Adriatic Metals opens silver mine in Bosnia and Herzegovina

Adriatic Metals marked the grand opening of the Vares Project in Bosnia and Herzegovina on 5 March 2024. The official opening event took place at the Vares Processing Plant and was attended by Nermin Niksic, Prime Minister of the Federation of Bosnia and Herzegovina, Zdravko Marosevic, Mayor of Vares, and other key dignitaries.

Following an exploration and development investment of USD 250 million, Adriatic Metals produced the first silver/lead concentrate and zinc concentrate from the newly constructed Vares Processing Plant on 27 February 2024. The Rupice Mine, from which the ore is sourced, commenced mining in July 2023. The company will now focus on plant optimisation and ramp up to consistent production and is scheduled to reach nameplate capacity of 800 000 tonnes per annum in Q4 2024.

The Vares Project was designed and constructed using the latest technology from the leading suppliers and manufacturers in the industry, such as Glencore Technologies, Metso-Outotec and Weir. The silver-lead-zinc mine was completed using local employees, Bosnian suppliers and operates to the highest ESG standards.

“I am delighted to celebrate this momentous occasion with the team who helped deliver this project. I would like to acknowledge all those who have made this project possible – from first exploration drill hole to first concentrate production in under seven years is truly a fantastic achievement”, said Paul Cronin, CEO of Adriatic Metals.

The Vares Project is the latest metals mine to open in Europe. The project paves the way for a culture of sustainable mining in the region, supported by local communities and government. Adriatic discovered the high-grade Rupice mine in 2017 and has gone through exploration, permitting, funding and construction of the Vares Project during a period that was subject to the COVID-19 pandemic, high inflation and a tight labour market.

Photos: Adriatic Metals