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27/02/2024
Mining News

Adriatic Metals invests in nearby mine operations in Bosnia

Adriatic Metals the Central Europe-focused miner, ramped up spending on its Vares silver project in Bosnia & Herzegovina in 2022.

Adriatic Metals a precious and base metals explorer and developer that owns the world-class Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia. Bosnia & Herzegovina and Serbia are located in south-eastern Europe and both boast a rich mining history, a pro-mining environment, a highly skilled workforce as well as extensive existing infrastructure.

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First concentrate is scheduled for the third quarter of this year and results for 2022 reflected the build costs.

Losses for the year rose to US$47.1mln from US$14.2mln, with US$58mln spent on equipment and property.

Vares is fully funded to completion of construction with Adriatic having net cash of US$60.6mln at the year end.

A definitive feasibility study in 2021 put a value of US$1.06bn on the project.

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