Bosnia and Herzegovina: Serb Republic to award iron ore mining concesssion

The government of Bosnia’s Serb Republic said it plans to award a concession contract for iron ore mining near the own of Ljubija to ArcelorMittal Prijedor.

Under the planned agreement, ArcelorMittal Prijedor will mine 3 million tonnes of iron ore from a deposit located near Ljubija, the Serb Republic government said in a statement on Thursday.

The project will employ about 100 people.

In the coming period, the government will define the obligations of the concessionaire in the agreement before signing it with ArcelorMittal Prijedor.

ArcelorMittal Prijedor and the government of the Serb Republic entity signed a memorandum of cooperation in the project on December 31, 2021.

ArcelorMittal Prijedor was established in 2004 as a joint venture between multinational steel and mining company ArcelorMittal with a 51% stake and local mining company RZR Ljubija with a 49% stake. ArcelorMittal also owns a steel plant in Zenica, located in Bosnia’s other entity, the Federation.

The Serb Republic and the Federation are two autonomous entities that form Bosnia and Herzegovina.

For the Vares silver project lower costs

An updated definitive feasibility study (DFS) for the Vares silver project, in Bosnia & Herzegovina, has seen capital costs decline while the project’s net present value (NPV) and internal rate of return (IRR) have increased.

ASX-listed Adriatic Metals this week reported that an updated capital cost estimate for the Vares silver project had estimated that the project would require a $168-million investment, compared with the $173-million estimated in the 2020 DFS

The updated DFS has also increased the project’s post tax NPV from the $1.04-billion reported in the original DFS to $1.06-billion, while the IRR has increased from 113% to 134%.

The pay-back period has declined from 1.2 years to 0.7 years, while the project’s all-in sustaining cost estimates have declined from $9.70/oz to $7.30/oz of silver

“The completion of the 2021 DFS is a major milestone for the company, and clearly demonstrates the exceptional potential of the Vares silver project”, said Adriatic MD and CEO Paul Cronin.

“Project delivery and execution risks have been substantially reduced through the simplification of the process flowsheet and initial capital costs lowered against the backdrop of inflationary construction costs, whilst improving the overall project economics. In the design of this project, environmental and economic sustainability have been at the core of our thinking, shaping the project to ensure that its economic and environmental benefits extend well beyond the current mine life, and provide a perpetual benefit to our local community in Vares and indeed, to the BiH economy”.

Cronin said that the company’s focus would now be on finalising project financing, which is well advanced, and concurrently starting constructio,n while continuing to look for marginal improvements in metallurgical recovery, and capital and operating costs.

“Additionally, we have commenced a study to expand the renewable energy production we have at the Vares processing plant, and [to] augment that capacity to ensure that the Vares silver project reduces its carbon emissions significantly, soon after the commencement of commercial production. As demonstrated in our recent exploration results, we are confident that we can expand the resources and reserves at the Vares project and look forward to working with the Vares community for decades to come, jointly demonstrating the benefits of mining operations in a European context”.

Source: Mining Weekly

High-grade strike for Adriatic near cornerstone Bosnian deposit

Aspiring Balkans precious and base metals producer Adriatic Metals has chalked up a high-grade, multi-metals hit from step-out diamond drilling at its Vares silver-zinc-lead project in Bosnia and Herzegovina. The company produced a cracking intersection near its keystone Rupice underground deposit at the developing Vares project of 21.1 metres at grades going 296 grams per tonne silver, 5.46 per cent zinc, 3.7 per cent lead, 1.22 g/t gold and 0.18 per cent copper from 338.6m depth.

London-based multi-listed Adriatic says the sterling drill numbers culminate in a silver-grade equivalent of 576 g/t.

The diamond hole was put down about 80m north-west of the north-western limits of the existing estimated Rupice mineral resource.

It also featured a higher-grade core of 6.8m at grades averaging 387 g/t silver, 6.2 per cent zinc, 4.22 per cent lead, 0.75 g/t gold and 0.18 per cent copper from 339.2m.

Latest published probable reserves for Rupice stand at 8.41 million tonnes at average grades of 179 g/t silver, 1.66 g/t gold, 5.04 per cent zinc, 3.18 per cent lead and 0.55 per cent copper.

Corresponding contained metal totals for the ore reserves are 48.4 million ounces of silver, 450,000 ounces of gold, 420,000 tonnes of zinc, 270,000t of lead and 50,000t of copper.

