Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Ariana sets out fresh production guidance for Zenit
(Sharecast News) - Mineral explorer and developer Ariana Resources announced its production guidance for 2024 from its stake in the Zenit mining operations on Wednesday. The AIM-traded firm, through its shareholding in Zenit Madencilik, holds a 23.5% interest in Zenit.
In the coming year, Ariana said it expected gold production of around 20,000 ounces to be extracted, including the maiden gold production from the Tavsan sector.
Monthly ore production was slated to average around 25,000 tonnes, complemented by a stockpile of about 76,000 tonnes maintained on-site, boasting an average grade of 2.2 grams of gold per tonne.
Throughout 2024, ore throughput to the mill was forecast to about 300,000 tonnes.
Ariana said it expected the average gold grade mined during the year to be 2.4 grams of gold per tonne, with an associated gold recovery rate projected to average around 90%.
Open-pit mining activities were set to continue primarily at the Arzu North, Banu and Derya pits at Kiziltepe, alongside operations at Tavsan Main.
"We are very pleased to provide our production guidance for 2024 following several important developments at the Tavsan Sector in particular, and for the company more broadly," said managing director Dr Kerim Sener.
"As this announcement comes after the end of the first quarter of 2024, we are also pleased to report that the average gross revenue per ounce produced during the first quarter is $2,328, attributable to the marked increase in gold and silver prices during the period.
"Accordingly, cash on hand within the Zenit partnership is currently $10m, maintaining the strong debt-free position secured since June 2023, with more than $35m having been spent so far on the Tavsan mine build."
Dr Sener said that with JORC reserves at Zenit totalling 5.3 million tonnes at 1.46 grams of gold and 9.81 grams of silver per tonne, for 249,000 ounces of gold and 1.67 million ounces of silver, the firm was demonstrating a pathway for up to 10 further years of production from the Zenit mining operations.
"This is an extremely positive outcome and stands us in good stead to develop new opportunities, particularly our recently announced proposed acquisition of the Dokwe Gold Project in Zimbabwe.
"Furthermore, we are encouraged to note the significant interest that this has generated amongst our existing partners, and we look forward in conjunction with our partners to explore opportunities by which they may become involved in the development of Dokwe, as the project progresses towards feasibility."
At 1223 BST, Ariana Resources shares were down 3.77% at 2.5p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.