Ariana Resources weighs in on its gold production
AIM-listed Ariana Resources says it expects 20,000 ounces of gold production from its 23.5% shareholding in Zenit Madencilik in the coming year.
Shares were up as much as 3% on the news which adds to the already robust production that Ariana has built up at Kizeltepe. This follows the recent news that Ariana has also agreed an all-share merger with Zimbabwe-focused gold miner Rockover Holdings. The flagship asset there is its 100% ownership of the 1.3m ounce Dowke Gold Project in Zimbabwe, which has an expected mine life of 13 years.
(AI Video Summary)
Ariana Resources' 2024 gold production outlook
Ariana Resources, an AIM-listed gold producer, shares insights on its 2024 production guidance from the Zenit Madencilik mining operations in Turkey and its recent merger with Rockover Holdings in Zimbabwe. CEO Dr Karim Sener explains the profitability and scaling of gold production from the Tashan ore, with positive results from both CIL and heap leach processing techniques. Anticipated is a production rate of around 25,000 ounces of gold per annum for about a decade. Significant reductions in production costs are expected, alongside increased revenues due to higher gold prices.
Future development
The company has managed development costs efficiently, without shareholder or debt market recourse, benefiting from its Turkish partnership. Expansion into Zimbabwe comes as Ariana leverages Dr. Sener's networking and experience, signaling Ariana's strategic diversification and highlighting potential in the region's mining sector. Despite market challenges, Ariana remains optimistic, emphasising sound project development and timing to reflect company value. Additionally, a dual listing on the ASX is under consideration to capitalise on Australia’s resources-driven market understanding and support for mineral projects, including those in Zimbabwe.
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