Kizeltepe benefiting from weaker lira, higher grades

The Kiziltepe mine, which Aim-listed Ariana Resources owns in a joint venture (JV) with Turkey's Proccea Construction, is benefitting from the recent movements in the value of the lira, with operational costs incurred in the local currency decreasing. Ariana MD Kerim Sener said on Thursday that the lower operational costs, combined with increasing grades at the Kizeltepe mine, are having a positive financial impact. Consequently, the company is funded internally for its current operations, although it will continue to investigate external funding strategies to accelerate its project pipeline in the longer term, he commented in a statement.