(Alliance News) - Ariana Resources PLC on Thursday last week set its production guidance for the Kiziltepe mine in Turkey for 2020 at 18,000 ounces of gold, which it said is 30% above plans for this stage of mine life.
In 2019, production was 27,985 ounces of gold, exceeding the company's annual production guidance of 25,000 ounces.
Ore throughput in 2020 is expected to be 205,000 tonnes with an average grade of 2.5 grammes of gold per tonne and gold recovery rate of 90%.
"During Q1 2020, the mine has continued to perform very well, with production now simultaneously occurring between both the Arzu South and Arzu North open pits," Ariana Managing Director Kerim Sener said.
He said the reduction in expected output in 2020 is due to the addition of lower-grade ore and higher mining rates required from the satellite pits, such as Arzu North.
The company said open-pit mining at the Arzu South pit will be completed by the third quarter, with mining transitioned completely to the Arzu North and Derya areas.
Ariana Resources shares closed up 12% on Friday in London at 2.35 pence.
By Tom Waite; thomaslwaite@alliancenews.com
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Ariana (AAU)