| Project Detail |
The EBRD has subscribed to 2.6 percent of the share capital of Adriatic Metals PLC with an investment of GBP 6.2 million (EUR 6.84 million). The Banks financing will support the company to transition its operation from exploration to mine development. The proceeds from the Banks equity subscription will fund engineering and economic studies to complete a Bankable Feasibility Study (BFS) and associated pre-development cost in H12021 for mining the Vareš mineral deposit, located in the Zenica-Doboj canton, which has a history of minerals exploitation for more than a century.
Project Objectives
In spite of its long exploration history and investor outreach, BiH has struggled in the past two decades to attract investment into the mining sector. Adriatics project is an exceedingly rare foreign direct investment in mining and enjoys strong government support. There is also strong support from the Zenica-Doboj cantons communities because Adriatic will operate at the highest environmental and social standards and create new employment and business opportunities locally. Moreover, the regions mineral sector will benefit from Adriatic introducing modern exploration, project management and health and safety procedures.
The Banks financing in parallel with investment from renowned international mining financiers will fund pre-development and exploration works at the Vares project. |
