Paul Cronin: What It Really Takes to Build a Mine

Former Adriatic Metals CEO Paul Cronin returns to Mining Stock Daily for a wide-ranging conversation about one of the mining sector’s more remarkable development stories: taking an overlooked historical project in Bosnia and Herzegovina from old Yugoslav-era exploration data through discovery, financing, construction and ultimately production.Paul takes us back to the earliest days of Adriatic and the Vareš project, including how the Bosnian assets initially fell out of another proposed IPO, the shoestring exploration campaign that followed, and the discovery at Rupice that changed everything. He recalls drilling one spectacular hole, following it with a complete miss while the company was nearly out of money, and making the decision to keep drilling—a decision that ultimately helped uncover a major polymetallic deposit.But discovering Vareš was only the beginning. Paul discusses the realities of building a mine through COVID, European inflation, supply-chain disruptions and Bosnia’s complicated political environment. He reflects on community relations, permitting, procurement, hiring challenges and the mistakes and lessons that came with moving a complex polymetallic deposit into production.Now CIO of the Admiralty Resources Fund, Paul explains how those experiences have changed the way he evaluates mining companies as an investor. He discusses why management teams often rush projects toward production, why metallurgy and water deserve far more attention, and why investors should give good management teams enough time to properly de-risk an asset.

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