EBRD to acquire stake in Vareš silver project owner Adriatic Metals
The European Bank for Reconstruction and Development (EBRD) has acquired a stake of 2.62% in UK-based Adriatic Metals for €6.62 million to support development of the latter’s Vareš silver project in Bosnia and Herzegovina.
The bank’s investment will be used for financing the transition from exploration to mine development.
The Vareš silver project is located at a brownfield site in Vareš, a traditional mining community in the Zenica-Doboj canton.
According to EBRD, in spite of a long tradition in mining, Bosnia and Herzegovina could not attract foreign direct investment in the mining sector in the last 20 years.
EBRD further said that the development of the Vareš silver project has strong support in the country as it is anticipated to generated much-needed jobs.
Eric Rasmussen – EBRD Head of Natural Resources said: “We are pleased that the EBRD will become a shareholder in Adriatic Mining. The company’s’ responsible mining operations set a good example for the industry in Bosnia and Herzegovina.”
EBRD to acquire stake in Vareš silver project owner Adriatic Metals. Photo courtesy of European Bank for Reconstruction and Development.
Adriatic Metals is expected to introduce modern exploration methods and project management, which will benefit the mineral sector of the region.
Paul Cronin – CEO of Adriatic Metals said: “There are significant opportunities in Bosnia & Herzegovina for Adriatic’s environmental & social standards to set new benchmarks, and with this investment from EBRD, both our balance sheet and our resolve are strengthened by a new partner, who shares our values and our vision.”