March 6 (SeeNews) - UK-based Adriatic Metals said on Wednesday it officially launched the Vares silver project in Bosnia and Herzegovina on March 5, an investment valued at $250 million (230.2 million euro).
The grand opening follows the production of the first silver/lead concentrate and zinc concentrate from the newly constructed Vares Processing Plant on February 27, Adriatic Metals said in a press release.
The Rupice Mine, from which the ore is sourced, commenced mining in July 2023. The Vares silver project encompasses another polymetallic deposit, Veovaca.
Adriatic Metals added it will focus on plant optimisation and scaling up production to achieve a consistent output, aiming to reach nameplate capacity of 800,000 tonnes per annum in the fourth quarter of 2024.
Adriatic Metals, a base metals developer, has 255 employees in Bosnia as of January 2024. The company is also developing the Raska Zinc-Silver Project in Serbia.
($ = 0.921 euro)