MINEX Forum

Tag: Vares silver project

  • Adriatic Metals produces first concentrate at Bosnian silver mine – Nasdaq

    Adriatic Metals produces first concentrate at Bosnian silver mine – Nasdaq

    Adriatic Metals ADT1.L, a British-based mining company, announced on Wednesday that it has achieved a significant milestone by producing the first concentrate at its Vares silver project located in central Bosnia.

    Despite initial plans to commence production at the Vares mine in January, the company successfully produced the first concentrate on Tuesday. However, the official opening of the plant is scheduled for March, marking the culmination of six years of exploration efforts and a substantial investment of $200 million.

    Moving forward, the project aims to gradually increase its processing capacity, with plans to reach approximately 65,000 metric tons per month by the fourth quarter of this year, according to the company’s statement.

    To enhance production levels, Adriatic Metals intends to blend high-grade stockpiled ore with lower grade stockpiles, a strategy aimed at optimizing output.

    Anticipating significant output, the company forecasts an annual extraction of around 800,000 tons of polymetallic ore from the Vares mine. This is expected to yield approximately 65,000 tons of lead-silver concentrate and 90,000 tons of zinc concentrate annually. The projected ore export revenue stands at approximately 800 million Bosnian marka ($444 million) per year.

  • Adriatic Metals and Boliden in ‘green zinc’ partnership

    Adriatic Metals and Boliden in ‘green zinc’ partnership

    In 2021, Boliden, the renowned Swedish firm, made an announcement regarding the expansion of its Odda smelter, a significant development aimed at producing green zinc. To achieve this, Boliden has partnered with Adriatic Metals PLC, which will supply zinc concentrates from the Vares silver project. The objective is to ensure the highest standards of environmental, social, and governance (ESG) practices in the production of this essential metal.

    The expansion of the Odda smelter will result in a remarkable 75% increase in production capacity, reaching an impressive 350 kilotonnes per year. As a result, the Odda site is now recognized as one of the most environmentally friendly locations worldwide.

    Vildana Mahmutovic, the Head of Sustainability at Adriatic Mines, expressed admiration for Boliden’s exceptional ESG performance within a demanding industry landscape. She emphasized that Adriatic Metals is fully aligned with Boliden’s dedication to sustainability standards and best practices, making their operations the ideal partner to support Boliden’s sustainability goals.

  • 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.

  • Adriatic Metals hails precious metals finds at Rupice

    Adriatic Metals hails precious metals finds at Rupice

    (Alliance News) – Adriatic Metals PLC on Wednesday gave an update on its Rupice northwest exploration which is part of the company’s Vares silver project.

    Adriatic Metals is a precious and base metals explorer and developer that owns the Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia.

    The company said it found 2.6 grams of gold per tonne, 409 grams of silver per tonne, about 12% zinc, 8.9% lead, 1.2% copper, 9% barium sulfate and 0.2% antimony in hole BR-30-23.

    Managing Director Paul Cronin said: “Additional exploration drilling, new geology, more tonnes at higher grades to the west of the current Rupice Northwest resource are adding significantly to the growth of Rupice. Faulting and folding have thickened and bent mineralization to vertical, with silver-gold-copper grades increasing in proximity to the deformation. Drilling will continue to define the western extent of RNW for a further resource update at the end of 2023.”

    Adriatic Metals rose 2.9% to 192.00 pence each on Wednesday morning in London.

     

  • Adriatic Metals proposes $30 million placing to fund exploration

    Adriatic Metals proposes $30 million placing to fund exploration

    Adriatic Metals PLC on Monday announced it intends to conduct a placing to raise $30.0 million to fund an expanded exploration programme at the Rupice and Rupice Northwest deposits in Bosnia & Herzegovina.

    Adriatic Metals is a precious and base metals explorer and developer that owns the Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia. Shares in the firm closed down 1.7% at 169.40 pence on Monday in London.

    Monday’s placing price of £1.70 per share – or A$3.30 per CHESS depositary interest, representing such shares – represents a discount of 5.1% to the company’s average price share in the last 10 days on the Australian Securities Exchange.

    The total number of placing securities is expected to represent approximately 5.0% of the company’s existing share capital.

    Adriatic Metals said the proceeds of the placing will fund an expanded and accelerated exploration programme at Rupice and Rupice Northwest, including an additional 40,000 metres of drilling, and associated facilities and equipment. It will also contribute to the general working capital associated with exploration, as well as growth opportunities, general corporate purposes and fees.

    ‘Rupice and Rupice Northwest remain open and there are numerous regional targets such as Droskovac, SP1 and SP2 that have exciting prospects. We believe this exploration programme will deliver impactful results by more aggressively testing priority targets across our emerging high-grade polymetallic district,’ said Chief Executive Paul Cronin.