Government fund pledges £30m to reopen tin mine
Nearly £30m is to be invested in the reopening of Cornwall's South Crofty tin mine in a scheme expected to create more than 300 jobs.The National Wealth Fund (NWF) announced a £28.6m direct equity investment into the mine's owner, Cornish Metals Inc, on Tuesday. The NWF's funding is part of a £56m fundraising bid by Cornish Metals to "further de-risk" the South Crofty tin project and support initial work.Chancellor of the exchequer Rachel Reeves said the Redruth scheme would create jobs and opportunities.
Reeves said: "Growth is this government's number one mission, and we're going further and faster to kickstart our economy so that we can put more money in people's pockets. "This is just the kind of investment that will help us do that, not only supporting the growth of the Cornish mining sector, but creating high-quality jobs and opportunity for the region and beyond."
'Strong momentum'
South Crofty is a fully permitted underground tin mine with more than 400 years of recorded production prior to its closure in 1998. It hosts one of the highest grade tin resources in the world.The NWF is wholly-owned and backed by HM Treasury and aims to invest alongside the private sector in projects across the country, primarily focusing on initiatives that support clean energy.Cornish Metals said the £56m fundraising bid would be used to fund early project works, place orders on long-lead items and complete key work programmes.CEO John Flint said: "Critical minerals are not only an important driver of the UK's transition to net zero, but also of the UK's growth mission, providing opportunities to anchor important supply chains in the UK."Don Turvey, chief executive officer of Cornish Metals, added: "This financing will enable the company to maintain this strong momentum and further unlock the project's potential by delivering crucial milestones."The investment is subject to shareholder approval in March 2025.Cornish Metals has previously said it hopes to get South Crofty back into production as early as 2026.
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