Business
2020 PRODUCTION RESULTS AND GENERAL UPDATE
2020 PRODUCTION RESULTS AND GENERAL UPDATE.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3018L\n Ariana Resources PLC\n 12 January 2021\n \n \n \n \n 12 January 2021\n \n \n AIM: AAU\n \n \n 2020 PRODUCTION RESULTS AND GENERAL UPDATE\n \n \n Ariana Resources plc (\"Ariana\" or \"the Company\"), the AIM-listed exploration and development company operating in Europe, is pleased to announce its full-year production results for the year ended 31 December 2020 for the Kiziltepe Mine (\"Kiziltepe\" or \"the Project\") in Turkey. Kiziltepe is currently 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. (\"Zenit\"), which will reduce to 23.5% once the new joint venture with Ozaltin Holding A.S. (\"Ozaltin\") and Proccea Construction Co. (\"Proccea\") completes (details as announced on 7 December 2020 and ratified by shareholders on 30 December 2020).\n \n \n Production Update*:\n \n \n · \n Kiziltepe produced a total of 18,645 ounces of gold during the year, exceeding its full year production guidance by 3.5%. \n \n \n · \n As at end 2020 the mine had produced a total of 84,200 ounces of gold and 915,233 ounces of silver, recording US$134 million in revenue since operations commenced in early 2017.\n \n \n · \n Mining operations are continuing at Arzu North and Derya, with plans to expand these open-pit operations currently under permitting review.\n \n \n · \n A processing plant expansion is underway, with construction due to be completed in H2 2021; the processing plant capacity will be increased by over 300% over the feasibility design and up to 500,000 tonnes of ore per annum.\n \n \n * All figures are given gross with respect to the JV.\n \n \n Dr. Kerim Sener, Managing Director, commented:\n \n \n \"The final quarter of 2020 rounded off another solid year of production for Kiziltepe, which once again exceeded joint venture guidance. We were further buoyed by gold and silver prices during the year, resulting in revenue exceeding US$37 million in 2020, and capping off an exceptional period of Company development for which our staff and our joint venture team must be commended.\n \n \n \"Since operations commenced at Kiziltepe, the joint venture company, Zenit, has successfully repaid US$36.7 million in debt to Turkiye Finans Bankasi A.S. Accordingly its relationships with lenders are very sound, which bodes well for future mine development projects at Tavsan...