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.
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.