Business
Ariana Resources plc : Half-year Report
Ariana Resources plc : Half-year Report.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n Ariana Resources plc : Half-year Report29 September 2017AIM: AAUINTERIM RESULTSAriana Resources plc (\"Ariana\" or \"the Company\"), the gold exploration and development company operating in Turkey, is pleased to announce its unaudited interim results for the six months ended 30 June 2017.Highlights:Kiziltepe Mine (Red Rabbit JV) delivered its first gold-silver pour in March 2017, with commissioning and production ramp-up continuing through the period. Pilot gold and silver production during the commissioning phase, to the end of June 2017, totalled 1,929oz and 14,519oz respectively, the sale of which generated maiden revenues for the JV company. Commercial production was declared in July 2017, shortly after the period end, and the mine has continued to operate as planned and within its design specifications. The mine has been operational for over two full quarters and production remains in line with management forecasts; reporting of the Q3 2017 operational results will occur during October.Michael de Villiers, Chairman, commented: \"We continue to be very encouraged by the performance of our first gold-silver mine in Turkey, which is being operated by our 50:50 JV partners, Proccea Construction Co. The Kiziltepe Mine has been operational now for over two quarters, with ramp-up occurring largely between March and the end of June. This solid progress led to the commencement of commercial production during July of this year. The results to be shown in future periods will be more informative regarding the mine's operational performance*.The results for the Group for the six-month period to June are in line with expectations. Operating costs are slightly higher than in previous periods due to increased professional fees and salary costs, in part due to our wider footprint in Turkey as a result of our 100% ownership of Salinbas. The other significant financial activity in the period related to the issue of equity of £2.9m to finance work at both Red Rabbit and Salinbas and which has helped maintain significant developments on both fronts.We look forward to keeping the market updated on our progress across our exploration and development portfolio in the coming months. We will also be updating the market later in October on the results of our Q3 operational performance from the Kiziltep...