Cornish Metals plc, a mineral exploration and development company, has announced significant developments regarding its South Crofty tin project in Cornwall, United Kingdom. Following a General Meeting held on 26 October 2023, shareholders approved the necessary resolutions to complete a fundraising initiative aimed at raising gross proceeds of £135 million. This funding is crucial for advancing the South Crofty project towards its anticipated first tin production in mid-2028.
During the General Meeting, a total of 85,032,134 ordinary shares were voted, representing approximately 67.8% of the issued share capital. The resolutions concerning the allotment of shares and equity securities for the fundraising were overwhelmingly supported by shareholders, with over 99% voting in favour of both proposals. This strong backing reflects the confidence investors have in the project’s potential.
CEO Don Turvey expressed his enthusiasm for reaching this pivotal moment in the company’s history, stating that the Final Investment Decision (FID) marks a significant milestone for Cornish Metals. He acknowledged the support from shareholders, particularly highlighting the contributions from the National Wealth Fund, Vision Blue Resources, Glencore, and Leonidsport. Turvey emphasised the strategic importance of the South Crofty project, especially in light of the current scarcity of new tin supply.
Looking ahead, Turvey outlined the company’s commitment to delivering the project safely, on schedule, and within budget. The focus now shifts to the construction phase, with the aim of reviving tin production from an old mine that has historical significance in the region.
In addition to the fundraising announcement, Cornish Metals has appointed Kyril Louis-Dreyfus as a Non-executive Director of the company. Louis-Dreyfus, a Swiss-French businessman and co-founder of Leonidsport B.V., brings valuable experience in long-term investment strategies. His appointment is expected to enhance the company’s governance as it progresses towards becoming a major employer in Cornwall once again.
As Cornish Metals moves forward with the South Crofty project, the company is poised to play a key role in addressing the growing demand for tin, a critical mineral in various industries. The successful fundraising and strategic appointments signal a promising future for the project and the local economy in Cornwall.
