Ariana Resources boosted as US$33mln loan is repaid


Ariana Resources boosted as US$33mln loan is repaid

Ariana Resources PLC (LON:AAU) has announced the repayment of a US$33mln capital loan by the company’s 50% owned joint venture company, which in turn owns the Kiziltepe Mine.

The loan was repaid according to the scheduled payment dates, which ran up to the end of April 2020.

Ariana managing director Kerim Sener described it as a fantastic result for the company. “This serves to demonstrate the strong operating credentials of the JV and the profitability of the Kiziltepe Mine,” he said in a statement.

READ: Ariana reports significant resource upgrade at Kiziltepe

“While the life of mine average revenue per gold ounce is US$1,478, we also expect that this buoyant price environment will likely remain under current macroeconomic circumstances,” Sener added. “Meanwhile our new exploration drilling programme which commenced late last week at Kiziltepe is proceeding as planned.”

He noted that the new programme is designed to follow-up successful deep drilling completed at Arzu South last year. 

“We are pleased to report that vein mineralisation has been encountered in the first of the new drill holes, which terminated at about 200m depth, demonstrating the vertical continuity of the vein system as predicted. This bodes well for the future development of the Kiziltepe Mine, as we consider its transition to underground operations in the future,” he added.

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