New Cornish Metals CEO starts work after UK visa approval

Cornish Metals confirmed the appointment of Don Turvey as chief executive officer and executive director on Wednesday, following the approval of his UK work visa.

The AIM-traded firm said Turvey, relocating from South Africa to Cornwall, was taking the lead of the company at a pivotal time, as it advanced its South Crofty tin project.

Ken Armstrong had resumed his role as a non-executive director, and Patrick Anderson returned as non-executive chair of the board as of 30 September.

Cornish Metals said it was focussed on advancing its wholly-owned South Crofty project in Cornwall, a historic, high-grade underground tin mine.

The project had planning permission for underground mining and an environmental permit to dewater the mine, with operations projected to use existing infrastructure.

Cornish Metals said its 2024 preliminary economic assessment (PEA) demonstrated promising potential for the South Crofty project, estimating an after-tax net present value (NPV) of $201m and an internal rate of return (IRR) of 29.8%.

The project was expected to produce an average of 4,700 tonnes of tin annually from years two to six, with a three-year payback period.

At 1223 BST, shares in Cornish Metals were up 4.03% at 7.22p.

Reporting by Josh White for Sharecast.com.