Ariana Resources raises capital for Dokwe Gold project
AIM and ASX listed mineral exploration Development Company, Ariana Resources Plc on Monday said it had disposed of part of its stake in Zenit and will use part of the funds to advance feasibility studies in Dokwe Gold Project. The miner said it had sold 13,6% of its 23,5% stake in Zenit Medencilik for cash […] The post Ariana Resources raises capital for Dokwe Gold project appeared first on NewZimbabwe.com.
Black News 
AIM and ASX listed mineral exploration Development Company, Ariana Resources Plc on Monday said it had disposed of part of its stake in Zenit and will use part of the funds to advance feasibility studies in Dokwe Gold Project.
The miner said it had sold 13,6% of its 23,5% stake in Zenit Medencilik for cash proceeds of US$19,5 million , amounting to US$17,2 million after local taxes. Ariana will be left with 9,9% stake in Zenit.
Ariana Managing Director Kerim Sener said the transaction was completed at a strategic interval which reflects capital optimization.
“We are delighted to have reached this agreement with Ozaltin to partially monetise our interest in Zenit at a strategically important point in Ariana’s growth trajectory. The transaction reflects our disciplined capital allocation strategy and active portfolio optimization, with a clear focus on accelerating the development of the flagship Dokwe Gold Project while minimizing shareholder dilution.
“Zenit is a mature, cash-generative minority investment in producing operations. This transaction crystallises significant embedded value from that holding while retaining meaningful upside exposure, enabling Ariana to redeploy capital into a potentially company-making, 100%-owned gold development project with long-term growth potential,” he said.
Ariana said the sale terms imply a value of USD14.2 million for its remaining stake. It also noted that Zenit, which operates the Kiziltepe and Tavsan gold-silver mines as well as other projects in Turkey, is preparing for a local public listing.
Ariana reported that following completion, it holds pro-forma cash and investments totalling AUD53 million, or GBP29 million, and no debt.
The Dokwe Gold Project is a major undeveloped open-pit gold deposit located in the Tsholotsho District. Fully owned by the AIM and ASX-listed Ariana Resources, it represents one of the largest undeveloped gold resources in the country.
Over 1.4 million ounces of gold, with significant expansion drilling continually extending the mineralised zones beyond current boundaries.
It is projected to produce roughly (60,000 – 65,000) ounces per annum over a 13-year mine life.
The post Ariana Resources raises capital for Dokwe Gold project appeared first on NewZimbabwe.com.
