Ariana Resources 'close' to starting construction at Kiziltepe mine
Gold and minerals explorer Ariana Resources said it expects construction on its new gold mine in western Turkey to begin in the near future.
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The London-listed company was given the green light after payment $0.96m worth of forestry permit fees to begin construction on the Kiziltepe project, which is expected to produce 21,000 ounces of gold per year.
“We are now close to the mobilisation of construction crews to site,” said group managing director Kerim Sener.
“Project funding through Turkiye Finans has now been initiated and significant early expenditure, notably for the forestry permits, has now been completed.”
The miner said land for access to the site has "largely" been acquired and it expects first gold pour in the second six months of next year.
Ariana Resources shares were down 1.11% to 0.890p at 0938 BST on Tuesday.