EBRD Buys Stake in Adriatic Metals
The European Bank for Reconstruction and Development has acquired a 2.62 per cent stake in Adriatic Metals PLC to support development of the Vareš silver
project in Bosnia and Herzegovina. The Bank’s investment of GBP 6.2 million will be used to finance the transition from exploration to mine development. The brownfield site is located in Vareš, a traditional mining community in the Zenica-Doboj canton of Bosnia and Herzegovina. Despite a long tradition in mining, Bosnia and Herzegovina has not attracted foreign direct investment in the mining sector over the past two decades. Development of the mine therefore has strong support locally as it is expected to create much-needed employment opportunities.
The region’s mineral sector will benefit from Adriatic Metals’ introduction of modern exploration methods and project management, with a strong focus on environmental, social, and health and safety practices. The company has committed itself to the highest environmental and social standards.