Adriatic Metals ADT1.L, a British-based mining company, announced on Wednesday that it has achieved a significant milestone by producing the first concentrate at its Vares silver project located in central Bosnia.
Despite initial plans to commence production at the Vares mine in January, the company successfully produced the first concentrate on Tuesday. However, the official opening of the plant is scheduled for March, marking the culmination of six years of exploration efforts and a substantial investment of $200 million.
Moving forward, the project aims to gradually increase its processing capacity, with plans to reach approximately 65,000 metric tons per month by the fourth quarter of this year, according to the company’s statement.
To enhance production levels, Adriatic Metals intends to blend high-grade stockpiled ore with lower grade stockpiles, a strategy aimed at optimizing output.
Anticipating significant output, the company forecasts an annual extraction of around 800,000 tons of polymetallic ore from the Vares mine. This is expected to yield approximately 65,000 tons of lead-silver concentrate and 90,000 tons of zinc concentrate annually. The projected ore export revenue stands at approximately 800 million Bosnian marka ($444 million) per year.
