Ariana Resources PLC on Friday said its Kiziltepe mine saw record production in ‘strong’ year in 2022.

The exploration firm with interests in Turkey, Cyprus and Kosovo said gold production for the Kiziltepe mine in Turkey was 28,421 ounces, up 7% from 20,737 ounces in 2021, and about 14% higher than production guidance for the year.

The company said the production increase follows record mill throughput of more than 400,000 tonnes per annum.

Ariana Resources owns a 23.5% stake in Kiziltepe through its shareholding in Turkish mining company Zenit Madencilik Sanayi Ve Ticaret AS.

Gross revenue for 2022 was $58 million at an average realised gold price of $1,858 per ounce, against an average revenue per gold ounce of $2,041 due to silver credit. The company said the mine produced 326,206 ounces of silver, up 36% from 239,572 ounces in 2021.

At the close of 2022, the company mine has produced 133,358 ounces of gold and 1.5 million ounces of silver since it began operating in 2017.

Managing Director Kerim Sener said: ‘As expected, 2022 was an operationally very strong year for the company. Kiziltepe has now completed six highly productive years of operation, performing consistently above guidance and having now produced significantly more gold than modelled in our feasibility study.’

The company said mining operations continue at the Arzu North and Derya areas of its Kiziltepe mine, with operations at the Arzu South pit having restarted as it is expanded to the final design limits.

Arian Resources shares were up 8.5% trading at 3.42 pence per share on Friday morning in London.

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