Sandfire finds buyer for Adriatic shares

14th October 2021 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Copper miner Sandfire Resources has sold its interest in fellow-listed Adriatic Metals for A$97-million.

The company earlier this week flagged that it would divest of its 34.6-million CHESS depositary interests in Adriatic, which represents a 16% interest in that company, for a price of A$2.80 a share.

“This has been an excellent investment for Sandfire. However, given that our focus is firmly now on the MATSA operation in Spain, which we see as the backbone of our company moving forward, together with our exciting development and growth assets in the Kalahari copper belt, our holding in Adriatic is no longer a strategic asset for the company,” said Sandfire MD and CEO Karl Simich.

“Thanks to the excellent work of the Adriatic team over the past few years, the company has drilled out a substantial resource at the Vares silver project and delivered a high quality definitive feasibility study.

“As a result, Adriatic is now firmly on track to become the first publicly listed mining company in Bosnia and Herzegovina with permitting, offtake and project financing all well advanced.”

Adriatic earlier this week also unveiled a $244.5-million project finance package to fund the development of its Vares silver project, consisting of a $142-million debt financing package and a $102-million capital raise.