MINEX Forum

Tag: Ariana Resources plc

  • Newmont Expands Investment in European Explorer Ariana Resources

    Newmont Expands Investment in European Explorer Ariana Resources

    Newmont, the world’s largest gold mining company, has increased its investment in Ariana Resources, a UK-based exploration firm, by purchasing additional shares for $871,000. This follows an initial $2.5 million investment in 2022 to explore copper and gold in southeastern Europe.

    The alliance, now in its third year of a five-year term, is overseen by Western Tethyan Resources (WTR), a Kosovo-based entity in which Ariana holds a 76% interest, with Newmont providing technical support. WTR holds several exploration licenses in Kosovo and is working on target generation in other southeastern European countries, including Bosnia and Herzegovina, Bulgaria, Greece, Kosovo, North Macedonia, and Serbia.

    To date, the exploration programs have involved generative work in Kosovo and North Macedonia, with additional projects across the region reviewed and assessed. According to Mentor Demi, Managing Director of WTR, they have collected geological, geochemical, and geophysical data over the past two years, generating multiple priority targets and securing new exploration licenses. The first project area, Hertica, has revealed a copper-gold-molybdenum mineralised system.

    Under the alliance terms, any project Newmont deems worthy of further development will be held under a wholly owned WTR entity. Newmont has the option to invest an additional $1 million over two years to earn 60% equity. Further spending of $15 million on a pre-feasibility study that identifies a mineral resource exceeding 2 million ounces of gold will increase Newmont’s stake to 75%. If Newmont decides to develop a mining project, funding will be on a pro-rata basis unless WTR opts out, allowing Newmont to earn up to 85%. Should either party withdraw or dilute their stake below 10%, they will relinquish their interest in exchange for a 2% net smelter return.

    The agreement allows Newmont to increase its stake in promising projects by funding further exploration and development. Beyond this venture, Ariana also has gold projects in Zimbabwe and Turkey, and copper projects in Cyprus.

  • Cyprus mining company sets sights on IPO — poised to exploit copper demand

    Cyprus mining company sets sights on IPO — poised to exploit copper demand

    Ariana Resources plc, a mineral exploration and development company listed on AIM, a market for small and medium-size growth companies on the London Stock Exchange, has announced a significant update regarding its Cypriot subsidiary Venus Minerals.

    With gold mining interests across Europe, Ariana holds a 58 per cent shareholding in Venus, and the latter is now actively pursuing its plans to seek admission to AIM.

    According to an announcement on the London Stock Exchange, Venus aims to raise up to £3 million from new investors, a move that will result in Ariana retaining approximately 35 per cent ownership in the company.

    The IPO process is set to take place during the third quarter of 2023, with marketing efforts commencing shortly.

    london stock exchange
    London Stock Exchange

    Arianna Resources Managing Director Kerim Sener said that the company is “very pleased to report the latest progress on Venus”, noting that “with the support of its brokers and other advisers, Venus is currently expecting to advance toward listing on AIM during the third quarter of 2023”.

    Sener explained that with a very strong pipeline of copper-gold exploration and development projects in Cyprus and a cutting-edge exploration model, Venus is strategically placed to capitalise on the global deficit currently predicted in the years ahead for the copper market.

    “Cyprus is a well-established and low-risk mining jurisdiction in Europe, so now it is imperative for Europe to develop its own copper resources to support the global decarbonisation agenda,” Sener stated.

    “We expect Venus to help advance and develop a series of high-quality copper projects to satisfy this demand,” he added.

    The managing director continued by saying that Ariana “looks forward to reporting further progress from Venus in due course”.

    copper bronze mining
    Copper rods

    Meanwhile, Peter van der Borgh, Managing Director of Venus Minerals said that the company’s project portfolio is the “culmination of years of geological fieldwork and research, which has resulted in a proprietary, island-wide database of historical exploration, and innovative exploration models for target selection”.

    “Ariana’s involvement over the past few years has enabled us to define JORC 2012 Resources, expand our portfolio to include several exciting new projects, and position ourselves for the IPO,” he added.

    The impending IPO presents Venus with exciting opportunities for growth and expansion, as the raised capital will enable the company to conduct an extensive exploration programme on its portfolio of 100 per cent-owned copper and gold assets in Cyprus.

    The developments surrounding Venus Minerals mark a significant step forward in Ariana Resources’ strategic initiatives and reinforce its commitment to the mineral exploration and development sector.

    The LSE announcement also noted that Venus is being advised by Beaumont Cornish (nomad), Tavira Securities Limited (broker), Fieldfisher (legal), Coffey Group (technical advisor and competent person), Moore Kingston Smith LLP (auditor), and other parties.

    Finally, the announcement clarified that Venus has undertaken further fieldwork and is refining targets at several of its exploration projects in Cyprus in order to carry out drilling once it has completed its planned IPO.