Business
FINAL RESULTS FOR THE YEAR 31 DECEMBER 2019
FINAL RESULTS FOR THE YEAR 31 DECEMBER 2019.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 2060U\n Ariana Resources PLC\n 28 July 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 28 July 2020\n \n \n AIM: AAU\n \n \n FINAL AUDITED RESULTS FOR THE YEAR 31 DECEMBER 2019\n NOTICE OF ANNUAL GENERAL MEETING (\"AGM\")\n \n \n Ariana Resources plc (\"Ariana\" or \"the Company\"), the AIM-listed exploration and development company operating in Europe, announces its final audited results for the year ended 31 December 2019. \n \n The Report and Accounts will be posted to shareholders as applicable, and are available on the Company's website www.arianaresources.com, together with the Notice of AGM, and extracts are set out below.\n \n The AGM will be held at 2nd Floor, Regis House, 45 King William Street, London, EC4R 9AN on 28 August 2020 at 12.00 noon.\n \n Chairman's Statement\n \n Fellow shareholders,\n \n I am pleased to report on the Company's audited results for the year ended 31 December 2019. This has been another outstanding year for Ariana, which has delivered production and profitability well above its plans. The Kiziltepe Mine, which is held within Zenit Madencilik San. ve Tic. A.S. (a 50:50 JV with Proccea Construction Co.), achieved gold production of 27,985 ounces, 12% above production guidance at an average cash cost of just US$507/oz. This, once again, places the Kiziltepe Mine comfortably amongst the lowest-cost gold producers in the world. The profitability from our Turkish operations has enabled Ariana to report a significant improved earnings per share of 0.65 pence and a price earnings ratio of 6, which is a respectable position in the junior gold mining sector.\n \n Production at the Kiziltepe Mine has remained well above the planned feasibility rates since start-up in 2017, resulting in accelerated depletion of the Arzu South open-pit. Post-period end, this enabled timely completion of repayments against the US$33 million capital expenditure loan, in addition to the JV partners receiving a return of capital invested and their respective share of profits. This allowed for the payment of a maiden dividend of £1.6 million from our Turkish operating subsidiary to Ariana Resources plc, representing the first profit cash-flow in the Company's history. This places Ariana in a parti...