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Ariana Resources completes JV with Ozaltin and Proccea construction
StockMarketWire.com
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Exploration and development company Ariana Resources said it had completed its joint venture with Ozaltin and Proccea Construction after all conditions for the JV were met.
Under the terms of the JV, the company sold a partial stake of its interests in Turkey for US$37.75 million in cash before costs and taxation.
Ariana and Proccea retained a 23.5% stake in expanded joint venture, with Ozaltin owning 53%.
The joint venture comprised the Kiziltepe mine and the Tavsan and Salinbas projects.
Process plant expansion at Kiziltepe was 'well underway,' with completion expected in H2 2021, the company said.
'Following completion, this deal will catalyse further exploration and development across Turkey and the wider region, as we pursue project opportunities on behalf of the joint venture, Ariana said.
'We are already advancing our interest in Venus Minerals and expect to reach 50% ownership during 2021 while supporting its resource development and exploration programmes in Cyprus,' it added.
At 9:37am: (LON:AAU) Ariana Resources PLC share price was 0p at 5.2p
Story provided by StockMarketWire.com
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