15th Apr 2020 15:29
(Alliance News) - Ariana Resources PLC on Wednesday said first quarter gold production from the Kiziltepe mine fell 30% year-on-year.
The Kiziltepe mine - located in Turkey - is part of the Red Rabbit joint venture with Proccea Construction Co and is 50% owned by Ariana.
The miner said that gold production for the quarter to the end of March was 5,129 ounces, down from 7,296 ounces produced in the comparative period the year prior. In the fourth quarter of 2019, the mine produced 7,318 ounces.
Metallurgical recovery of gold in the quarter stood at 92.5%, down from 93.7% the year prior.
Total ore processed was 53,840 tonnes, down from 54,735 tonnes. Open-pit ore mined in the quarter was 92,482 tonnes at an average mined grade of 2.54 grams per ton of gold.
Ariana said 67,459 ounces of silver were produced in the quarter, down from 84,109 ounces produced in the first quarter of 2019. In the fourth quarter of 2019, silver production was 107,074 ounces.
"We have entered 2020 with a strong first quarter of production from the Kiziltepe mine. Unlike the same period last year, production was not impacted by unusually poor weather, resulting in operations proceeding as planned across the Arzu South, Arzu North and Derya pits, said Kerim Sener, managing director of Ariana Resources.
"Production from our highest-grade pit, Arzu South, is due to be completed during the third quarter of 2020 and production thereafter will be focused on Arzu North and Derya. In addition, the mine has built up a stockpile of over 130,000 tonnes of ore, sufficient to cover at least eight months of mill feed," Sener added.
The stock was trading 4.6% lower at 3.44 pence each on Wednesday afternoon in London.
By Ife Taiwo; [email protected]
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