Production to date has allowed Ariana to pay off half of its US$33mln development loan
() produced 27,110 ounces of gold during the year to December 2018, exceeding initial full-year production guidance of 20,000 ounces.
Gold production for the fourth quarter was 7,517 ounces.
"The last quarter of 2018 marks an important milestone for the company, having exceeded our forecast production for the year by a very substantial margin,” said managing director Dr Kerim Sener.
“It also coincides with the repayment of half of our development capital loan of US$33 mln, with the balance to be repaid largely during 2019. The past year has seen the joint venture achieve several successes, quarter on quarter, including an annualised increase in mill throughput to 200,000 tonnes per annum. We begin 2019 on firm-footing and we are very excited about the year ahead."
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