2nd Jun 2015 07:53
LONDON (Alliance News) - Ariana Resources PLC Tuesday said its pretax loss narrowed in 2014 after costs fell, as it continues to try to secure a permit to move its flagship Red Rabbit gold project into the construction phase.
The miner focused on Turkey has also set up a new subsidiary to focus on other opportunities outside of gold.
The gold exploration and development company, which does not generate any revenue, reported a pretax loss of GBP885,000 in 2014, narrowing from a GBP1.5 million loss in 2013 after costs fell.
Administrative costs fell to GBP739,000 from GBP942,000, whilst general exploration expenditure fell to GBP76,000 from GBP121,000. It also made a GBP122,000 loss from its joint ventures compared to a GBP387,000 loss a year earlier. These were partially offset by finance costs rising to GBP185,000 from GBP124,000 and a GBP65,000 write-off related to exploration versus no such write-off in 2013.
"2014 was a significant year for Ariana, marking ten years since your company acquired its first exploration licences in Turkey. In this time, Ariana has generated considerable value across its project portfolio, through a careful and considered process of exploration and development," said Chairman Michael de Villiers.
Ariana is continuing the development of the Kiziltepe mine, part of the company's flagship Red Rabbit gold project, with its joint venture partners Proccea Construction Co. Ariana is focusing on getting the project into the construction phase by securing a permit.
A new subsidiary has been set up to focus on non-gold opportunities. Asgard Metals Pty Ltd will primarily focus on "technology-commodity" opportunities in Turkey in recognition of the trend of utilising new technologies to make the sorts of discoveries that were not possible a generation ago, it said.
Ariana shares were up 5.9% to 0.900 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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