StockMarketWire.com - Mining group Ariana Resources booked a higher annual profit after production rose at the Kiziltepe gold joint venture in Turkey.

Pre-tax profit for the year through December jumped to £7.0m, up from £2.2m on-year.

Kiziltepe achieved gold production of 27,985 ounces, 12% above production guidance, at an average cash cost of $507 per ounce.

'This, once again, places the Kiziltepe Mine comfortably amongst the lowest-cost gold producers in the world,' Ariana Resources said.

The company said required precautionary steps had been taken at Kiziltepe in the wake of the Covid-19 pandemci.

'By facing these challenges head on and adopting new working practices we have been able to operate much as we did before,' chairman Michael de Villiers said.

'Thus far, we have not had any incidence of Covid-19 in any of our spheres of operations.'


At 2:56pm: [LON:AAU] Ariana Resources PLC share price was -0.1p at 4.9p



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