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(Alliance News) - Ariana Resources PLC on Thursday hailed a "record" 2019, during which it boosted output and comfortably met its full-year production target.
At the Kiziltepe gold mine in Turkey, in which Ariana has a 50% stake, 2019 production came in at 27,985 ounces of gold, 12% higher than the 25,000 ounces target. It also represents a 3.2% uptick from 27,110 ounces at Kiziltepe in 2018.
In the fourth quarter, gold output rose to a record 7,318 ounces, from 6,933 ounces in the third quarter, but down 2.6% year-on-year from 7,517 ounces.
Ariana Managing Director Kerim Sener said: "The last quarter of 2019 has again set another record for the company, exceeding our forecast production for the year by a significant margin and beating last year's record.
"We are pleased with the strong start to the year and expect to publish our 2020 production guidance during the first quarter of 2020, once the latest resource estimation for Kiziltepe has been completed."
Shares in the company were 1.9% higher at 2.60 pence each in London on Thursday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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