Current estimated Value of Mine in Vares is One Million Dollars

August 27, 2020 6:30 PM

The current estimated value of the total project of the mine in Vares, as announced by the company “Adriatic Metals”, is a staggering 916 million dollars. This information raised the value of the company’s shares on the Australian stock exchange, Avaz news portal reports.

Based on previous research at the Rupica and Veovaca sites, it has been determined that 1.01 grams of gold and 120 grams of silver can be found per ton of excavated material.

Research has also shown that a ton of material is likely to contain 3.5 percent zinc, 2.2 percent lead, 0.3 percent copper and as much as 23.2 percent barite ore, which was a priority of the company’s research.

It is also estimated that in 2022, when the start of exploitation is planned, the company’s earnings of around 25 million dollars are planned.

The total value of the excavation operation per ton will be $ 56.67.

The company “Adriatic Metals” predicts that eight months will pass from the beginning of the exploitation of materials to the first profit.

Mirza Ganic, the Prime Minister of Zenica-Doboj Canton, told “Avaz” that this is a big story and that so far the Ministry of Economy has responded positively to all the company’s requests.

“We have good cooperation, we are in constant contact. This project is a positive story for ZDC, but also for the whole of BiH. If it comes to life at full capacity, we will all benefit, primarily the local community, because, according to the law on concessions, most of the funds, 70 percent, remain in Vares, which is currently poorly developed. This would accelerate its development,” states Ganic.

“Earlier, the problem was the introduction to the research, for which an enormous fee was paid. When it was realized that the payment of the first fees until the ore is found slows down the development of investments in that part of the research, the Ministry decided to lower the amount of fees so that people could further explore. If the results were encouraging, then a concession would be charged,” Ganic explains.

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