Paul Cronin tenders resignation as Adriatic Metals CEO

Adriatic Metals chief executive and managing director Paul Cronin has tendered his resignation and will step down on 9 August after five years in the seat.

"It is vital for the success of any company that management recognise the need to evolve, as the company evolves. In the case of Adriatic, that evolution has been rapid and now is the appropriate time to for me to step down – for the company, and for me personally," he said.

Cronin took Adriatic from an exploration junior seeking to develop a historic mine site in Bosnia and Herzegovina, to the first producing mine to open in Europe in the last ten years.

"Living and working in Bosnia and Herzegovina at the Project has been instrumental to successfully steering the Company through permitting, construction and the commencement of production, but now is the time for new leadership, with a skillset better aligned to the needs of the company, and its stakeholders," Cronin said.

With effect from 9 August, Laura Tyler will become interim CEO, and Sanela Karic will become executive director for corporate affairs. Eric Rasmussen, non-executive director, will chair the sustainability committee.

Tyler is currently a non-executive director of Adriatic. Previously Tyler held the role of chief technical officer at BHP, as well as prior roles in executive leadership for the Olympic Dam, Cannington, and Ekati underground mines.

"[Tyler] will ensure Adriatic has the strength of leadership to steer the Vares Silver Operation through ramp up and into steady state production, whilst continuing to grow the reserve base at both Vares and Raska," Adriatic said.

Karic meanwhile has long been the face of the project in country, and will now continue to work with local government in her new role.

Adriatic's footprint

Rupice, the 800,000tpa polymetallic mine located in the small town of Vareš, is located 31km from the country's capital Sarajevo. The Rupice mine and Vareš processing plant amount to an investment of $250m. In 2023 Adriatic contributed something like 22% of foreign direct investment into Bosnia and 2% of GDP.

69% of total capital spend is deployed domestically, the equivalent of $155 million, across 739 companies. It will pay approximately $177m in corporate tax and social contribution payments over the life of the mine (LOM) and around $23m in direct royalty payments to the government.

The company also developed the Adriatic Foundation,  an independent body which supports and promotes local sustainable socio-economic development. Part of this sees scholarships being awarded to local children.

The company is also developing a polymetallic project in Raska, Serbia.