Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Ariana Resources (LON: AAU) shares are edging higher Tuesday on news that Venus Minerals has completed a binding Heads of Terms agreement with a leading mining company in Cyprus.
Ariana is earning in to 50% of UK-registered Venus Minerals and has to date earned into an entitlement to 37.5%.
Venus' deal with the mining company in Cyprus is for a 50:50 Joint Venture to develop the Apliki Copper Mine, with Venus set to be the operator of Apliki.
The joint venture will use local mining, engineering, and heap-leach expertise gained during the years of operation of the nearby Skouriotissa Mine.
Venus expects to complete a definitive agreement by mid-November.
Ariana Resources said it is now committed to completing its funding of Venus Minerals to achieve a 50% shareholding. Meanwhile, Venus will pursue a London Stock Exchange listing before the end of this year.
Dr Kerim Sener, Managing Director of Ariana, commented: “We are proud to be involved in the development of Venus Minerals as it advances the first new copper mine in Cyprus since the establishment of the recently depleted Skouriotissa operation in the early 1990s.
“The area around Apliki and Skouriotissa has yielded over US$10 billion in copper at today's price, demonstrating the high prospectivity of this cluster of VMS deposits. We look forward to supporting Venus in its further development and in particular its proposed listing in London.”
Ariana Resources shares are up 2.22% at 4.14p during the time of writing.
Ariana Resources shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Ariana Resources shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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