Adriatic Metals, a UK-based company, announced on Wednesday the official launch of the Vares Project in Bosnia and Herzegovina, marking a significant investment valued at $250 million (230.2 million euros).
The inauguration comes shortly after the successful production of the first silver/lead concentrate and zinc concentrate at the newly established Vares Processing Plant on February 27, as stated in a press release by Adriatic Metals.
The Vares Project encompasses the Rupice Mine, which commenced mining operations in July 2023, and the Veovaca polymetallic deposit. This venture underscores Adriatic Metals’ commitment to tapping into Bosnia’s rich mineral resources.
With a keen focus on plant optimization and production scaling, Adriatic Metals aims to achieve a consistent output, targeting a nameplate capacity of 800,000 tonnes per annum by the fourth quarter of 2024.
Adriatic Metals, serving as a base metals developer, has bolstered its workforce in Bosnia, employing 255 individuals as of January 2024. Furthermore, the company is concurrently advancing its Raska Zinc-Silver Project located in Serbia, demonstrating its multifaceted approach to mineral exploration and development.
