SARAJEVO (Bosnia and Herzegovina), January 29 (SeeNews) – UK-based Adriatic Metals said on Wednesday it has amended its concession agreement with Bosnia's Zenica-Doboj Canton to include the rights to gold, silver and copper at its projects in the Balkan country.
The amendment was introduced via the newly-signed Annex 4 to its 2013 concession agreement with Zenica-Doboj's economy ministry, which had so far allowed it to explore and exploit only zinc, lead, and barite, the company said in a statement.
Annex 4 has also removed the requirement to start ore exploitation by May 2020, the statement said.
It also lifted the minimum annual concession fee from 1.50 marka ($0.84/0.76 euro) to 3.90 marka per per tonne Run of Mine (ore into plant), the statement added.
"The amendments to the concession agreement negotiated by our team in Bosnia remove all potential doubt regarding mineral rights and royalty payments on precious metal", Adriatic Metals' CEO, Paul Cronin, said in the statement.
Adriatic Metals is present in Bosnia via wholly-owned subsidiary Eastern Mining. It runs the Vares project, which comprises a historic open cut zinc/lead/barite and silver mine at Veovaca and Rupice, an advanced proximal deposit that exhibits exceptionally high grades of base and precious metals.
Adriatic Metals is an ASX-listed zinc polymetallic explorer and developer via its 100% interest in the Vares project.
Zenica-Doboj Canton is one of ten cantons comprising Bosnia's Federation entity. The Federation is one of two autonomous entities forming Bosnia and Herzegovina. The other one is the Serb Republic.
(1 euro = 195583 marka)