Ariana Resources ‘strong’ Q2 at its Kiziltepe Mine

Ariana Resources ‘strong’ Q2 at its Kiziltepe Mine

Turkey-based gold mining company Ariana Resources plc (LON: AUU) followed its update on its Salinbas Project with today’s update on the Company’s Kiziltepe Mine. Kiziltepe is part of the Red Rabbit joint venture with Proccea Construction Co. and is 50% owned by Ariana.

The Group posted a growth in total ore processed on a quarter-on-quarter basis, up from 46,825 tonnes in Q1 2019, to 48,132 tonnes for Q2 2019. The average head grade to the plant stood at 4.16 g/t of gold.

Quarterly open pit ore mined stood at c. 43,367 tonnes at a avg grade of 4.59 g/t gold. Total material movement stood at 943,034 tonnes and average metallurgical plant recovery of gold remained high at 95.2% for Q1.

However, gold production dipped from 7,296 ounces in Q1 to 6,438 ounces in Q2 2019.

Ariana Resources comments

Dr. Kerim Sener, Managing Director, commented:

“We are very pleased to report strong second quarter 2019 operational performance at Kiziltepe, including one of the highest material movement rates in the mine’s history. Gold production during the quarter was again above target, although operations continued to be constrained by the pushback underway on the southern wall of the pit. Careful stockpile management through the period enabled mill throughput to be maintained according to guidance. While a pattern of unusually wet weather has continued even into July, progress on pit development has been continuing at pace and material movements have increased further. These higher mining rates are being accommodated by an increase in fleet capacity by our mining contractor and this will be maintained as we progress with pre-stripping of the Arzu North and Derya pits later this summer.” 

Investor notes

The Group’s shares dipped 0.39% or 0.009p to 2.29p a share 17/07/19 15:15 BST. Panmure Gordon analysts reiterated their ‘Buy’ stance on Ariana Resources stock.

Elsewhere in the mining and minerals sector, recent updates have come from; Rio Tinto plc (LON: RIO), Bushveld Minerals Limited (LON: BMN), Kavango Resources PLC (LON: KAV), Anglo Asian Mining plc (LON: AAZ), Anglo Asian Mining plc (LON: AAZ) Pan African Resources (LON: PAF), Keras Resources PLC (LON: KRS) and Jubilee Metals Group PLC (LON: JLP).