Ariana Resources’ Kiziltepe expansion on track

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Ariana Resources PLC (AIM:AAU, FRA:4A6)’s Kiziltepe mine joint venture in Turkey has moved to automation testing of its expanded process plant, the junior said today.


Kerim Sener, managing director, added: “Since the end of last week, the SAG mill has been supplied with ore and during September we are expecting that the full impact of the plant expansion will begin to be seen.


“Meanwhile, gold production from Kiziltepe has remained very much on track through July and August, while the plant expansion was being completed,” he added.


In the half-year ended 30 June 2021, production and sales amounted to 7,941 ounces of gold, generating gross revenues of US$16.2mln at an average realised gold price of US$1,853 per ounce.


Operating cash costs for the half-year are estimated at US$591 per ounce, in line with the processing of lower grade ore derived largely from Arzu North through the period.


Elsewhere, the Environmental Impact Assessment for the deposit at Tavsan is making its way through the final approval process, said the statement.


Once final approval is received at Tavsan, Sener said the plan is an infill and extension resource drilling programme to complement the feasibility study.


“In addition, land acquisitions are already well underway with approximately 65% of the necessary freehold land now acquired by the joint venture.”


Shares rose 2% to 4.65p.

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