Adriatic Metals has taken over as the operator of the Rupice Mine at its Vares project in Bosnia & Herzegovina after the success of an accelerated development plan. (ADAP).
Contractor Nova stopped working on 20 April 2024 with Adriatic starting a transition process to take over
New mining methodology introduced by Adriatic including implementation of single unit bolt, mesh bore development cycle has reduced the development fleet size by 60% and cycle times by 65%.
The methodology is a European first and due to its success, a third drilling jumbo is currently being commissioned, the statement said.
Shifts have moved from 8-hour to 12-hour, which has increased operational time and subsequent productivity, while Adriatic added it has a better understanding of the underground rock mass conditions and structural geology while procurement practices have improved.
“Since implementing the Accelerated Development Action Plan in June 2023, underground quarterly development has increased 71% despite poor ground conditions persisting.
“First quarter 2024 represented a 98% improvement in underground development and in March 2024 underground development was 250m - a project development monthly record.”
Adriatic will pay a termination fee of US$11 million to Nova and take on debts of US$6.5 million on underground mining equipment.
Paul Cronin, Adriatic's chief executive, added: "I am pleased with the progress made by our leadership team since the initiation of our Accelerated Development Action Plan in June 2023. It is the opportune time for us to transition to mining owner-operator.
“We have a highly experienced mining team at Adriatic dedicated to driving development, as demonstrated by achieving a record-breaking 250 meters of underground progress in March this year.
“Our focus remains on driving down mining costs further through enhanced operational efficiencies, rigorous cost management and optimised procurement processes.