The Gordian Knot untied
Following the approval of its long-awaited forestry permit, Ariana Resources (L:ARNR) has commenced development of the Kiziltepe mine, which will transform Ariana on completion (along with its 50% partner Proccea who will manage the construction phase) from an exploration play to a gold producer for the first time. First production is expected H216. Along with permitting news, comes Kiziltepe’s classification as Strategic Investment Status, providing significant tax breaks for the project in the early years of its operation.
Kiziltepe – total cash costs estimated at US$722/oz
Ariana has finalised contractor mining costs for its future operations at Kiziltepe. Based on its June 2013 DFS, we estimate a total operating cash cost (cash costs plus depreciation) of US$722/oz. This places Ariana in in the lowest quartile, on a total cash cost basis, for junior gold miners.
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