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Share Price: 2.55
Bid: 2.40
Ask: 2.70
Change: 0.05 (2.00%)
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Open: 2.50
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Ariana Resources Posts "Solid" First Quarter From Turkey's Kiziltepe

Mon, 20th May 2019 12:04

LONDON (Alliance News) - Ariana Resources PLC on Monday reported a solid start to 2019 from the Kiziltepe gold and silver mine in Turkey.

In the first quarter of the year, Ariana produced 7,296 troy ounces of gold, down slightly from 7,517 the previous quarter. Silver production was 84,109 troy ounces from 90,881 troy ounces.

Gross income for the quarter was USD10.9 million, from USD10.6 million in the last quarter of 2018. Ariana's cash costs at Kiziltepe were USD399 per ounce, up from USD349 per ounce quarter-on-quarter.

Chief Executive Kerim Sener commented: "These first-quarter results for the Kiziltepe mine reflects a solid start to 2019 and continue to demonstrate the efficiency of our joint venture operations. Operating cash costs per ounce continue to remain low, despite the high strip ratios incurred during the pushback of the southern pit wall at Arzu South.

"This was helped by the planned draw-down on stockpiles, maintenance of significant by-product silver credit and high grades through the plant during the period."

On the financing front, Ariana has now repaid 60% of USD33 million loan for construction at Kiziltepe, and it expects nearly 70% to be repaid by the end of June.

Shares were 2.5% lower on Monday shortly before midday at 1.98 pence a share.

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29 Sep 2023 09:41

Ariana Resources hit by FX as first-half profits sink

(Sharecast News) - Shares in Ariana Resources dropped on Friday after the AIM-listed gold miner reported a near-90% drop in first-half profits as it was hit hard by a big drop in the value of the Turkish lira.

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6 Sep 2023 17:20

TRADING UPDATES: Andrada hails results; Tertiary sees disputes end

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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16 Aug 2023 08:55

Ariana Resources shares rise on plans to extend life of Kiziltepe mine

(Alliance News) - Ariana Resources PLC on Wednesday said that it is looking at ways to extend the life of the Kiziltepe mine, as first-half production came in line with expectations.

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15 Aug 2023 11:46

Ariana Resources' recent Kiziltepe drilling defines likely vein limits

(Alliance News) - Ariana Resources PLC on Tuesday said recent drilling at the Kiziltepe project in Turkey has defined the likely economic limits of the known vein systems.

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24 Jul 2023 10:26

Ariana Resources starts drilling at Kizilcukur project in Turkey

(Alliance News) - Ariana Resources PLC on Monday said it has begun resource infill and extension drilling at the Kizilcukur gold project in Turkey.

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24 Jul 2023 09:47

AIM WINNERS & LOSERS: Itsarm surges on hope of avoiding liquidation

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.

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20 Jul 2023 12:25

Ariana Resources investee seeks GBP3 million initial public offering

(Alliance News) - Ariana Resources PLC on Thursday said Venus Minerals Ltd is looking to raise up to GBP3 million via an initial public offering on AIM in London.

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19 Jul 2023 10:30

Ariana announces restart of construction at Tavsan

(Sharecast News) - Ariana Resources updated the market on construction progress at the Tavsan Mine on Wednesday, announcing that construction activities had been given the green light to resume following a ruling by the Kütahya Administrative Court in favour of the operator, Zenit.

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19 Jul 2023 09:31

Ariana Resources says Tavsan construction restarts after court ruling

(Alliance News) - Ariana Resources PLC on Wednesday said it construction recommenced at the Tavsan gold mine site in western Turkey, after a local court ruled in favour of project operator Zenit Madencilik San ve Tic AS.

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17 Jul 2023 11:25

Ariana Resources notes Slivova gold mineral estimate upgraded by 78%

(Alliance News) - Ariana Resources PLC on Monday said the total mineral resource of the Slivova gold project in Kosovo has increased by 78% from the previous mineral resource estimate.

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22 Jun 2023 15:44

UK shareholder meetings calendar - next 7 days

Friday 23 June 
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Tuesday 27 June 
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First Tin PLCAGM
Forward Partners Group PLCAGM
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ICG Enterprise Trust PLCAGM
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Copyright 2023 Alliance News Ltd. All Rights Reserved.

Read more
21 Jun 2023 12:27

Ariana Resources drilling programme identifies gold, silver and zinc

(Alliance News) - Ariana Resources PLC on Wednesday said initial results from drilling at its Salinbas project in Turkey have returned anomalous gold, silver and zinc.

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19 Jun 2023 12:02

Ariana Resources hails gold find at Turkey-based Salinbas programme

(Alliance News) - Ariana Resources PLC on Monday reported gold, silver, copper and molybdenum findings at the Salinbas gold project in north-eastern Turkey.

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6 Jun 2023 14:26

IN BRIEF: Ariana Resources profit falls in tough economic background

Ariana Resources PLC - London-based exploration firm with interests in Turkey - Posts pretax profit of GBP5.0 million for 2022, down from GBP7.7 million the previous year. The company says that last year it benefitted from GBP6.4 million in profit from the disposal of its Turkish interests. The company reports no revenue for the year, unchanged from the year before. Ariana says that net share of the profit and losses of its associated investments increased by GBP1.5 million from the prior year. The company is unable to recommend the payment of a dividend for 2022.

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10 May 2023 12:12

Ariana Resources says subsidiary Western Tethyan executes earn-in deal

(Alliance News) - Ariana Resources PLC on Wednesday said that its partially-owned subsidiary, Western Tethyan Resources Ltd, has executed an earn-in agreement for the Slivova Gold Project in Kosovo.

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