16th Aug 2018 14:29
LONDON (Alliance News) - Ariana Resources PLC said Thursday that its second-quarter gold production increased 47% quarter-on-quarter.
For the second quarter to June 30, the exploration & development company focused on Turkey produced and sold 7,171 ounces of gold from its Kiziltepe mine. In the first quarter of the year the company produced 4,866 ounces of gold. Ariana owns 50% of the mine through its shareholding in Zenit Madencilik Sanayi ve Ticaret AS.
The company said it made gross income for the quarter of USD10.1 million form USD7.0 million, while the average effective gold price dipped to USD1,405 per ounce form USD1,433.
The company also produced and sold 49,508 ounces of silver, 60% more than in the first quarter at 30,864 ounces.
Ariana said it milled 49,325 tonnes of ore during the quarter at an average head grade of 4.77 grams per tonne of gold.
"The second quarter of 2018 demonstrated record performance for the Kiziltepe Mine and we remain fully on track to deliver on our production guidance for the year," Managing Director Kerim Sener said.
He added: "Furthermore, as a result of recent movements in the value of the Turkish Lira, operational costs incurred in local currency are decreasing, which along with increasing grades is providing a positive financial effect."
Ariana Resources shares were trading flat at 1.25 pence each on Thursday.
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