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Ariana Resources' Kiziltepe mine income up on higher production, gold prices

By BFN News | 08:40 AM | Friday 21 February, 2020


Ariana Resources said its partly owned Kiziltepe mine in Turkey saw income rise in the fourth quarter from the third thanks to an uptick production and higher gold prices. Kiziltepe, 50% owned by Ariana through its shareholding in Zenit Madencilik, recorded an 8.7% rise in fourth quarter income to $12.8m, underpinned by a 5.6% rise in production amid sales of 7,318 ounces. For the year, gross income was $45.1m from production of 27,985 ounces of gold, exceeding full year production guidance of 25,000 ounces of gold by 2,985 ounces; representing an increase of about 12%. 'The sustained increase in gold price during the period contributed significantly to revenue, while operating cash cost per ounce remained low; mainly due to increased by-product silver credit,' Ariana said. At 8:40am: (LON:AAU) Ariana Resources PLC share price was +0.2p at 3.5p Story provided by StockMarketWire.com

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