Rupice’s underground reserves represent a high resource-to-mineable ore reserves conversion ratio.

The indicated and inferred mineral resource estimate for Rupice weighs in at 12 million tonnes at 149 g/t silver, 1.4 g/t gold, 4.1 per cent zinc, 2.6 per cent lead and 0.5 per cent copper for 58 million ounces of contained silver, 526,000 ounces of gold, 488,000 tonnes of zinc, 312,000 tonnes of lead and 56,000 tonnes of copper.

We have known for some time that Rupice is open along strike to the north-west, as well as down dip in the southern part of the orebody. We have not had the resources until recently to test those extents, due to resource and reserve definition (and) geotechnical drilling commitments.

According to Adriatic management, Rupice’s mineralisation now seems to extend further north-west than originally thought.

However, the company says it is yet to determine whether the step-out mineralisation encountered in the drilling work is an extension of the previously defined Rupice orebody or a separate ore zone.

Adriatic describes the stand-out drill interval as a sulphide breccia, which it says is akin to the characteristics of Rupice’s primary mineralisation-style.

Last month trading kicked off in Adriatic’s stock on the New York-headquartered OTC Markets Group’s premier OTCQX Best Market as the company looks to broaden its exposure to North American punters.

Already listed on the Australian Securities Exchange and London Stock Exchange, Adriatic’s transition to the OTCQX Best Market comes after it traded on OTC Markets’ Pink Open Market for just over 12 months.

The $635 million market-capped company’s share price has been threatening 52-week highs in the past couple of weeks.

Adriatic also recently reached another major milestone, having been granted an all-important exploitation or mining permit for Rupice.

Clinching the mining permit from Bosnia and Herzegovina’s Federal Ministry for Energy, Mining and Industry puts the company on course to begin the main construction stage at Vares later this year.

Adriatic aims to deliver a definitive feasibility study or “DFS” on Vares shortly.

An “exceptional” pre-feasibility study that the company unveiled about 10 months ago pointed to an average EBITDA of US$251 million per annum for the first five years of forecast metal concentrate production.

Concurrent with the well-advanced DFS, Adriatic says it intends cranking up exploration activity across its large mineral concession package including a budgeted £6.8 million drilling program at Rupice.

Mr Cronin said: “In case of continuing extensions to the north-west (at Rupice), we have made an application to extend our concession area boundary further in this direction. The ongoing focus of the 2021 program is to continue systematically exploring around Rupice, with further step-out and infill drilling planned”.

Adriatic mining permit opens way for Vares project in Bosnia

Adriatic Metal’s pre-feasibility study or “PFS” on Vares released last year shows the reserves sustaining production for an initial 14-year life of mine, with concentrate output for the first five years of operations averaging 15.3 million ounces of silver-equivalent per annum based on plant ore throughput of 800,000 tonnes per annum.

Balkans polymetallic project developer Adriatic Metals has successfully cleared the final major regulatory approval hurdle that now opens the way for it to start construction of its proposed Vares silver-zinc-lead mining and processing operation in Bosnia and Herzegovina later in the year. The London-based company, which is also listed on the London Stock Exchange, says it clinched the all-important exploitation, or mining, permit for the project’s cornerstone Rupice underground deposit from the country’s Federal Ministry for Energy, Mining and Industry following a public hearing in Vares earlier this month.

It caps off a remarkable turnaround time by Adriatic of just over four years between “discovery” of Vares and the project being fully permitted. Rupice underpins the proposed Vares development, which has a current forecast capital cost of US$173 million.

Latest stated probable ore reserves for Vares’ Rupice underground and Veovaca open-pit deposits stand at 11.12 million tonnes at average grades of 149.6 grams per tonne silver, 1.28 g/t gold, 4.22 per cent zinc, 2.67 per cent lead and 0.43 per cent copper.

Of the overall reserves, the Rupice deposit accounts for 8.41Mt grading an average 179 g/t silver, 1.66 g/t gold, 5.04 per cent zinc, 3.18 per cent lead and 0.55 per cent copper.

That equates to 48.4 million ounces of contained silver, 450,000 ounces of gold, 420,000 tonnes of zinc, 270,000t of lead and 50,000t of copper – out of the Vares reserves contained metal content totals of 53.5 million ounces of silver, 460,000 ounces of gold, 470,000t of zinc, 300,000t of lead and 50,000t of copper.

