Cornish Metals has secured £52 million in credit facilities from its two largest shareholders — the UK government’s National Wealth Fund and Vision Blue Resources — to advance the restart of the historic South Crofty tin mine near Pool in Cornwall, as the AIM-listed company pushes toward a final investment decision.
The funding will be directed toward underground mine development and shaft refurbishment, surface facilities and infrastructure, and general operating and corporate purposes. Up to £16 million will also be used to credit the company’s escrow account.
Chief executive Don Turvey said the facility provided the financial runway needed to progress through to the final investment decision while maintaining the high level of site activity required to continue de-risking the project. “It also signals the National Wealth Fund’s and Vision Blue’s continued support for Cornish Metals and our goal to restart tin mining in Cornwall, providing a sustainable supply of this critical mineral to the West,” he said. Turvey added that the company has been engaging with investment parties interested in financing South Crofty’s development as part of the broader project financing process.
South Crofty, which Cornish Metals acquired in 2016, operated for more than 400 years before closing in 1998 due to falling metal prices and insufficient investment. The company says the mine could be producing tin again by 2028. The restart has attracted growing attention as tin prices have surged on demand from artificial intelligence infrastructure and electronics manufacturing, with the metal approaching $54,000 per tonne.
