Ariana Resources revenues buoyed by record gold and silver prices
Wed Jan 22 2025
Ariana Resources PLC's (AIM:AAU) Turkiye joint venture Zenit produced and sold 20,866 ounces of gold in 2024, compared to guidance of 20,000z said the junior, with annual gross revenues the second highest in its history. Mining continued at both the Kiziltepe and Tavsan mines, its two main operations, with the Arzu South pit at Kiziltepe due to re-commence production shortly said the statement.
Gross full-year revenue was US$54.7 million at an average revenue per gold ounce of US$2,621 including a silver credit.
Kerim Sener, managing director, added: "Zenit has now recorded eight years of guidance-beating production and, since the beginning of last year, has been actively mining across its two operations: Kiziltepe and Tavsan.
"With the strong gold and silver price environment of 2024, Zenit recorded the second-highest annual revenue ever, completing the year with US$54.7 million.
"Operations at Tavsan continued to accelerate during the year and ore production increased from the Main Pit. The construction of the Tavsan processing plant is largely complete and testing is due to commence.
"Completion of the Phase 1 heap-leach pad is also largely complete, subject to final certification and bonding of geotextile liners.
"Above-average temperature wet weather conditions are currently impeding the completion of the heap-leach pad due to excess water retention in the underlying clay liner.
"A new drilling programme has recently been permitted for up to 15,000m of largely resource expansion drilling which commenced last week.
Mining at Kiziltepe in the latter half of 2024 continued largely in the area around Arzu South. je added, where it will continue during 2025 while rehabilitation operations continue in the remaining pits.
Ariana holds a 23.5% stake in Zenit.
Source: https://www.proactiveinvestors.co.uk/