For the main Vares construction stage to be allowed to go ahead, Adriatic needed the exploitation licences for both the Rupice underground and Veovaca open-pit deposits, with the latter including permitting covering the proposed Vares processing plant.

Rupice is situated about 12km west-north-west of Veovaca. The $540 million market-cap company, which received the Veovaca exploitation permit about six months ago, says the Rupice permit represents the last of the key regulatory approvals.

Timing of permitting approvals for the two deposits varied due to Rupice being a greenfields deposit and Veovaca a brownfields site. Management envisages construction at Vares commencing in earnest some time during the December quarter this year after delivery of a definitive feasibility study and an environmental and social impact assessment in coming weeks.

Vares, centred around the town of Vares about 50 minutes’ drive from the Bosnia and Herzegovina capital, Sarajevo, is perched in a mountainous area of widespread forests and meadows.

Veovaca is a historic open-cut mine that produced lead, zinc and barite concentrates and ceased operations 33 years ago. Adriatic plans to build most of the processing plant and associated infrastructure at the brownfield Veovaca mine site and to carry out underground mining and partial tailings backfilling at Rupice.

Economic estimates in the PFS featured a sterling average EBITDA of about US$251 million per annum for the first five years of metal concentrate production, a net present value for the project of US$1.04 billion and an internal rate of return of 113 per cent. All-in sustaining costs for Vares across the initial mine life have been extrapolated to average $US120 per tonne milled and the capital cost payback period from production start-up has been put at an eye-catching 1.2 years.

Source: thewest.com.au

Adriatic Metals’ silver project in Bosnia got the key approval

Adriatic Metals is focused on the development of the 100%-owned, Vares high-grade silver project in Bosnia and Herzegovina.

Federal Ministry of Environment and Tourism of Bosnia and Herzegovina has issued a positive Record of Decision for the Rupice Environmental Permit (RoD), one of the key approvals required for the issue of the Exploitation Permit, Adriatic Metals announced. The company said that the RoD was received following the submission of an Environmental Impact Assessment, prepared by Adriatic in accordance with the Federal Mining Code, reviewed by a five-member expert committee and presented to a public hearing in August 2020.

CEO and Managing Director Paul Cronin commented, “The receipt of the RoD is another major step forward in the permitting of the Vares project, and when coupled with the recent issuance of the Veovaca Exploitation Permit, clearly demonstrates the team’s ability to permit a mine in BiH. We continue to enjoy the strong support of both our local community in Vares and the government of BiH. We look forward to building this highly profitable mine in Q3-2021, whilst continuing to grow our resources around Vares, and advance our exciting project at Raska. This will be a defining year for our young and ambitious company”.

Source: kitco.com

Adriatic Metals’ Veovaca project in Bosnia received exploitation permit

The Veovaca project is located near Vares in Bosnia-Herzegovina, 50 km north of the capital, Sarajevo. Adriatic Metals has received an exploitation permit for this project and the permit, issued by the Federal Ministry for Energy, Mining and Industry, initiates the project’s formal exploitation period, valid for 30 years.

“This is a major permitting achievement that has been realised through close cooperation between Adriatic’s BiH [Bosnia-Herzegovina] team and the significant number of governmental and commercial stakeholders involved in the process, as well as the local community in Vares,” Paul Cronin, Adriatic’s managing director and CEO, stated in a press release.

The permit will allow Adriatic to complete detailed engineering work for the Veovaca open pit mine, flotation plant, and tailings management facility, and the company plans to start construction in the third quarter of 2021.   The company is still waiting to submit an application for an exploitation permit for its Rupice underground project, 12 km northwest of Vares. It will submit that application once it receives its environmental and urban planning permits for the project, which it hopes will be approved in the second quarter.

Veovaca and Rupice are past-producing polymetallic deposits that form part of the company’s flagship Vares project, which it acquired out of bankruptcy proceedings in 2017 for US$760,000.

In October 2020, a prefeasibility study for Vares envisioned a mine producing 8,000 tonnes of mineralized materially annually with average production of 15.3 million oz. of silver equivalent per year for the first five years of a 14-year mine life at average all-in sustaining costs of US$120 per tonne of milled material. Initial pre-production capex was pegged at US$173 million, and the study estimated an after-tax payback period of just over one year. The PFS forecast an after-tax net present value of US$1.04 billion, at an 8% discount rate, and an after-tax internal rate of return of 113%. The study used metal prices of US$1,900 per oz. of gold, US$24 per oz. of silver, US$2,500 per tonne of zinc, US$2,000 per tonne of lead, US$6,500 per tonne of copper, US$150 per tonne of barium sulphate, and US$6,500 per tonne of antimony.

