Ariana Resources, which owns gold mining operations in Turkey, produced 27 110 oz of gold during 2018, exceeding its initial full year production guidance of 20 000 oz of gold by 7 110 oz and representing an increase of about 36%.
This is according to the preliminary December quarter production results that the company announced for the Kiziltepe mine on Monday.
Kiziltepe is part of the Red Rabbit Joint Venture (JV) with Proccea Construction and is 50% owned by Ariana through its shareholding in Zenit.
Gold production for the fourth quarter was 7 517 oz, compared with 7 556 oz in the previous quarter.
Total ore processed for the quarter was 49 717 t, compared with 49 272 t in the preceding quarter, at an average head grade to the plant of 5.23 g/t gold.
Quarterly openpit ore mined was 63 760 t, at an average mined grade of 4.53 g/t gold, and total material movement for the quarter was 719 370 t.
Average metallurgical plant recovery of gold for the quarter remained high, at 91.6%.
The company will publish full results for the quarter by early February.
“The last quarter of 2018 marks an important milestone for the company, having exceeded our forecast production for the year by a very substantial margin,” commented Ariana MD Dr Kerim Sener.
“It also coincides with the repayment of half of our development capital loan of $33-million, with the balance to be repaid largely during 2019. The past year has seen the JV achieve several successes, quarter on quarter, including an annualised increase in mill throughput to 200 000 tonnes per annum.”