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19/07/2024
Mining News

Bosnia’s Golden Opportunity: New Mine Expected to Drive Economic Growth by Billions

Bosnia and Herzegovina is on the brink of an economic surge with the inauguration of a colossal gold mine, anticipated to export gold valued at approximately five billion euros.

This major initiative is expected to generate 300 immediate job opportunities at the mining site, potentially expanding to an additional 2,500 roles in ancillary sectors.

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Mining operations are scheduled to begin in late January in the central Bosnian town of Vareš, a region historically plagued by post-war neglect and depopulation. The project, involving an investment of over 200 million euros, is set to revitalize the local economy and community.

Paul Cronin, director of Adriatic Metals BH, shared his enthusiasm about the project’s prospects. “We’re at the forefront of technological advancement. From January 24th, we’ll start ore extraction, scaling up to reach a monthly target of 65 tons by July,” he stated in an interview with Sarajevo’s ‘Oslobođenje’.

Adriatic Metals BH, awarded a concession for mining in the Vareš area, is revitalizing a region historically recognized for its extensive iron ore mines, the largest in the Balkans, with a rich history dating back to ancient times.

Under Austro-Hungarian dominion, Vareš evolved into a pivotal industrial hub, a status it maintained throughout the Yugoslavian periods. In the era of the SFRY, the area contributed significantly to the economy, with annual ore extractions reaching up to three million tons, primarily feeding the local industries and the Zenica steelworks.

With an investment exceeding 450 million convertible marks, around 230 million euros, Adriatic Metals BH aims to resurrect Vareš’s industrial glory. By 2050, the company projects to have produced and sold zinc and lead, valued at over five billion euros, significantly contributing to Bosnia and Herzegovina’s economy.

 

Source: CorD

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