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Adriatic plans 2022 start at Bosnia-Herzegovina precious, base metals mine

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Adriatic plans 2022 start at Bosnia-Herzegovina precious, base metals mine

London — Adriatic Metals, a junior mining company listed on the Australian Securities Exchange (ASX) and seeking a London listing, expects to start production in 2022 at a polymetallic mine in Bosnia-Herzegovina, a company spokeswoman said Wednesday.

Adriatic is likely to produce a predominately silver concentrate and a zinc concentrate, for sale to European and Chinese smelters, the spokeswoman told S&P Global Platts.

The Rupice and Veovaca high-grade polymetallic projects are expected to give the company a revenue mix of approximately 25% silver, 25% zinc, 20% gold, 10% barite, 10% lead and 10% copper. The projects, partly at an existing open-pit mine site, have combined updated mineral resources measured at 16.8 million mt.

UK-based Adriatic Metals has a market cap of roughly A$165 million ($113.49 million) and is seeking a secondary listing on the main list of the London Stock Exchange

The company expects to announce the results of a scoping study by the end of this year and use funds from a recent $25 million placement to fund a bankable feasibility study which is expected to be completed at the end of 2020.

Construction would start in 2021 with a view of production in 2022, the spokeswoman said.

Adriatic is pursuing a London listing as it has received interest from investors in the UK and Europe, she said.

-- Diana Kinch, newsdesk@spglobal.com

-- Edited by Richard Rubin, newsdesk@spglobal.com