ASX-listed Adriatic Metals has officially opened the Vares silver and lead mine, in Bosnia and Herzegovina, with the newly constructed plant producing its first concentrate in late February.
The Rupice mine, from which the ore for the Vares processing plant is sourced, started mining in July last year.
Adriatic will now focus on plant optimisation and ramp up to consistent production, with nameplate capacity of 800 000 t/y set to be reached by year-end.
Commenting on the Vares milestone, Bosnia and Herzegovina Prime Minister Nermin Nikšić said that the new mine sent an important message to investors. “We are showing that successful investment is possible in the Federation of Bosnia and Herzegovina, and beyond.”
Adriatic is a first mover in modern mining in Bosnia and Herzegovina. The company 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.
The Vares project is the first producing asset in Adriatic’s portfolio of metals projects in Europe. The company’s vision is to become a significant player in the European mining industry.