The European Bank for Reconstruction and Development (EBRD) said on October 27 it has acquired a 2.62% stake in the silver mining project developer Adriatic Metals PLC for €6.62mn to support the development of the Vares silver project.
The sum will be used to finance the transition from exploration to mine development, the EBRD said in the statement.
“The brownfield site is located in Vares, 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 statement noted.
“We are pleased that the EBRD will become a shareholder in Adriatic Mining. The company’s’ responsible mining operations set a good example for the industry in Bosnia & Herzegovina," commented Eric Rasmussen, EBRD head of natural resources.
"There are significant opportunities in Bosnia & Herzegovina for Adriatic's environmental & social standards to set new benchmarks, and with this investment from EBRD, both our balance sheet and our resolve are strengthened by a new partner, who shares our values and our vision," said Adriatic Metals CEO Paul Cronin according to the press release.
So far, the EBRD has invested more than €2.6bn in 183 projects in Bosnia.