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1、IRON ORE MINE VARE 1HISTORY OF THE VARE MINEMining in the area of Vare began as early as the 11th centuryThe first industrial production of ore dates back to the arrival of Austria in Bosnia, and the first blast furnace was installed in 1891In the period from 1890 to 1945, 4,732 million tonnes of or

2、e were extractedIn the period from 1945 to 1992, 51,706 million tonnes of ore were extracted from three open pitsBrezik 12,750 million tonnesDrokovac 10,565 million tonnesSmreka 28,390 million tonnesThe mine ceased with activities when the war erupted in 1992, and the electrical power supply was cut

3、 off2When the pumps stopped working, the Smreka and Drokovac open pits were flooded and the Brezik open pit caved in due to natural forcesIn 1998, the Ministry of Energy, Mining and Industry of the Federation of Bosnia and Herzegovina adopted a Decision on temporary conservation of all three open pi

4、ts for an unlimited periodThe Vare mine is not currently conducting ore extractions3Basic information about the companyName: Iron ore mine d.d. Vare,Headquarters; Rudarska br.1 , Vare“Rudnik eljezne rude “ Vare entered into court registry on January 27, 1992, created during the fractioning of the st

5、ate-owned company “RI” into five new state-owned companiesPrivatization of state capital was privatized and approved in the Decision of the Agency for Privatization of the Zenica-Doboj Canton, No. 20-03-1807/1 from December 6, 2001. 4The society was entered into the registry ofthe Securities Commiss

6、ion on June 13, 2002, under the registry number 01-400-680 as the issuer of ordinary shares in the nominal value of 10.00 BAM with the basic share capital of 76,619,580 BAMShareholders with the most shares;Ibri Mustafa from Srebrenik. .30.7489%Jata Group, Srebrenik.19.0603%Adajli Emir.17.2726%Euroha

7、us d.o.o. Sarajevo.4.2202%5The companys headquarters are located in Vare.The company has been issued a permission to extract mine ore from open pits and shafts within the mining area. The companys capital includes the value of the land, buildings and the plant in the mining area. Since 1992, the com

8、pany has not engaged in ore miningThe company has its own work infrastructure, including6The railway structure connecting Vare with the railroad (Port of Ploe in Croatia) and through Zenica and Doboj to the European rail corridorThe company has sufficient capacities for supplying electricity and wat

9、er 7Ore reserves and quality8Ore reserves and qualityThe ore reserves of the A+B+C1 ore deposits amount to c. 169 million tonnesThe reserves have the following structureSiderite c. 80%Hematite c. 15%Limonite c. 5%Potential D reserves amount to an additional 300 million tonnes 910Ore qualityBased on

10、analyses, the following average chemical constitution of the geological ore reserves was determinedFe 32,65%Mn 3,37%SiO2 8,24%Loss on ignition 26,75%11Reserves of extracted hematite ore at the mines depotThe mine depot contains approximately 2.0 million tonnes of the hematite oreThe chemical constit

11、ution of the ore was determined by the Institute of Metallurgy in Zenica, Report 363/09-HAt the moment, the Vare mine currently processes and sells small amounts of the hematite ore to the Heidelberg Cement-Mixing Plant in Kakanj1213The company currently has 20 employees working on auxiliary jobsTotal financial liabilities of the company, on all grounds, amount to 2.2 million EUR. 14Options within the offerThe offer includes every form of cooperation with potential partners, such as;1. Selling the majority of the company share

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