Adriatic Metals announced plans to initiate production at its Vares silver project in central Bosnia this November. This development marks the first new mine in Europe in over ten years. The project involves revitalizing a former silver mine that had remained dormant during the civil strife of the early 1990s.
CEO Paul Cronin highlighted the substantial impact on Bosnia’s GDP, estimating a 2% increase once operations commence. He emphasized the region’s potential for further exploration leading to the establishment of new mines.
Adriatic Metals has allocated $40 million for exploration and has received approval for an additional $30 million. The proposed mine has been designated as a “project of special importance” by the government of Bosnia-Herzegovina.
Vares currently holds a resource of 21 million tonnes of polymetallic ore, encompassing copper, silver, zinc, lead, and gold.
The company has secured offtake agreements for 82% of Vares’ production in the first two years, partnering with Trafigura, Glencore, Boliden, and Transamine.
In addition to mining efforts, Adriatic Metals played a crucial role in restoring an idle railroad line that had been dormant for 25 years. This reconstruction enables the transportation of ore via Sarajevo to the Croatian port of Ploce, and onward to smelters in Belgium, Norway, Sweden, Spain, and Italy.
The mayor of Vareš, Zdravko Marošević, emphasized the significance of the company’s involvement in railway restoration, and hinted at potential plans for a passenger train, which could boost tourism in the region.
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