Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF), the tin-focused mining company, has announced the departure of its chief executive officer Richard Williams at the end of the month.
Williams will also leave the group’s board on March 31 but will remain in a consulting role upon his exit.
Ken Armstrong, a non-executive director will step in as interim chief executive, while Patrick Anderson, the board’s chairman, will take up the role of executive chairman while searching for a permanent replacement.
A new chief executive will be required to help guide the company through the construction stage of the development of the South Crofty project, the Cornwall-based tin mine.
"On behalf of the board of directors I want to thank Richard for the many achievements he made and obstacles overcome to bring the company and the South Crofty tin project to where it is today,” said Anderson.
“Richard was instrumental in acquiring the project from administration in 2016, the company's dual listing on AIM in 2021 and securing the company's cornerstone investment from Vision Blue Resources in 2022.”
Armstrong expressed his excitement about taking up the helm on an interim basis and said the company will remain focused on “delivery of a preliminary economic assessment of the project in Q2 2024 and continued mine dewatering.”
Earlier this month, Cornish Metals brought forward refurbishment plans for the New Cooks Kitchen (NCK) shaft at South Crofty after an assessment of the state of the timbers.
Consequently, proceeds raised in a fundraise in May 2022 will be reallocated to accommodate the work, which will allow larger machinery to enter NCK at an earlier stage of mine development than previously expected.