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.
Ariana (AAU)