Vares silver project, Bosnia and Herzegovina
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Name of the Project
Vares silver project.
Location
Adriatic Metals.
Project Owner/s
The project is located in Bosnia and Herzegovina.
Project Description
Vares comprises the Rupice and Veovaca deposits and has probable reserves of 11.12-million tonnes at 150 g/t silver, 1.28 g/t gold, 4.22% zinc and 2.67% lead.
The project is expected to produce 137.26-million ounces of silver equivalent over a 14-year mine life.
The primary access to the proposed Rupice underground deposit will be through two parallel declines developed from surface. The mine proposes a mechanised longhole blast-hole retreat method for stoping and trackless equipment for transport.
At the Veovaca openpit operation, mining will be conducted by conventional openpit methods, including drill-and-blast, followed by load-and-haul.
Mineralisation at Rupice and Veovaca deposits are amenable to concentration through sequential flotation circuits, producing saleable bulk (copper/lead), zinc, pyrite and barite concentrates. The plant has been designed to accept a maximum throughput of 800 000 t/y.
Potential Job Creation
Not stated.
Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of $1.04-billion and an internal rate of return of 113%, with a payback from first production of 1.2 years.
Capital Expenditure
Preproduction capital is estimated at $173-million.
Planned Start/End Date
Based on the positive outcome of the prefeasibility study, work is expected to start immediately on the definitive feasibility study.
Latest Developments
Development approvals and investment permits for the project are being sought from the relevant Bosnian authorities.
Key Contracts, Suppliers and Consultants
Axe Valley (ore reserve estimate).
Contact Details for Project Information
Adriatic Metals, tel +44 207 993 0066.
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