Ariana Resources announced the conditional agreement for the sale of its remaining projects in Turkey to Zenit Madencilik. The agreement will be effective on the satisfactory completion of its agreements with Özaltın Holding and with Proccea Construction concerning the proposed expanded joint venture.
Ariana stated that its operating subsidiary in Turkey has agreed with Zenit the sale of its three remaining Turkish projects to Zenit for US$2 million in cash, payable over 20 months.
Including Kızılçukur, projects are considered satellites to the Kızıltepe Mine processing plant. Ariana noted that the agreement is conditional and becomes effective on the satisfactory completion of the JV agreements with Özaltın and Proccea.
Ariana Resources Managing Director, Dr. Kerim Sener commented about the conditional agreement: “This is an excellent outcome for the Company as we move towards the completion of the JV agreements with Özaltın and Proccea. The sale of these projects to Zenit represents the culmination of our strategy to build on the resource base of the joint venture, prior to the completion of our proposed transaction. We have long viewed the JV as the natural home for these projects, particularly in relation to our hub-and-spoke approach to resource development in the context of the Kiziltepe Mine processing plant. We look forward to updating the market in due course on the status of the proposed expansion of our joint venture and the advancement of our portfolio.”
