Newmont Corporation (TSE: NGT) (NYSE: NEM) (FRA: NMM) is investing more money into a European exploration joint venture to capitalize on gold and copper targets in Kosovo and other nations.
Ariana Resources plc (LON: AAU) (FRA: 4A6) announced Tuesday that it received US$871,000 from the gold major in exchange for almost 2.9 million shares. The funding builds on a US$2.5-million-dollar investment from Newmont in 2022. The companies are currently in their third year of an initial five-year partnership with the option to extend.
Their exploration endeavours will be directed by Western Tethyan Resources — a local company that Ariana holds a 76 per cent stake in. They will primarily focus on properties in the southeastern European nations of Kosovo and North Macedonia.
Western Tethyan’s Managing Director, Mentor Demi, says that over the past two years they have identified 10 priority targets, drill tested their first project area and successfully delineated a copper-gold-molybdenum system.
“Through this financing and the ongoing financial and technical support from Newmont and Ariana as well, we plan to further develop these targets while continuing regional exploration work, generating new targets and advancing our existing project pipeline,” Demi explained.
Demi’s company has also been assessing potential exploration assets in neighbouring countries like Greece, Bosnia and Herzegovina, Bulgaria and Serbia.
This investment follows Newmont’s recent divestment of Canada’s Porcupine operation, sold to Discovery Silver Corp (TSE: DSV) (OTCMKTS: DSVSF) for US$425 million.
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Ariana adds new features to Turkey gold mine
Last week, the Newmont joint venture partner revealed that it had finished setting up a crushing plant and pump station at its Tavsan operation. Commercial production is expected to commence in the immediate future.
The company also operates the Kiziltepe gold-silver mine in Turkey, its first producing asset, and the Salinbas exploration project.
These Turkish sites are owned in a three-way split between Ariana and the local operators Ozaltin Holding A.S and Proccea Construction. Ariana holds a 23.5 per cent stake.
In addition to Turkey, Ariana is actively developing its Dokwe gold project in Zimbabwe. It is the African nation’s largest undeveloped gold mine, 100 per cent owned by Ariana.
Its majority-owned subsidiary, Western Tethyan Resources, gets its name from its focus on metal exploration in the Western Tethyan Belt. It spans from Europe to Asia, through 33 countries, and hosts about 6 per cent of the world’s significant mineral deposits.
Completed crushers plant at Tavsan, ready for testing #AAU #gold #mine pic.twitter.com/FQj83syS36
— Ariana Resources plc (@ArianaResources) January 24, 2025
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