Adriatic Metals discusses transition to mining operator of Rupice Mine at Vares project
April 22, 2024 at 07:52 am EDT
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Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) chief executive Paul Cronin tells Proactive's Stephen Gunnion the company has commenced the transition process to take over as the mining operator as it boosts productivity and sustainability at the Rupice Mine in Bosnia & and Herzegovina.
Following an Accelerated Development Action Plan (ADAP), Cronin said is taking operational control over the mine from Nova Mining and Construction, after acquiring equipment and inventory worth approximately $11 million. This strategic shift allows Adriatic Metals to directly manage and develop its local workforce and optimise cost by integrating local suppliers into its supply chain.
Additionally, the company has implemented new technologies and enhanced health and safety measures under the ADAP, aiming at reducing operational incidents and environmental impacts.
To support these changes, Adriatic Metals has secured a $25 million short-term loan facility from Orion Mining Fund for additional working capital. These steps are part of a broader effort to improve efficiency and position the mine as a catalyst for local economic development.
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Adriatic Metals PLC is a United Kingdom-based precious and base metals explorer and developer. The Company owns the Vares Project in Bosnia and Herzegovina, and the Raska Project in Serbia. The Companyâs flagship Vares Project is located in the municipality of Vares, within the Zenica-Doboj canton, approximately 50 kilometers (km) north of the Bosnian capital of Sarajevo. The Company conducts exploration activities, including definition drilling with diamond core drill rigs operating at each target. The Company holds the Kizevak and Sastavci exploration licenses relating to the Raska Project. Kizevak and Sastavci are two past-producing zinc, lead and silver open pit mines located within the Raska District. The Company, through its wholly owned subsidiary, Eastern Mining d.o.o., owns 100% of the 42 square kilometers (km2) Vares Project concession.