Ariana announces restart of construction at Tavsan
By Josh White
Date: Wednesday 19 Jul 2023
(Sharecast News) - Ariana Resources updated the market on construction progress at the Tavsan Mine on Wednesday, announcing that construction activities had been given the green light to resume following a ruling by the Kütahya Administrative Court in favour of the operator, Zenit.
The AIM-traded firm holds a 23.5% ownership stake in the Tavsan Mine project, which is a joint venture with Zenit, Proccea Construction, and Ozaltin Holding.
It said the project aimed to tap into the significant gold reserves present in the region.
The court's decision would allow Zenit to remobilise its team and resume construction operations at the site, Ariana explained.
It said it believed that taking advantage of the favourable summer weather conditions would help accelerate progress at the Tavsan Mine.
"This is the right outcome for the Tavsan Mine - we have been and always will be committed to developing Tavsan in an environmentally and socially responsible manner, as emphasised in the environmental impact assessment," sand managing director Dr Kerim Sener.
"The local community stands to benefit significantly from the project, ensuring jobs and social development schemes in the years ahead.
"Not only will the local community benefit, but also the Turkish Government, which remains highly supportive of Zenit's activities."
At 1401 BST, shares in Ariana Resources were up 18.6% at 2.55p.
Reporting by Josh White for Sharecast.com.
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