Adriatic Metals chief executive Paul Cronin joined Proactive's Stephen Gunnion with details of the first production guidance published for the Vares silver project in Bosnia and Herzegovina.
Cronin said the company expects to produce between 240,000 and 300,000 tonnes this year. 2024 is a ramp-up year, with plans to exceed the plant's designed capacity of 800,000 tonnes annually in 2025. The company overcame logistical challenges, including Suez Canal delays, and is now fully commissioning its processing plant. First concentrate production is anticipated in the second half of February.
Cronin also discussed the company's financial strategy, noting that partner Orion Funds has agreed to defer quarterly debt payments until December 2024, aligning with the company's operational timeline. This flexibility follows the recent drawdown of the last $30 million from their $120 million senior facility.
The CEO expressed confidence in the team's ability to manage underground mining challenges and is optimistic about the future, anticipating growth in the next resource update scheduled around the annual report in March.
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