Cornish Metals has secured $210 million in bond financing to fund the restart of the South Crofty tin mine in Cornwall, moving the project closer to a final investment decision this summer after more than a quarter of a century of failed revival attempts at one of Britain’s most historically significant mining sites.
The six-year bonds carry a fixed annual coupon of 13.5% and attracted strong demand from investors across Europe, North America and international markets. Chief executive Don Turvey said the financing means Cornish “expects to be fully funded” ahead of a final investment decision targeted for this summer. The company also received a non-binding letter of interest from the US Export-Import Bank for up to $225 million tied to future tin concentrate exports to the United States, announced in February.
The timing is favourable. Tin prices have surged nearly 40% in 2025 and have gained a further 34% so far this year, approaching $54,000 per tonne, driven by rising demand from artificial intelligence infrastructure buildout and electronics manufacturing — sectors that rely heavily on tin for soldering and circuit board production.
South Crofty operated for more than 400 years before low metal prices forced its closure in 1998. Several subsequent attempts to revive the mine failed before Cornish Metals acquired the project in 2016. The deposit is described by the company as the highest-grade tin project not currently in production, hosting 2.9 million indicated tonnes grading 1.5% tin and 2.63 million inferred tonnes grading 1.42% tin, alongside a near-mine exploration target of between 6 million and 13 million tonnes. A preliminary economic assessment released last year outlined a 14-year mine life with average annual production of 4,700 tonnes of tin and peak output of 5,000 tonnes in year four.
