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Ariana Resources PLC on Monday said it has sold part of its interest in Zenit Madencilik San ve Tic AS, and will use the proceeds to advance its Dokwe project’s feasibility study. Shares in Ariana, which has gold project interests in Africa and Europe, traded 4.8% higher at 1.94 pence late on Monday morning in London. The mineral exploration, development and production company sold 13.6% of its 23.5% stake in Zenit to Ozaltin Holding AS, an existing Zenit shareholder, for gross cash proceeds of $19.5 million. This equates to estimated net proceeds of around $17.2 million after local taxes. Ariana, which completed the sale on Friday, said it retains a 9.9% interest in Zenit and is still entitled to dividend payments and board representation. Ariana said the sale terms imply a value of $14.2 million for its remaining stake. It also noted that Zenit, which operates the Kiziltepe and Tavsan gold-silver mines as well as other projects in Turkey, is preparing for a local public listing. Ariana reported that following completion, it holds pro-forma cash and investments totalling A$53 million, or £29 million, and no debt. It said the net proceeds provide significant non-dilutionary funding as it progresses the feasibility study at its Dokwe Gold Project in Zimbabwe. ‘We are delighted to have reached this agreement with Ozaltin to partially monetise our interest in Zenit at a strategically important point in Ariana’s growth trajectory,’ commented Ariana Managing Director Kerim Sener. ‘The transaction reflects our disciplined capital allocation strategy and active portfolio optimisation, with a clear focus on accelerating the development of the flagship Dokwe Gold Project while minimising shareholder dilution. ‘Zenit is a mature, cash-generative minority investment in producing operations. This transaction crystallises significant embedded value from that holding while retaining meaningful upside exposure, enabling Ariana to redeploy capital into a potentially company-making, 100%-owned gold development project with long-term growth potential.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
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