(MENAFN- ProactiveInvestors) Cheaper tree cutting permits in Turkey are expected to halve annual forestry fees at ’ () Kiziltepe gold operation.
Rule changes announced by Turkey’s government at the start of the year mean forestry fees are now lower for lesser impact work.
According to Ariana the modifications will lead to a reduction of around US$4.2mln over the eight-year life of its Kiziltepe mine - that translates into a saving of more than US$500000 each year.
Ariana is still waiting for a forestry approval for the mine which will cost around US$30mln to build and forms one part of the group’s wider Red Rabbit Gold Project in Western Turkey.
Kerim Sener managing director said: "It is extremely encouraging to see that the Turkish government has introduced revised regulations and charges for forestry permits as required for the mining sector."
Meanwhile Ariana also said trial production at the Karakavak prospect of the Red Rabbit Gold Project has been completed for the year.
Approximately 3250 tonnes of material was mined from the primary vein at Karakavak and stockpiled on site.
The Karakavak Main vein contains grades of up to approximately 2.5 g/t gold with variable silver over a strike length of about 600m.
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