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Strong final quarter sees Ariana beat 2019 guidance

Turkey-focused junior Ariana Resources grew gold production at its Kiziltepe mine by 5.5% in the December quarter, bringing full year output to 27,985oz – 12% higher than its guidance of 25,000oz.
Strong final quarter sees Ariana beat 2019 guidance Strong final quarter sees Ariana beat 2019 guidance Strong final quarter sees Ariana beat 2019 guidance Strong final quarter sees Ariana beat 2019 guidance Strong final quarter sees Ariana beat 2019 guidance

Ariana Resources' Kiziltepe mine in western Turkey

Staff reporter

Higher gold prices - Ariana received an average realised price of US$1,484/oz - saw gross income for the year amount to US$45.1 million, up 19% from 2018.

Ariana estimated operating costs for the quarter fell about 7% to US$500/oz from US$540/oz in the previous quarter, largely as a result of increased by-product credits for silver.

Kerim Sener, Ariana's managing director, said it was "important to note that these strong results are despite the expected reduction in grade during the period as operations on the high-grade Arzu South pit were decreased and gradually replaced by production from the lower-grade Arzu North pit".

"We are excited by the resource growth opportunities we have identified recently at Kiziltepe and the progress being made at Tavsan, which represents the opportunity to deliver an additional 30,000oz of gold per annum to the Red Rabbit joint venture, targeting an overall production of 50,000oz of gold per annum," said Sener.   

Ariana operates Kiziltepe through a 50/50 joint venture - known as Red Rabbit - with Proccea Construction Co. The mine, which started up in 2017, was expected to deliver an average of 20,000oz per year for eight years.