Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221030:nASX54CcgK
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The Vares Project 2021 Definitive Feasibility Study boasts robust economics of US$1,062 million post-tax NPV8, 134% post-tax IRR and a capex of US$168 million. Adriatic is the only publicly listed mining company in Bosnia and Herzegovina and is leveraging its first-mover advantage. The company is well-funded and concurrent with advancing the construction of the Vares Silver Project, continues to explore across its large, highly prospective 41km2 concession package.
https://www.proactiveinvestors.co.uk/LON:ADT1/Adriatic-Metals-PLC
Adriatic Metals PLC - exploration and development company with key projects in Bosnia & Herzegovina and Serbia - Says the Vares silver project in Bosnia & Herzegovina remains on schedule with the first concentrate production planned for the third quarter of 2023. Says half of the total project construction is now complete. As at November 21, completes 277 metres of Lower Decline and 177 metres of Upper Decline.
Expects final project cost estimate to remain unchanged at USD173 million. Estimated cash balance stands at USD44.4 million as at November 25. Says it retains sufficient working capital reserves and contingency of USD10 million.
Chief Executive Officer Paul Cronin says: "I am pleased to report that the Vares Project remains on schedule and on budget with first concentrate production planned for Q3 2023. Today the project passed a significant milestone with 50% of project construction now complete. In addition, with 76% of the total construction capital committed, we will continue to address any remaining inflationary and budget concerns."
I am pleased to report that the Vares Project remains on schedule and on budget with first concentrate production planned for Q3 2023. Today the Project passed a significant milestone with 50% of project construction now complete. In addition, with 76% of the total construction capital committed, we will continue to address any remaining inflationary and budget concerns.
"In addition to the successful Project development, we are also approaching completion of the year-long confirmation and definition drilling programme at Rupice with exploration drills continuing to step-out along the Rupice Northwest extension. Both programmes are anticipated to increase the life of mine, as all holes have intercepted mineable thicknesses of massive and semi-massive sulphides.
"Our aim is to build a company - and not just a project. We are focusing Adriatic's zero-harm philosophy, prioritising the health and safety of our employees, contractors and host communities. There has been an introduction of new standards, systems and processes, with a particular focus on contractor management.