Adriatic Metals among the best foreign investors in BiH

  • general

  • 1 March 2020

Recognition of the Foreign Investment Promotion Agency of BiH (FIPA)

Adriatic Metals though it's subsidiary Eastern Mining d.o.o. is one of the most important foreign investors in Bosnia and Herzegovina in 2019. On Thursday, at the  "Selection of the most significant foreign investors in BiH in 2019" traditionally organised by the Foreign Investment Promotion Agency of BiH (FIPA), Eastern Mining was awarded the recognition for investing 7.8 million BAM and 22 new employees in 2019.

Director of Eastern Mining, Miloš Bošnjaković, pointed out that this recognition is proof that the company is going in the right direction of investing into BiH. “There are new administrative challenges ahead of us, and I am sure that, due to this award, the authorities will recognise us as reliable partners and make these processes easier and simpler by allowing us to reach the mine opening stage as soon as possible,”  Bošnjaković said, and in particular thanked the management of Vareš municipality, the ZDC government and the Federal Ministry of Energy, Mining and Industry for their support in the business ventures of the company.

“Adriatic Metals and Eastern Mining have come to Vareš And BiH to contribute to the development of the local community. We cooperate with local authorities along the way, but also academic institutions and other companies in order for everyone to be part of a common success”, Bošnjaković stated, adding that the opening of the mine means new jobs and new investments, which is in everyone's interest.

The Foreign Investment Promotion Agency of Bosnia and Herzegovina (FIPA) annually awards these recognitions, thanking foreign investors for their contribution to the economic development of Bosnia and Herzegovina, the employment of BH citizens and to advancing all other economic indicators based on their investments.

Eastern Mining d.o.o. is a Bosnian-Herzegovinian exploration and development company owned by Adriatic Metals from the UK. The company's primary goal is to explore and exploit mineral resources in the area of Vareš municipality. The focus of activities for 2020 will be on further geological research in both the existing concession area and the wider regional area, all with the aim of increasing the confirmed ore reserves and extending the lifespan of the new mine. According to the current plan, the opening of the mine and the start of production is planned for the year 2022.