29th Oct 2019 10:45
(Alliance News) - Oriole Resources PLC said Tuesday its Turkish operations have become financially self-sustaining during 2019.
The exploration company said self-sustainability was achieved after receiving TRY2 million, or GBP271,641, from success-based payments and through consultancy fees.
The company's portfolio in Turkey is largely managed by local third parties and includes multiple net smelter return royalties for Oriole, two of which are on projects that are at the environmental impact assessment stage.
Oriole has also signed a new agreement with Turkish company Bati Toroslar for the Hasancelebi and Dogala projects.
Tim Livesey, chief executive, said: "We are extremely pleased to see the Turkish entity become financially self-sufficient and to see the opportunity of it becoming a future profit centre for the group."
"The advancement of existing projects through environmental impact assessment permitting, alongside the returns seen from outsourcing our teams' technical skills, takes us significantly closer to the realisation of success-based payment and royalty returns from these historic assets, vindicating our decision to maintain the projects and the Turkish team within Oriole," Livesey added.
Oriole shares were up 6.3% in London at 0.33 pence each on Tuesday.
By Loreta Juodagalvyte; [email protected]
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