LONDON: Ariana Resources plc said Monday it has sold a 13.6% stake in its Turkish mining venture Zenit Madencilik to existing shareholder Özaltın Holding A.Ş. for $19.5 million in gross cash proceeds, as the company pivots focus to its flagship gold project in Zimbabwe.
The deal trims Ariana’s interest in Zenit to 9.9%, valued at $14.2 million under the terms of the sale. The company received net proceeds of roughly $17.2 million after local taxes. Completion occurred May 15, and the funds have been received, leaving Ariana with pro-forma cash and investments of A$53 million (£29 million) and no debt.
Ariana retains board representation at Zenit and remains entitled to dividends when declared. Zenit operates the Kiziltepe and Tavşan gold-silver mines in Türkiye and is preparing for a local public listing.
Dr. Kerim Sener, managing director, said the transaction crystallizes value from a mature, cash-generative minority investment while preserving upside exposure.
“This provides significant non-dilutive funding to support the rapid advancement of Dokwe through feasibility and development,” Sener said, citing the wholly owned Dokwe Gold Project in Zimbabwe, which hosts 1.1 million ounces of gold and is advancing a feasibility study.
The sale required no further approvals. Ariana’s remaining 9.9% stake is now carried as a financial asset at fair value through profit or loss. The company received no dividends from Zenit in 2025 or the current financial year to date.