Alexander Pearce, a mining analyst at BMO Capital Markets, has a price target of A$2.40 per share. (At presstime the company was trading at A$2.18 per share.)

“Adriatic has got off to a strong start in 2021, delivering continued progress at its flagship Vares project as well as exploration success at Raska,” he wrote in a research note to clients. “With Veovaca receiving its exploitation permit, attention turns to Rupice with its equivalent exploitation permit expected in Q2 2021. Further, with the Vares project DFS [definitive feasibility study] also expected in `Q3, 2021 remains a significant year for catalysts for Adriatic as it transitions from explorer to developer.”

On Jan. 26, the company released drill results from a brownfield project it owns in southwestern Serbia’s Raska district: the Kizevak-Sastavci zinc-lead-silver project, which consists of two past-producing mines. The company picked up the project in May 2020 when it acquired Tethyan Resource for US$10 million in an all-share deal.

Sixteen of the holes were drilled at Kizevak and three holes at Sastavci, about 3.5 km away. Highlights from Kizevak included drill hole KZDD-030, which cut 38 metres of 2.7% zinc, 2.2% lead, 30 grams silver per tonne and 0.6 gram gold per tonne starting from 100 metres. Another hole, KZDD-025, discovered a new, mineralized sub-parallel structure from surface, about 100 metres northeast of the mineralized trend, and returned 29 metres of 2.6% zinc, 1.2% lead, 15 grams silver starting from 2 metres downhole, including 15 metres of 4.3% zinc, 1.9% lead, and 24 grams silver.

At Sastavci, drill hole SSDD-003 cut 27.7 metres of 3.1% zinc, 1.3% lead, 22 grams silver, 0.5 gram gold from 13 metres downhole, while SSDD-004 cut 45 metres of 3.3% zinc, 1.0% lead, 17 grams silver and 0.2 gram gold from 17 metres.

Source: northernminer.com

Adriatic Metals got approvals for silver project Vares in Bosnia

“I am very pleased that this key exploitation permitting step has been achieved through close co-operation between Adriatic’s Bosnia and Herzegovina team and the significant number of government and commercial stakeholders involved in the process. It clearly demonstrates the strong support we have from all levels of government in Bosnia and Herzegovina”, said Adriatic Metals Managing Director, Paul Cronin.

ASX and London-listed aspiring Balkans polymetallic project developer, Adriatic Metals, continues to successfully navigate penultimate regulatory approvals on the pathway to development of its flagship Vares silver-lead-zinc project in Bosnia and Herzegovina. Leveraging its first-mover advantage in Bosnia and Herzegovina, Adriatic is rapidly advancing the Vares project into the development phase. To that end, the company confirms it has secured the urban planning permit for the Vares project site designated to take in open-cut mining, processing plant and tailings areas at Veovaca.

Securing the permit from the country’s Government has been a complex, multifaceted process, the company says. However, it now paves the way for Adriatic to seek the final approvals needed to allow it to proceed with building the proposed Vares project, which has a forecast CAPEX of US$173 million. The company got a big vote of confidence in the urban planning application process, receiving positive feedback on the project from all significant government stakeholders as well as key commercial service providers. Having obtained the necessary urban planning, environmental and other permits, Adriatic says it plans to immediately apply to the Federal Ministry of Energy, Mines and Infrastructure for the all-important exploitation or mining permit. For the Vares project site of Rupice, the company has also received a preliminary water permit for the area designated to take in the proposed underground mine and associated infrastructure. The water permit is a forerunner to the Rupice environmental permit, which is under final review following the completion of the public hearing.

Adriatic unveiled what it describes as “captivating economics” in the recently released bumper pre-feasibility study, or “PFS” on the proposed development of Vares. The impressive PFS financials include an estimated after-tax net present value of US$1.04 billion, an internal rate of return of 113 per cent, an EBITDA of US$251 million per annum in the first five years of production and a project capital payback period of a little over a year. Overall probable ore reserves for Vares – at the Rupice and Veovaca deposits – currently stand at of 11.13 million tonnes going 150 grams per tonne silver, 1.28 g/t gold, 4.22 per cent zinc, 2.67 per cent lead and 0.43 per cent copper. Of the total reserves, Rupice speaks for 8.41 million tonnes grading 179 g/t silver, 1.66 g/t gold, 5.04 per cent zinc, 3.18 per cent lead and 0.55 per cent copper. According to the PFS, the reserves are expected to sustain mining and processing operations at Vares for an initial 14 years, with silver and gold accounting for 45.3 per cent of projected concentrate revenues totalling a massive US$3.29 billion across the 14-year life of mine. Spurred by the cracking PFS, Adriatic says work on the definitive feasibility study is under way.

