Adriatic Metals Progresses On Exploration Permit For Veovaca Site

(Alliance News) - Adriatic Metals PLC on Thursday said the Federal Ministry of Environment & Tourism has issued a positive decision to Eastern Mining doo for the Veovaca environmental permit.

Eastern Mining is a subsidiary of Adriatic Metals.

The exploration and development company explained that the environmental permit is one of the key approvals required for the issue of the exploitation permit.

The decision was received following the submission of an environmental impact assessment, Adriatic Metals noted.

In addition to this decision, Eastern Mining has also received a preliminary water permit and environmental permit for the demolition of the historic Veovaca plant site, a part of Vares project in Bosnia & Herzegovina.

It has also secured a preliminary water permits covering the Veovaca mine, plant and tailings storage facility, including an accumulation pond for excess water capture.

The environmental permit is required to be issued within 30 days from the date of the issue of the decision, at which point Adriatic will submit an application for an urban planning permit to the Federal Ministry for spatial planning.

Upon receiving the urban planning permit, the application for exploitation will be made to the Federal Ministry for Energy, Mining & Industry, Adriatic Metals explained.

"The receipt of the record of decision is a major step forward in the permitting of the Vares project, and despite all the challenges being presented to government in the current Covid-19 crisis, demonstrates the Bosnian government's willingness to advance the project as quickly as possible," said Chief Executive & Managing Director Paul Cronin.

"We continue to appreciate the consultative and cooperative approach of the various branches of government in Bosnia and look forward to the continual advancement of the Vares project," added Cronin.

Adriatic Metals shares closed 2.3% lower in London on Friday at 60.36 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

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