Mar 19th 2013 - Edison Investment Research today published a report on Ariana Resources (AAU.L, LSE:AAU, LON:AAU) entitled "Development Drawing Ever Nearer". In summary, the report says:
Ariana recently announced its JV partner Proccea will continue to earn into its 50% share of the Red Rabbit JV by spending US$6.6m. We assume the majority of this will be contributed to Red Rabbit’s c US$29.5m mine development cost. The remaining c US$23m needed to complete Red Rabbit’s construction is currently being pursued via purely debt funded routes with Turkish institutions. However, any debt funding agreement reached will be contingent on Ariana receiving positive Environmental Impact Assessment certification from the Turkish Authorities. Ariana currently envisages construction to start in Q413 with first production during H214.
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