Source: thewest.com.au

Adriatic’s Vares silver-led-zinc project in Bosnia and Herzegovina

Adriatic’s Vares silver-lead-zinc project is located in central Bosnia and Herzegovina some 50km north of the capital Sarajevo. It occupies a strategic position over the established Vares mining district, taking in a number of historical mines and prospects including the high-grade silver mines at Rupice and Veovaca.

After successfully identifying and drilling a number of extraordinary, multi-commodity mineral deposits in Bosnia, Adriatic Metals has moved to lock up the wider mineral province around its key project areas. The company has now more than quadrupled the size of its ground holdings in the region and locked up most of the 25km long metal rich terrane. Adriatic’s five concession areas now cover more than 4,000 hectares and take in the Veovaca and Rupice silver ore bodies in addition to eight other prospect areas.

By any measure Adriatic has seen a meteoric rise since listing on the ASX just a couple of years ago at 20c. Its 60 and 70m long drill intersections that are littered with almost every known commodity – at commercial grades – have propelled the company’s share price to around $2.80 since then.

“Our focus now will be to continue to identify the right structural, lithological and geo-chemical conditions that resulted in the high grade Rupice silver deposit and explore for possible repeats of that mineralisation in the new concession area.”

The Vares mineral field is an east-west trending sedimentary basin that covers around 25km of strike surrounding the regional centre of Vares. The region has a mining history that dates back to the 13th century and historically boasted the largest iron ore mine in Yugoslavia immediately adjacent to the town at Smreka, which in the 1980s, produced around 1Mta of siderite-limonite iron ores to feed the nearby foundry at Zenica.

The ore bodies scattered throughout the Vares mineral field are interpreted to be sedimentary-exhalative, or ‘SEDEX’ style deposits and produce a range of mineralisation styles from siderite-limonite iron ore deposits through to silver-lead-zinc deposits similar to the company’s Rupice discovery.

Globally SEDEX deposits are of considerable economic significance and include the massive Zambian Copperbelt deposits in Africa. They were also the precursors to the world-class Carlin-type gold deposits in the United States. SEDEX deposits typically occur in clusters and, with right structural architecture in place, can develop into ore systems of colossal proportions – a message that appears not to have been lost on Adriatic market followers who have already propelled the company to a market cap of over $400m.

Adriatic has recently finalised an application with the local regional Government approving a significant expansion of the company’s mining concessions. Adriatic’s new concession areas expand the company’s ground holdings in the region from 868 hectares to over 4,000 hectares, covering two key project areas – the Rupice-Semizova Ponikva area west of the town of Vares and the Brezik-Vares East project, east of the town. These new areas lie along strike from the company’s high-grade silver-lead-zinc deposits in the region and will become priority target areas as Adriatic works to complete its feasibility studies over the Rupice and Veovaca deposits and begin to expand its resource inventory in the region. The company’s regional exploration program over its expanded Vares ground holding is already underway, with the historical exploration and mining data currently being collated and airborne geophysics planned over the wider concessional area.

Several areas within the new tenure present as targets for immediate follow up including the Brezik concession east of Vares. Brezik hosts two historical iron ore mines at Brezik and Droskovac. Droskovac also hosts a residual lead-zinc deposit that weighs in at 900,000 tonnes at 3.9 per cent combined lead and zinc. This deposit was discovered in the 1980s and has yet to be followed up with modern exploration.

Historical exploration at Vares East, adjacent to the company’s Veovaca deposit area, has identified a host of copper and barite rich targets along strike from the deposit. The Barice target has returned some enticing rock chip samples at up to 23 per cent copper and 54 g/t silver, whilst sampling in trenches at the Grubanovici, Ljevaci and Debele Mede prospects has produced samples grading up to an incredible 89 per cent barite – interestingly, these projects have not been explored since the 1960s.

Work on Adriatic’s pre-feasibility for the Rupice and Veovaca silver-lead-zinc deposits continues in the wake of this week’s resource update for Rupice with results expected in the coming weeks.

