Business
MAIDEN DIVIDENDS FROM SUBSIDIARY
MAIDEN DIVIDENDS FROM SUBSIDIARY.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 6278H\n Ariana Resources PLC\n 26 March 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 26 March 2020\n \n \n AIM: AAU\n \n \n \n \n \n MAIDEN DIVIDENDS FROM SUBSIDIARY\n \n \n \n \n \n Ariana Resources plc (\"Ariana\" or \"the Company\"), the AIM-listed exploration and development company operating in Europe, is pleased to announce a financial update for the Company. \n \n \n \n \n \n Following the receipt of funds from Zenit Madencilik San. ve Tic. A.S. (owner of the Kiziltepe gold-silver mine), the Company advises that it has recently received its maiden dividends from its wholly-owned Turkish operating subsidiary Galata Madencilik San. ve Tic. Ltd. (\"Galata\"), following a declaration of profit by Galata. A total of £1,600,000 has been transferred to Ariana. \n \n \n \n \n \n Dr. Kerim Sener, Managing Director, commented:\n \n \n \n \n \n \"The maiden dividends from Galata represent the culmination of many years of effort by the Company and mark the moment that its subsidiary became the cash-generative engine of growth for the Group. \n \n \n \n \n \n \"Since early 2018, Galata has received a total of US$7.3 million from Zenit to repay intercompany loans and as partial dividend payments, as a result of its profitable gold mining operations at Kiziltepe. Ahead of the March 2020 AGM of Zenit, all outstanding dividend payments declared by Zenit were paid to Galata. This has enabled Galata to repatriate profits to its parent company in the form of dividends.\"\n \n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.\n \n \n \n \n \n Summary of Project\n \n \n \n \n \n The Kiziltepe operation is currently expected to deliver approximately an average of 20,000 oz gold equivalent per annum over eight years of initial mine life, for a total of up to 160,000 oz gold equivalent based on current resources. The operating company, Zenit Madencilik San. ve Tic. A.S. (50:50 JV between Ariana and Proccea) will continue to make repayments against its loan from Turkiye Finans Katilim Bankasi A.S. based on a contractual schedule. Construction capital loan repayments will have been completed by April 2020 and, during this time, excess cash-f...