MINEX Forum

Tag: Bosnia

  • Slovenian and Hungarian Consortium Launches Takeover Bid for Remaining Stake in Bosnian Bauxite Miner

    Slovenian and Hungarian Consortium Launches Takeover Bid for Remaining Stake in Bosnian Bauxite Miner

    A consortium comprising Slovenian alumina and zeolite producer Silkem Plus and two Hungarian holding companies, Aela and Atesz, has launched a joint tender offer to acquire the remaining shares in Bosnian bauxite miner Rudnici Boksita Jajce that they do not already own.

    The consortium announced the offer in a filing to the Sarajevo Stock Exchange on Wednesday, pricing the bid at 51.41 convertible marks ($30.80) per share. The offer will remain open for 28 days.

    The three companies collectively hold a controlling stake of 67.63% in Rudnici Boksita Jajce, split between Silkem Plus at 30.65%, Aela at 20.43% and Atesz at 16.55%. The takeover bid targets the remaining 32.37% of the company’s equity. Rudnici Boksita Jajce has 186,321 shares in issue, each with a nominal value of 27 marks. The company’s shares have not traded on the Sarajevo bourse in the past year.

  • Leviathan Gold Acquires Foca Metals Corp. to Expand Silver and Base Metal Exploration in Bosnia

    Leviathan Gold Acquires Foca Metals Corp. to Expand Silver and Base Metal Exploration in Bosnia

    Leviathan Gold Ltd. (LVX – TSXV, 0GP – Germany) has acquired Foca Metals Corp. (formerly LS Lithium Corp.) through a share exchange agreement dated November 22, 2024. This acquisition secures Leviathan a 100% indirect interest in the Foča Project, a promising exploration site located in Republika Srpska, Bosnia and Herzegovina.

    The Foča Project spans 100.7 square kilometers across three active exploration licenses in a region geologically similar to Adriatic Metals’ Vareš Project. Vareš has reported significant Indicated and Inferred Mineral Resources, highlighting the area’s rich mineral potential within the Central Dinaride metallogenic zone of the Western Tethyan Belt.

    Leviathan’s exploration targets at Foča include:

    • Vrela Prospect: Historical drilling from the 1960s indicated an average thickness of 15 meters of mineralization grading 13.25% Pb+Zn. Recent soil and rock chip sampling confirmed high-grade mineralization extending over 2 kilometers northeast of historic drill sites.
    • Barice Prospect: Recent exploration identified massive sulphide mineralization with rock chip assays of up to 4.48% Cu, 110 g/t Ag, 30.2% Pb, and 6.45% Zn. A coherent Pb, Zn, and Cu soil anomaly was also mapped over a 500-meter strike.

    Leviathan plans to deploy trenching and Induced Polarization geophysical surveys at both prospects to define high-grade and bulk-tonnage drilling targets.

    CEO Luke Norman expressed enthusiasm about the acquisition, highlighting Bosnia’s favorable regulatory environment and the largely underexplored nature of the Central Dinaride Zone. “Despite Adriatic Metals’ success at Vareš and the historic Trepča complex in Kosovo, much of the region remains untouched by modern exploration, creating a significant discovery opportunity,” Norman said.

    Leviathan’s Balkan operating experience, combined with recent legal changes in Republika Srpska, offers a unique first-mover advantage in this promising region. With ongoing government and local support, Leviathan is well-positioned to advance the Foča Project and explore its potential for significant silver and base metal discoveries.

  • Swiss-Canadian lithium project in Bosnia to supply Mercedes, despite community opposition and ESG risks

    Swiss-Canadian lithium project in Bosnia to supply Mercedes, despite community opposition and ESG risks

    Swiss mining company Arcor and Canadian company Rock Tech have signed a partnership agreement that will include the distribution of lithium from Lopare in Bosnia and Herzegovina, and according to their claims supply Mercedes. Despite fierce local opposition. 

    “Lithium carbonate will be mined in an environmentally and socially responsible way at Arkor’s mine in Lopare, Bosnia and Herzegovina, and then Roc Tech will convert it into lithium hydroxide ‘Made in Germany’,” they announced, Klix.ba reported.

    Rock Tech is also building its first facility in Germany to produce lithium hydroxide for the battery and automotive industries from 2026. Among other things, the company has already signed sales contracts with the Mercedes-Benz group.

    In an exploration phase that has been ongoing since 2018, Arkor has confirmed deposits of lithium carbonate as well as boron, potassium and magnesium sulfate in a mine near Lopare. As Nicolas Trend, head of the Board of Directors of Arcor points out, the site is unique in the world in terms of its size and geological structure.

    Estimates are that in the Lopare area there are deposits of 1,5 million tons of lithium carbonate equivalent, 14 million tons of boron, 35 million tons of potassium and 94 million tons of magnesium sulfate.

    Local municipality community and public are against any mining exploration so it remains to be seen how the Swiss and Canadian developers plan to overcome this situation with fierce opposition from local citizens and start further project activities. Also remains the question on how will Mercedes shareholders react on supplier ESG issues on project location. 

  • Adriatic Metals to start output at Bosnia silver mine in November

    Adriatic Metals to start output at Bosnia silver mine in November

    Adriatic Metals, a distinguished mineral exploration company based in Britain, is poised to make a momentous mark on the mining industry. In an interview on Monday, CEO Paul Cronin revealed that the Vares Silver Project, located in central Bosnia, is set to commence production in November. This groundbreaking endeavor will be the first mine to open in Europe in over a decade, signifying a remarkable milestone for the region.

    The mine is projected to yield approximately 800,000 tons of polymetallic ore annually. Through a comprehensive six-year exploration process and a notable investment of $200 million, the operation aims to extract around 65,000 tons of lead-silver concentrate and 90,000 tons of zinc concentrate. These valuable resources are expected to significantly contribute to the project’s output.

    The economic implications of this enterprise are momentous, particularly for the Balkan country, which has long grappled with economic challenges. The annual ore exports, estimated at around 800 million Bosnian marka ($436 million), are poised to make a substantial impact on the country’s economy, offering a much-needed boost to its financial landscape.

    Adriatic Metals’ commitment to responsible mineral exploration, combined with their strategic investment in the Vares Silver Project, demonstrates their dedication to sustainable economic growth. By harnessing the potential of the region’s mineral resources, they are paving the way for progress and prosperity, not only for the company but also for the local community and the wider European mining industry as a whole.