in Kosovo across four licences, with a further 161 km2 of tenure currently under application.
  • Ariana’s 50%-owned Venus Minerals Ltd (Venus) has substantially improved the project metrics for the advanced and full-permitted Apliki copper mine in Cyprus as it continues to pursue an IPO on AIM.
  • Kiziltepe mine production for 1H22 achieved 13 378 oz gold (1H21: 7941 oz Au) with annual guidance of 25 000 oz gold expected to be met by year-end.
  • Further extended exploration and resource drilling campaigns are underway at Kiziltepe and Salinbas.

Post-period end highlights:

  • Construction of the Tavsan gold mine, intended to be Zenit’s second producing mine, has been underway since late July 2022 and scheduled for completion in 2H23.

Dr. Kerim Sener, Managing Director, commented:

“The last half year has reflected a period of consolidation on the strategy of the company following the transformative developments of 2021, which included the payment of the second tranche of our £7.74 million special dividend in March 2022. The third and final tranche of this special dividend, amounting to £2.0 million, is due to be paid to shareholders on 3 October 2022. This marks the end of one era for Ariana and the beginning of an exciting second era. This new era involves a much broader spread of project interests, from the developing project Leopard strategy in Turkey to our significant regional investments in Western Tethyan and Venus, and to our minority interests in several discovery-stage opportunities, held through the Asgard Metals Fund.

“Such a broadening of interests is underpinned by our 23.5% holding in Zenit, which has been successfully producing gold and silver for the past five years from the Kiziltepe mine in Turkey. An extensive drilling programme, completed in late 2021, resulted in the definition of a revised resource and reserve estimate, announced in early 2022, which provided a further 2.5 years of production from the mine. With a new two-rig drilling programme currently underway, we are expecting to enhance the life of mine further still.

“Zenit now has production from its second gold and silver mine at Tavsan in its sights, targeting a production rate of circa 30 000 oz/yr gold over eight years. Post-period end, Zenit commenced the construction phase of the mine, with completion currently targeted during 1H23. Meanwhile, drilling remains underway at the Salinbas project in North-eastern Turkey, drawing on the enhanced financial resources of US$8 million injected into the project company by Ozaltin Holding A.S.

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Gold mining news European mining news