British-based mineral exploration company Adriatic Metals plans to start production at its Vares Silver Project in central Bosnia in November, the first mine to open in Europe in over a decade, its CEO Paul Cronin said in an interview on Monday. Around 800 000 t of polymetallic ore will be dug annually from the mine, from which around 65 000 t of lead-silver concentrate and 90,000 tons of zinc concentrate is expected to be produced following the six-year exploration and a $200-million investment.
SARAJEVO - British-based mineral exploration company Adriatic Metals plans to start production at its Vares Silver Project in central Bosnia in November, the first mine to open in Europe in over a decade, its CEOAround 800 000 t of polymetallic ore will be dug annually from the mine, from which around 65 000 t of lead-silver concentrate and 90,000 tons of zinc concentrate is expected to be produced following the six-year exploration and a $200-million investment.
"This project grows Bosnia's GDP by 2%, that's a huge increase," Cronin told Reuters at the company's new offices in the Bosnian capital of Sarajevo. The company has spent $40-million on exploration so far and has been approved another $30 million to continue with it, Cronin said. After analysing environmental and health risks from the mine, the company decided to clean and rebuild an old mining plant, for which purpose it had to construct a 25-kilometre road connecting Vares with the town of Zenica, Cronin said.
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