UK-based Adriatic Metals is set to commence mining operations at the Vares Silver Project in Bosnia and Herzegovina, an investment worth 450 million marka ($251.1 million/230.1 million euro), on January 24, local media reported.
The company plans to gradually increase production, aiming to achieve 65 tonnes per month, with expectations of reaching this milestone in July, news provider Oslobodjenje reported on Thursday, citing Paul Cronin, director of Adriatic Metals, as saying.
The company expects to export 10 billion marka worth of zinc and lead from the site by 2050, the report reads.
The Vares Silver Project comprises a open cut zinc/lead/barite and silver mine which contains two advanced exploration deposits, Veovaca and Rupice.
Adriatic Metals is a base metals developer that is advancing the Vares Silver Project in Bosnia and Herzegovina, as well as the Raska Zinc-Silver Project in Serbia.