23rd Sep 2024 10:53
(Alliance News) - Adriatic Metals on Monday said it continued to ramp up production as it gave a sound update.
The Balkans-focused exploration & development company said that August was a "milestone month" at the Rupice mine in Bosnia & Herzegovina.
"Mined grades were higher than expected and exceeded the monthly plan on a contained metal basis. Development rates also increased to a record high of 318 metres in August, 6% above the forecasted 300 metres/month," Adriatic Metals said.
It said that the first stope was brought into production and resulted in a "record" ore output of 25,514 tonnes, significantly higher than 5,595 tonnes in July and a total of 9,513 tonnes across the first half of 2024.
"Over the coming months, the mine is on track to increase the number of active stopes from one per month to two by December 2024. The number of available headings will rise from 11 to 15, which will allow the mine to ramp up from current rates towards commercial production levels by the end of the year," the company said.
Chief Executive Officer Laura Tyler said: "We are continuing to ramp up production - the heavy lifting of construction has been completed and while there are a few elements of infrastructure remaining to be finished, there is nothing in the way of achieving commercial production over the coming months. We have made excellent progress on the Veovaca tailings facility, with early works started and permits expected in October. With the continued use of the current temporary tailings storage facility into Q1 2025, I expect production to be uninterrupted by tailings capacity issues through 2025 and beyond."
Adriatic Metals shares rose 8.5% to 184.40 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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