(Alliance News) - Ariana Resources PLC on Wednesday said it has conditionally agreed to sell its three remaining Turkish projects to Turkey-based mining company Zenit Madencilik Sanayi ve Ticaret AS for USD2 million, to be paid over 20 months.
The UK-based mineral exploration and development company's conditional sale agreement becomes effective on the completion of the joint venture agreements with Turkish construction companies Ozaltin Holding AS and Proccea Construction Co. The Zenit JV is owned by Ariana Resources in an equally split partnership with Proccea.
The three Turkish projects, which include Kizilcukur, are considered to be satellites to the Kiziltepe Mine processing plant.
Managing Director Kerim Sener said: "The sale of these projects to Zenit represents the culmination of our strategy to build on the resource base of the joint venture, 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."
Shares in Ariana Resources were up 1.9% at 5.35 pence in London on Wednesday.
By Zoe Wickens; zoewickens@alliancenews.com
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