Adriatic Metals announce Veovaca Exploitation Permit
(Kitco News) - Adriatic Metals (ADT1:LSE) have announced that it has received its Exploitation Permit from the Federal Ministry for Energy, Mining and Industry. The company states the receipt of the Permit initiates the formal exploitation period for the project, which under the terms of the Concession Agreement is up to 30 years. The Concession Agreement also covers both Veovaca and Rupice the security of tenure applies to both the Veovaca open pit and plant areas, as well as the Rupice underground mine areas.
Paul Cronin, Adriatic's Managing Director stated "This is a major permitting achievement that has been realised through close cooperation between Adriatic's BiH team and the significant number of governmental and commercial stakeholders involved in the process, as well as the local community in Vares. The team have worked tirelessly to compile all the required information for these submissions under difficult circumstances. Their dedication to the project and creating shareholder value is unquestionable. I would like to thank the various Ministries involved in the review of all the individual permit applications that have culminated in this significant milestone, for the company, and the BiH mining industry. We look forward to continuing our productive and cooperative relationships with the community and government as we advance the Vares project to production.".
The share price has been in full consolidation mode recently. There is a heavy support area at the 105.5 area and if the bulls keep the price above that level it is a positive sign. On the upside, a break of the trendline and subsequent resistance at 134 could lead to a test of the previous high at 157.5.