Ariana Resources Share Discussion Threads

[risa5] 26/3/2020 13:13

Ariana Resources receives maiden dividends from Galata

(Sharecast News) - Exploration and development company Ariana Resources updated the market on its finances on Thursday.

The AIM-traded firm said that, following receipt of funds from Zenit Madencilik, the owner of the Kiziltepe gold-silver mine, it had recently received its maiden dividends from its wholly-owned Turkish operating subsidiary Galata Madencilik .
That followed a declaration of profit by Galata.

It said a total of €1.6m had been transferred to Ariana.
"The maiden dividends from Galata represent the culmination of many years of effort by the company and mark the moment that its subsidiary became the cash-generative engine of growth for the group," said managing director Dr Kerim Sener.

"Since early 2018, Galata has received a total of $7.3m from Zenit to repay intercompany loans and as partial dividend payments, as a result of its profitable gold mining operations at Kiziltepe."

Dr Sener said that, ahead of Zenit's March annual general meeting, all outstanding dividend payments declared by Zenit were paid to Galata.
"This has enabled Galata to repatriate profits to its parent company in the form of dividends."

[paul280i] 26/3/2020 13:11

MAIDEN DIVIDENDS FROM SUBSIDIARY is today's RNS.

I would like to see the one that reads:
MAIDEN DIVIDENDS FROM ARIANA

[risa5] 26/3/2020 12:59

Ariana Resources receives £1.6mln in dividends from Turkish gold mining operations
Ariana has built up a track record of successful operations in Turkey

Ariana Resources PLC (LON:AAU) has received maiden dividends from its wholly-owned Turkish operation subsidiary Galata Madencilik, after the company’s Kiziltepe gold mine began generating cash and profits.

A total of £1.6mln has been transferred to Ariana.

"The maiden dividends from Galata represent the culmination of many years of effort by the company and mark the moment that its subsidiary became the cash-generative engine of growth for the group,” Ariana managing director Kerim Sener said in a statement.

The Kiziltepe operation is currently expected to deliver an average of 20,000 ounces of gold equivalent per annum over eight years of initial mine life, for a total of up to 160,000 ounces.

PI

[bigglesbingham] 26/3/2020 12:56

That should double by June given a fair wind

[renniks2016] 26/3/2020 12:42

Pick up 250,000 this morning for 2.77 but not showing on trades?

[plasybryn] 26/3/2020 12:41

Great interview out with Kerim and Andrew Scott. Still in talks with a 3rd party.Started work in Cyprus & drilling later this year.Diamond drilling at Kiziltepe Other evaluation work at Tavsan & Salinbas Steady stream of news re: resource estimation at Tavsan, Salinbas & Kiziltepe Loan repaid end of April Virus- what virus?What's not to like#AAU @ArianaResources Ariana Resources 'in the best state it's ever been with robust operation and cracking partnership'

[bigglesbingham] 26/3/2020 12:41

Do you mean premium on the potential deal? I would argue no because the JV is for many years with their objective to be the biggest in Turkey . The short term is literally that. Conversely I'd be fuming if the deal was worse because of hitches due to corona virus ie if they have to reduce hours in the mine for example .

[swallowsflysouth] 26/3/2020 09:43

Swiss refineries have shut which will i assume add even more pressure on pog but can only be profitable to AAU as they use a turkish refinery. In addition the turkish lira is losing even more ground which has i believe also been to AAU's profit. All of this in addition to rns.

[auphilman] 26/3/2020 09:40

when you read articles like this.. I like Frisby.. he says no gold out there.. check the sites, most are out of stock

You wonder why gold hasn't gone thru the roof.

You think Kerim is getting a premium right now?

[temujiin] 26/3/2020 09:28

BTW, in case anyone missed it, a certain well connected poster has twice hinted that they'll be an extension to the JV negotiations. Looking at the date I think that's looking odds on, so don't be surprised if/when that RNS drops on Mon/Tueday next week.

[ironstorm] 26/3/2020 08:54

BB - Cash is King - But Gold - thats World King

[thanksamillion] 26/3/2020 08:47

Great RNS today.

I now look for further news on Cyprus as the dead hand of the legals seems to have frozen any new developments in the Turkish operation for now. That said we carry on at the current rate of gold/cash production which is no bad thing.

[bigglesbingham] 26/3/2020 08:45

Certainly a success story.

[soulsauce] 26/3/2020 08:44

Ahhhh, remember the days when we used to have to issue 200m new shares for that kind of money ;-)
Nice time to have that in the bank.

[nov31] 26/3/2020 08:25

All good things come to those who wait. This is just the start.

[bigglesbingham] 26/3/2020 08:16

I agreed it should concentrate their mind but in this climate there will be so many other considerations by all parties concerned that an extension imho is inevitable. The argument you make about other companies becoming interested if discussions are extended is valid but less so in this environment because all companies are affected and will be trying to firefight. Fantastic rns in this climate cash is king , it shows the existing relationships are working well and this income stream post April when debt free is real and tangible .

[8rad] 26/3/2020 08:08

This news should concentrate the mind of our potential new partner. Another over-run could invite counter bids for our assets and also gain momentum for people who would like to see a renogiation of terms especially since this is a rather different world to last November and that we are most all debt free.

[bigglesbingham] 26/3/2020 08:03

I keep harping on about fundamentals but yet again ours get stronger and stronger. Once the external difficulties subside this will fly deal or no deal.

[bigglesbingham] 26/3/2020 08:01

Back at you Charles!!!

[charles clore] 26/3/2020 07:50

I can imagine the smile on biggles face this morning.

[shortarm] 26/3/2020 07:35

1.6 million! POUNDS1.9 million Dollars!

[temujiin] 26/3/2020 07:03

DIVIDENDS PAID .... to our company :)

MAIDEN DIVIDENDS FROM SUBSIDIARY

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, is pleased to announce a financial update for the Company.

Following the receipt of funds from Zenit Madencilik San. ve Tic. A.S. (owner of the Kiziltepe gold-silver mine), the Company advises that it has recently received its maiden dividends from its wholly-owned Turkish operating subsidiary Galata Madencilik San. ve Tic. Ltd. ("Galata"), following a declaration of profit by Galata. A total of GBP1,600,000 has been transferred to Ariana.

Dr. Kerim Sener, Managing Director, commented:

"The maiden dividends from Galata represent the culmination of many years of effort by the Company and mark the moment that its subsidiary became the cash-generative engine of growth for the Group.

"Since early 2018, Galata has received a total of US$7.3 million from Zenit to repay intercompany loans and as partial dividend payments, as a result of its profitable gold mining operations at Kiziltepe. Ahead of the March 2020 AGM of Zenit, all outstanding dividend payments declared by Zenit were paid to Galata. This has enabled Galata to repatriate profits to its parent company in the form of dividends."

[silvercoast] 25/3/2020 22:22

CORONAVIRUS STATS, NEWS, SYMPTOMS, INTERACTIVE MAP

[soulsauce] 25/3/2020 22:05

Not only the current gold price bigglesbingham but also savings in fuel costs.