Strategic Minerals plc managing director John Peters has retired and left the board with effect from today.
The company is parent to Cornwall Resources Ltd exploring for tin and tungsten.
Mr Peters will remain as a consultant for six months during the transition.
Non-executive director Mark Burnett becomes executive director while Strategic Minerals seeks a permanent chief executive officer.
“Following the turnaround at the company’s [Australia] Cobre operation in 2024, the business is now in a much stronger financial position,” said Mr Peters.
“As the company’s focus is now expected to be on the development of the planned Redmoor tungsten and tin mine, and given my age, I considered this an appropriate time to step down as managing director.
“I firmly believe the company has a bright future and will remain a supportive shareholder and I do not currently intend to sell my shares in Strategic Minerals.”
Chairman Charles Manners added: “On behalf of the board of directors, I want to thank John for his long service to the company, in particular his achievements in managing a difficult period of cash flow in 2023.”