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Ariana Resources PLC - exploration and development company - Receives formal approval from the Competition Authority in Turkey for the completion of its joint venture agreements with Ozaltin Holding AS and Proccea Construction Co. Back in December, Ariana said the joint venture will see Ozaltin acquring 53% stake in the owner of the Salinbas project and Turkey-based mining company Zenit Madencilik Sanayi ve Ticaret AS, which Ariana holds as a 50:50 joint venture with Proccea. The partial disposal is for up to USD37.75 million in cash before costs and taxation. Ariana and Proccea to retain a 23.5% interest each in the expanded joint venture.
Current stock price: 4.99 pence, down 2.2% on Tuesday
Year-to-date change: down 6.8%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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