Ariana Resources PLC - exploration and development company - Posts GBP5.1 million annual pretax loss, widens from GBP7.0 million the year previously. Ariana attributes the decline to its joint venture company, Zenit Madencilik, which had to cut its profit share paid to the company by GBP1.4 million due to the lower grade ore being processed. Annual gold production for the year stands at 18,645 ounces, at an average life of mine cash cost less than USD500 per ounce, alongside a "successful ongoing exploration programme".
Ariana says it is "advancing a strategy to enable the company to pay dividends over the long-term".
"With some of the difficulties of 2020 behind us, we are now looking strategically and operationally to the horizon of the next decade," comments Chair Michael de Villiers.
"Stated simply, our reinvigorated purpose is to discover the mineral resources needed by mankind faster, better and cheaper than our competitors."
Ariana's annual general meeting will be held on August 18.
Current stock price: 4.88 pence, down 5.2% on Wednesday
Year-to-date change: down 5.2%
By Will Paige; willpaige@alliancenews.com
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Ariana (AAU)