In a bold move to consolidate its grip on Europe’s untapped mineral wealth, Dundee Precious Metals Inc. announced Friday a $1.25 billion deal to acquire British rival Adriatic Metals PLC, marking a high-stakes power shift in the global mining arena.
The Toronto-listed gold miner will acquire 100% of Adriatic’s shares via a cash-and-stock transaction, effectively taking the London- and Australia-listed company private. The acquisition hands Dundee control over Adriatic’s flagship Vareš Silver Operation in Bosnia and Herzegovina—a prized deposit of silver, lead, and zinc poised to reshape regional mining dynamics.
A Balkan Crown Jewel Joins Dundee’s Portfolio
David Rae, Dundee’s CEO, heralded the move as a natural evolution of the company’s strategic footprint.
“Vareš fits seamlessly with our core portfolio,” Rae said. “It delivers near-term production growth, extends mine life, and strengthens our cash flow profile with high-margin polymetallic exposure.”
Dundee, already active in Bulgaria, Serbia, and Ecuador, aims to use its underground mining expertise and robust balance sheet to fully unlock the Vareš mine’s commercial potential.
Adriatic began production at the Vareš operation in 2024 and also owns the Raška Zinc-Silver Project in Serbia, acquired through its 2020 purchase of Toronto-listed Tethyan Resource Corp.
