The Kiziltepe joint venture (JV) mine in Turkey is “well on track” to exceed its production guidance, following another quarter of record performance, London-listed Ariana Resources reported on Monday.
The mine produced a record 7 588 oz of gold during the September quarter, a 6% increase quarter-on-quarter, at an operating cash cost of $330/oz.
Operating cash cost has continued to remain low, owing in part to a marked fall in value of the Turkish lira (-28%), a substantial increase in by-product silver credit (+36%) and maintenance of high grades through the plant during the period.
Kiziltepe has a yearly guidance of 20 000 oz of gold.
Since start-up in 2017, the JV has produced about 30 000 oz of gold and more than 200 000 oz of silver.