The ‘Adriatic Metals’ Group from Australia will invest BAM 20 million (around EUR 10 million) in gold exploration in the territory of Vares Municipality, said Head of this Municipality Zdravko Marosevic, who is optimistic about this announcement, saying they would not invest this much money unless there was something there.

“The company has earmarked BAM 20 million which they plan to invest in exploration of gold. The whole investment value gives us hope because one doesn’t invest money unless there are grounds for that,” Marosevic said. “We hope Vares will become a strong mining centre. Experts say this is a mega-project for Bosnia and Herzegovina. One can only imagine what it would mean for Vares Municipality.”

The exploration is performed at the Vares zinc and lead mine which was bought by the ‘Adriatic Metals’ Group.

Marosevic adds that miners are performing tests on the existing as well as new sites. After the exploration ends, the Bor Mining Institute from Serbia will submit its report on whether mining operations should continue or not.  

(EUR 1 = BAM 1.95583)