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Ariana Resources sells Kiziltepe stake for US$3.7M
Proceeds from the sale of the 9.9% interest in the Turkish gold-silver mine will fund the company's Dokwe Gold Project in Zimbabwe.
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Ariana Resources (ASX:AA2) has sold its last remaining stake in the Kiziltepe gold-silver mine in Turkiye for US$3.7 million, plus an additional US$800,000 debt repayment from joint venture partner Zenit. The transaction closes the company's 20-year involvement in the operation, which it took from greenfields exploration to commercial production.
Proccea Construction Co. bought the 9.9% interest through a transfer of 98.7 million registered shares in Kiziltepe. The cash consideration was paid in full at the same time the shares were transferred, Ariana said.
Managing Director Dr. Kerim Sener said the sale "monetised a residual interest, relieves Ariana from future liabilities and further simplifies Ariana's portfolio." The company now focuses on advancing its flagship Dokwe Gold Project in Zimbabwe, while retaining a 9.9% stake in the producing Tavsan Mine and the Salinbas project.