With an expanded playing field, two potential mining operations moving through feasibility and a wealth of new targets, Adriatic looks well positioned to take full advantage of a booming metals market and its trail-blazing position in the Balkans.

Source: thewest.com.au

Eastern Mining Company step closer to Exploitation Permit in Bosnia and Herzegovina

Eastern Mining is exploration and development company owned by British company Adriatic Metals. The company is step closer to receiving the Exploitation Permit, as The Federal Ministry of Environment and Tourism has given a positive Record of Decision for an Environmental permit. The Permit has been awarded following the submission of an Environmental Impact Assessment, which Eastern Mining prepared in accordance with legal provisions, a review by a five-member expert committee and a public hearing.

Along with the environmental permit for the Veovaca mine, plant and tailings facility, Eastern Mining has also received a Preliminary Water Permit and Environmental Permit for the demolition of the historic Veovaca Plant site, and Preliminary Water Permits covering the Veovaca Mine, Plant and Tailings Storage Facility, including an accumulation pond for excess water capture.

“The receipt of the Environmental Permit is a major step forward in the permitting of the Vareš Project, and despite all the challenges being presented to the government in the current COVID-19 crisis, demonstrates the Bosnian Government’s willingness to advance the project as quickly as possible. We continue to appreciate the consultative and cooperative approach of the various branches of government in Bosnia and look forward to the continual advancement of the Vareš Project”, underlined Miloš Bošnjaković, general director of Eastern Mining.

The next step for Eastern Mining will be to submit an application for an Urban Planning Permit to the Federal Ministry for Spatial Planning. This application requires approvals from nine different utility and community service companies to be submitted. These approvals have been obtained. Upon receiving the Urban Planning Permit, the application for Exploitation will be made to the Federal Ministry for Energy, Mining & Industry. As part of the approval procedure, the Ministry will hold a public hearing in Vareš, where members of the public can comment on the application, and if necessary, the Company is given an opportunity to respond.

Eastern Mining d.o.o. is a Bosnian-Herzegovinian exploration and development company, owned by British company Adriatic Metals. The primary goal of the company is focused on the exploration and exploitation of ore in Vareš county. The focus of activities in 2020 will be on further geological research in the current concession area as well as the wider regional area, with the aim of increasing the confirmed ore reserves and extending the life expectancy of the new mine. According to the current plan, the opening of the mine and the beginning of production is planned for 2022.

Source: sarajevotimes.com

Adriatic received one of the key approvals required for Exploitation Permit in Bosnia

Adriatic has already received approval from a total of nine different utility and community service companies for its project, which should expedite the approval of the Urban Planning Permit. After navigating a plethora of Bosnian statutory approval labyrinths, Adriatic Metals is nearing the end of the maze after receiving a coveted and positive “record of decision”, or “RoD” from the Federal Ministry of Environment and Tourism for its Veovaca Environmental Permit which is one of the key approvals required for an Exploitation Permit to be finally issued. The company said the RoD is final and cannot be challenged, which means that the Exploitation Permit theoretically should be forthcoming soon.

Whilst keeping its foot on the gas amid operational delays felt as a consequence of the Coronavirus, Adriatic said it has received a Preliminary Water Permit and Environmental Permit for the demolition of the historic Veovaca Plant site and Preliminary Water Permits covering the Veovaca Mine, Plant and Tailings Storage Facility, including a pond for capturing excess water.

The Federal Ministry of Environment and Tourism now has 30 days to issue the Environmental Permit for Veoveca and Adriatic can then contionue along the statutory process route and make a submission for an Urban Planning Permit of the Federal Ministry for Spatial Planning.

The Urban Planning permit is the final application for Exploitation and can be made to the Federal Ministry for Energy, Mining and Industry.

With another binder of paperwork stamped and a significant milestone passed, Adriatic is now moving at pace towards mining its extraordinary multi-metals play in Bosnia.

Adriatic CEO and Managing Director, Paul Cronin said: “The receipt of the RoD is a major step forward in the permitting of Vares Project, and despite all the challenges being presented to the government in the current COVID-19 crisis, demonstrates the Bosnian Government’s willingness to advance the project as quickly as possible. We continue to appreciate the consultative and cooperative approach of the various branches of government in Bosnia and look forward to the continual advancement of the Vares Project”.

“As part of the approval procedure, the Ministry will hold a public hearing in Vares, where members of the public can comment on the application, and if necessary, the Company is given and opportunity to respond”.

Source: businessnews.com