Adriatic locks down debt for Vares
PERTH (miningweekly.com) – Dual-listed Adriatic Metals has completed a $142.5-million debt financing package with Orion Resource Partners as part of its funding solution to develop the Vares silver project, in Bosnia & Herzegovina.
The debt funding forms part of a greater $244.5-project financing package unveiled last year, and includes $120-million in senior secured debt and a $22.5-million copper stream.
“Adriatic Metals has entered a new phase with the Vares Silver project fully funded through to production. This significantly derisks the company and puts us in a strong position to become Europe’s next miner, providing the continent with locally sourced, strategic metals,” said Adriatic MD and CEO Paul Cronin.
“We are delighted to have Orion on board and believe it’s a strong validation of the potential of the Vares Silver project. Critical to achieving production at Vares is our social licence to operate, which we have secured by taking a responsible approach to developing and working towards the creation of a positive long-term legacy. Orion’s contribution to the Adriatic Foundation emphasises its alignment with our commitment to the community.”
First drawdown of the Orion debt package is expected in the second quarter of this year, following the satisfaction of conditions precedent.
A definitive feasibility study estimated that the project would require a capital investment of $168-million to develop, and could produce 14.9-million ounces a year of silver equivalent during the first five years of its ten-year mine life.
The study estimated that the project would have a post-tax net present value of $1.06-billion and an internal rate of return of 134%, with cash costs estimated at $7/oz of silver equivalent.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Iritron delivers advanced automation, control, and optimisation solutions to the Mining, Minerals & Metals, Consumer Package Goods and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
