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Bosnia and Herzegovina

Vares Mine

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Vares Mine

Location: 35 km N from Sarajevo, Bosnia and Herzegovina

Address:

Tisovci bb 71 330
Bosnia and Herzegovina

Contacts:

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Categories

Summary

Mine TypeUnderground
StatusActive
Commodities
  • Zinc
  • Lead
  • Gold
  • Silver
  • Copper
  • Antimony
Mining Method
  • Longitudinal open stoping
  • Transverse open stoping
  • Longhole open stoping
  • Mechanized Cut & Fill
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Production Start... Lock
Mine Life... Lock
SnapshotThe Vareš Project concession comprises the Rupice and Veovaca deposits. Resources and Reserves hosted within the Rupice and Rupice NW (RNW) deposits.

In 2023, it was confirmed by the Government of Bosnia and Herzegovina that the Vareš Project has been granted the status of Project of Special Importance.

Underground development to access the Rupice deposit commenced 2023, with first ore mined in February 2024. First production of two type concentrates took place in May 2024.

The Vareš project is currently in the discovery/design review phase, set to begin in May 2024. The planned expansion includes increasing plant capacity to 1Mtpa by 2026 (Stage 1) and to 1.3Mtpa (Stage 2), with upgrades to the flotation circuit, pumps, and filters.
Latest NewsDundee Precious Metals Announces Filing of Management Information Circular for Acquisition of Adriatic Metals & Name Change     July 23, 2025

Owners

SourceSource
CompanyInterestOwnership
Dundee Precious Metals Inc. 100 % Indirect
Adriatic Metals Plc 100 % Indirect
Adriatic Metals BH is the main operating entity of the Adriatic Metals PLC and holds the Vareš Project.

On June 13, 2025, Dundee Precious Metals Inc. announced that it has agreed with Adriatic Metals plc. to the terms of an acquisition of the entire issued, and to be issued, ordinary share capital of Adriatic for an implied equity value of approximately $1.3 billion. Upon completion of the Transaction, DPM will acquire 100% of the Vareš operation.

Contractors

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Deposit type

  • Breccia pipe / Stockwork
  • VMS
  • Volcanic hosted
  • Carbonate hosted

Summary:

Genetically, the deposit is associated with a shelf zone where volcanic activity generated hydrothermal processes that allowed the scavenging of metals from surrounding crustal material and delivery of this into the submarine environment resulting in formation of a Volcanogenic Massive Sulphide (VMS) deposit with associated breccia-hosted mineralisation. Globally, VMS deposits typically include base metals such as copper, zinc, lead and sometimes gold and silver.

The Kuroko sub-type VMS deposits are associated with gypsum (CaSO4) overlying massive sulphides, potentially equivalent to the barite (BaSO4) which is abundant at Rupice and arsenic-antimony bearing sulphosalts such as bournonite-tetrahedrite-stibnite observed in Rupice.

Mineralisation Style
Barite and base metal massive sulphides were originally deposited in a single layer of lenses which were conformable with the enclosing bedding.

Barite is thought by the ADT geology team to have originally formed a cap over the other base metal sulphide layers. The QP agrees this would be in keeping with observations at other similar deposits; also it is clear that barite grades tend to be highest in the stratigraphically higher part of the Rupice deposit.

Copper, lead, zinc and gold grades tend to be highest in the middle part of the mineralised. package corresponding with the highest sulphur grade and density values. Iron grades tend to be more elevated towards the base of the package. Silver grades tend to be elevated both at the top and bottom parts of the package with lower grades sometimes distinctly evident in the central part.

The mineralisation geometry was subsequently modified by thrust displacement and associated folding, pinching, and swelling, resulting in shapes which were observed at a smaller scale in the exposed parts of the mineralisation in stopes and in drill core. This later event caused alteration, recrystallisation of barite and sulphides and it seems likely that there was some remobilisation causing sulphides to migrate towards fold hinges.

Steep faults formed imbricate ramps that wrapped around the silicified ore mass which resulted in deterioration of rock mass quality and increased clay alteration of shales and tuffs in the surrounding host rock.

Mineralogy
The mineralisation is characterised by abundant barite (BaSO4) with base metal sulphides, mainly comprising:
- sphalerite ((Zn, Fe)S)
- galena (PbS)
- minor bournonite (PbCuSbS3)
- chalcopyrite (CuFeS2)
- pyrite (FeS2),
- minor tetrahedrite ((Cu, Fe) 12Sb4S13),
- rare stibnite (Sb2S2) and
- rare cinnabar (HgS)

The gangue is dominated by calcite, dolomite and siderite with some tuffs and sediments which have sometimes altered to clays.

Reserves

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Mining Methods

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Heavy Mobile Equipment

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EV - Electric

Comminution

Crushers and Mills

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Processing

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Commodity Production

CommodityProductUnits20252024
Zinc Payable metal M lbs  ....  Subscribe
Lead Payable metal M lbs  ....  Subscribe
Gold Payable metal koz  ....  Subscribe
Silver Payable metal koz  ....  Subscribe
Silver Equivalent Payable metal koz  ....  Subscribe
Zinc Concentrate kt  ....  Subscribe
Zinc Metal in concentrate M lbs  ....  Subscribe
Lead Metal in concentrate M lbs  ....  Subscribe
Gold Metal in concentrate koz  ....  Subscribe
Silver Metal in concentrate koz  ....  Subscribe
Silver Equivalent Metal in concentrate koz  ....  Subscribe
Lead-Silver Concentrate kt  ....  Subscribe
^ Guidance / Forecast.

Operational metrics

Metrics2024
Ore tonnes mined  ....  Subscribe
Tonnes processed  ....  Subscribe

Production Costs

Commodity production costs have not been reported.

Mine Financials

Units2024
Revenue M USD  ....  Subscribe
Operating Income M USD  ....  Subscribe
Pre-tax Income M USD  ....  Subscribe
After-tax Income M USD  ....  Subscribe

Personnel

Mine Management

Job TitleNameProfileRef. Date
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Workforce

EmployeesContractorsTotal WorkforceYear
...... Subscription required ...... Subscription required ...... Subscription required 2023

Aerial view:

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