MINEX Forum

Tag: Cornwall mining

  • Cornish Metals Secures £52 Million Credit Facility From National Wealth Fund and Vision Blue to Advance South Crofty Tin Mine Restart

    Cornish Metals Secures £52 Million Credit Facility From National Wealth Fund and Vision Blue to Advance South Crofty Tin Mine Restart

    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.

  • Cornish Tin Raises £2.2 Million to Advance World-Class Tin and Lithium Projects in Southwest England

    Cornish Tin Raises £2.2 Million to Advance World-Class Tin and Lithium Projects in Southwest England

    Cornish Tin has closed a funding round of over £2.2 million ($3 million), exceeding its target and valuing the privately held minerals explorer at £29 million ($38 million) pre-money, as the company presses ahead with exploration at two critical mineral projects in Cornwall that it believes could play a meaningful role in securing domestic UK supply.

    The raise was supported by a combination of existing shareholders and new investors. Proceeds will be directed toward the company’s flagship Great Wheal Vor tin project and the Tregonning South lithium project, funding priority target advancement and further resource definition across both sites.

    Great Wheal Vor, located in the Breage mining district, encompasses 26 former producing sites with a history of exceptionally high-grade tin output. Historic records cited by the company indicate average production grades of 3% tin, with peak grades exceeding 5.5% — figures that Cornish Tin says would rank the project among the top three tin mines in the world by grade if it were in production today.

    At Tregonning South, initial exploration in 2022 identified a potential new lithium field underlain by what the company describes as G5 granite, also known as topaz granite — a rare geological formation accounting for approximately 1.4% of all outcropping granites across Cornwall. The region has historically been one of England’s most significant mining areas, and its geology is increasingly attracting attention in the context of European critical mineral supply chain diversification.

    Chief Executive Sally Norcross Webb said the funding marked an important milestone for the company. “We believe Cornwall has the potential to play a significant role in securing domestic supply of critical minerals, and this capital enables us to accelerate our progress towards that goal,” she said.