DPM Metals has moved the Vareš silver-lead-zinc-gold mine in Bosnia and Herzegovina into commercial production, marking a major milestone for the country’s mining industry and establishing a new operating asset in Southeast Europe.
The company declared commercial production after the Vareš processing plant maintained average throughput and recovery above 60% of design capacity for 30 consecutive days. Daily throughput has since reached approximately 72% of design capacity, with DPM targeting the full processing rate of around 850,000 tonnes of ore annually before the end of 2026. The milestone comes less than a year after DPM completed its acquisition of Adriatic Metals and the Vareš operation in September 2025. The rapid transition has taken the project from integration and commissioning into commercial mining and processing.
Vareš Becomes a New Operating Asset
Vareš produces silver, lead, zinc and gold, giving DPM exposure to both precious and base metals. The mine is also an important development for Bosnia and Herzegovina, where large-scale industrial investment remains relatively limited. The operation is expected to generate employment, contracting opportunities, infrastructure demand and export revenues while potentially improving Bosnia’s profile as a destination for international mining investment.
DPM expects Vareš to contribute toward the upper end of its 105,000–130,000 gold-equivalent ounce production guidance for 2026. The focus is now shifting from construction to operational performance.
Underground development rates, plant recoveries, processing capacity and operating costs will determine how quickly the mine reaches its planned economics. Investment in paste-backfill and tailings-management infrastructure is also expected to support the production ramp-up. Reaching the targeted 850,000-tonne annual processing rate and maintaining stable recoveries would strengthen Vareš’s position as a long-term cash-generating asset within DPM’s portfolio.
Skouries Nears Copper-Gold Production in Greece
Elsewhere in Southeast Europe, Eldorado Gold’s Skouries copper-gold project in northern Greece is approaching its own production milestone. The project was approximately 97% complete at the end of June 2026, while first ore was crushed in July. Eldorado is targeting first copper-gold concentrate in the third quarter of 2026, followed by commercial production in the fourth quarter.
Skouries represents an investment of approximately US$1.315 billion, with around US$1.27 billion already invested by the end of June. The project-financing package of roughly €740 million has also been fully drawn. The mine is expected to operate for around 20 years, producing average annual volumes of approximately 140,000 ounces of gold and 67 million pounds of copper. Its copper production gives Skouries strategic importance as Europe seeks to strengthen domestic supplies of metals needed for electrification, renewable energy, power infrastructure, electric vehicles and data centres.
Southeast Europe Gains Mining Momentum
The progress of Vareš and Skouries highlights the changing profile of the Southeast European mining sector. Both projects have moved beyond exploration and development and are entering, or approaching, commercial operations. For Vareš, the key test will be achieving sustained throughput and underground production. For Skouries, commissioning and the transition to stable commercial output will determine how quickly the project begins generating returns on its substantial capital investment.
Successful ramp-ups at both mines would strengthen the role of Bosnia and Herzegovina and Greece in Europe’s supply of base and precious metals, while demonstrating the region’s potential to attract further mining and industrial investment.
