ADMLF - Adriatic Metals discusses transition to mining operator of Rupice Mine at Vares project
(NewsDirect)
Adriatic Metals PLC (LSE:ADT1, ASX:ADT,OTCQX:ADMLF) chief executive Paul Cronin tells Proactive's StephenGunnion the company has commenced the transition process to take overas the mining operator as it boosts productivity and sustainability atthe Rupice Mine in Bosnia & and Herzegovina.
Following an Accelerated DevelopmentAction Plan (ADAP), Cronin said is taking operational control over themine from Nova Mining and Construction, after acquiring equipment andinventory worth approximately $11 million. This strategic shift allowsAdriatic Metals to directly manage and develop its local workforce andoptimise cost by integrating local suppliers into its supplychain.
Additionally, the company hasimplemented new technologies and enhanced health and safety measuresunder the ADAP, aiming at reducing operational incidents andenvironmental impacts.
To support these changes, AdriaticMetals has secured a $25 million short-term loan facility from OrionMining Fund for additional working capital. These steps are part of abroader effort to improve efficiency and position the mine as acatalyst for local economic development.
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