Business
Reorganisation of Interests in Türkiye
Reorganisation of Interests in Türkiye.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n\n\n\n\n\n\n\n\n\n\n\n\n\n22 August 2024\nAIM: AAU\nREORGANISATION OF INTERESTS IN TÜRKIYE AND PRODUCTION UPDATE\nAriana Resources plc (\"Ariana\" or \"the Company\"), the AIM-listed mineral exploration and development company with gold project interests in Africa and Europe, is pleased to announce the completion of a merger of Zenit Madencilik San. ve Tic. A.S. (\"Zenit\") and Pontid Madencilik San. ve Tic. A.S. (\"Pontid\") in Türkiye. Ariana previously held a 23.5% interest in both Zenit and Pontid via its 100% owned subsidiary, Galata Mineral Madencilik San. ve Tic. A.S.\nHighlights:\n· Zenit has acquired 100% of Pontid's shares through an all-share merger; Pontid owned the Salinbas Project.\n· All advanced mines and projects in Türkiye, specifically Kiziltepe, Tavsan and Salinbas (\"Assets\"), are now held directly through Zenit with Ariana continuing to hold a 23.5% interest in the Assets through its ongoing 23.5% of the enlarged Zenit.\n· Gold and silver production from Kiziltepe and Tavsan continues as planned with c. 8,500 ounces of gold and 66,300 ounces of silver produced to the end of June. \n· Paid-up capital in Zenit has been increased to 90,544,850 TL (£2,100,000).\n· There is therefore no change as a result of this transaction in Ariana's effective interests in the Assets (Figure 1).\n \nDr. Kerim Sener, Managing Director, commented:\n\"This concludes the process that started in 2021, following the partial divestment in Türkiye to Ozaltin Holding A.S. and the restructuring of our interests in Zenit Madencilik with Proccea Construction Co.\n\"Due to the different funding structure and requirements of Zenit and Pontid, it was determined at that time to pause the contemplated merger until the Tavsan mine construction was sufficiently advanced. The past two years have witnessed significant progress at Tavsan, held by Zenit along with Kiziltepe, while the Salinbas asset, held by Pontid, has also advanced significantly.\n\"Accordingly, we have determined that this was the right time to complete the merger as initially planned and provided for in the Shareholders Agreement. This action substantially simplifies the way we hold our interests in Türkiye and helps prepare the ground ahead of our planned ASX listing later in the year...