Latest news with #Don Turvey
BBC News
2 days ago
- Business
- BBC News
Reeves backs Cornish tin revival with £28.6m boost
Chancellor Rachel Reeves will visit a tin mine due to be reopened with government backing during a trip to said the £28.6m National Wealth Fund investment to Cornish Metals, which is seeking to reopen the South Crofty tin mine, could create up to 1,300 chancellor will also visit other Cornish businesses and is set to hail plans to boost the region's pubs, clubs, restaurants and cafes by allowing more al fresco dining and longer opening hours."Despite having so much potential to grow, Cornwall has been neglected by successive governments, and its families and businesses have suffered as a result," the chancellor said. 'Renewing the county' The reopening of South Crofty is expected to create more than 300 jobs and The Treasury estimates it could create 1,000 more as it fuels UK supply would support the UK's domestic tin supply amid increased demand for use in solar panels, wind turbines, electric vehicles, semi-conductors and energy storage increases."Like in every part of the UK, I am determined to unlock growth that creates jobs and puts more money in Cornish people's pockets," said Reeves."Our investment to revive Cornwall's proud tin mining industry and the thousands of jobs it will create for years to come is one way we are renewing the county."Don Turvey, chief executive of Cornish Metals, said: "We are honoured to welcome the chancellor to South Crofty and proud to showcase the significant progress we're making as we move toward production."The UK Government's £28.6 million investment via the National Wealth Fund is a powerful vote of confidence in our project and the future of Cornwall's mining industry."The chancellor is also due to visit ship repair business A&P Falmouth, the Harbour Lights fish and chip shop in Falmouth and heat pump manufacturer Kensa in Truro.
Yahoo
2 days ago
- Business
- Yahoo
Reeves to visit Cornish tin mine due to be revived
Rachel Reeves will visit a tin mine due to be reopened with government backing during a trip to Cornwall. The Chancellor said the £28.6 million National Wealth Fund investment to Cornish Metals, which is seeking to reopen the South Crofty tin mine, could create up to 1,300 jobs. The Chancellor will also visit other Cornish businesses and will hail plans to cut red tape that aim to boost the region's pubs, clubs, restaurants and cafes by allowing more al fresco dining and longer opening hours. 'Despite having so much potential to grow, Cornwall has been neglected by successive governments, and its families and businesses have suffered as a result,' the Chancellor said. 'Like in every part of the UK, I am determined to unlock growth that creates jobs and puts more money in Cornish people's pockets. 'Our investment to revive Cornwall's proud tin mining industry and the thousands of jobs it will create for years to come is one way we are renewing the county.' The reopening of the mine itself is expected to create more than 300 jobs and the Treasury estimates the mine could create 1,000 more as it fuels supply chains in the UK with needs for metal fabricators and electricians. It would support the UK's domestic tin supply amid increased demand for use in solar panels, wind turbines, electric vehicles, semi-conductors and energy storage increases. Don Turvey, chief executive of Cornish Metals, said: 'We are honoured to welcome the Chancellor to South Crofty and proud to showcase the significant progress we're making as we move toward production. 'The UK Government's £28.6 million investment via the National Wealth Fund is a powerful vote of confidence in our project and the future of Cornwall's mining industry.' The Chancellor has also visited ship repair business A&P Falmouth and Harbour Lights fish and chip shop in Falmouth and will go to heat pump manufacturer Kensa in Truro.
The Independent
2 days ago
- Business
- The Independent
Reeves to visit Cornish tin mine due to be revived
Rachel Reeves will visit a tin mine due to be reopened with government backing during a trip to Cornwall. The Chancellor said the £28.6 million National Wealth Fund investment to Cornish Metals, which is seeking to reopen the South Crofty tin mine, could create up to 1,300 jobs. The Chancellor will also visit other Cornish businesses and will hail plans to cut red tape that aim to boost the region's pubs, clubs, restaurants and cafes by allowing more al fresco dining and longer opening hours. 'Despite having so much potential to grow, Cornwall has been neglected by successive governments, and its families and businesses have suffered as a result,' the Chancellor said. 'Like in every part of the UK, I am determined to unlock growth that creates jobs and puts more money in Cornish people's pockets. 'Our investment to revive Cornwall's proud tin mining industry and the thousands of jobs it will create for years to come is one way we are renewing the county.' The reopening of the mine itself is expected to create more than 300 jobs and the Treasury estimates the mine could create 1,000 more as it fuels supply chains in the UK with needs for metal fabricators and electricians. It would support the UK's domestic tin supply amid increased demand for use in solar panels, wind turbines, electric vehicles, semi-conductors and energy storage increases. Don Turvey, chief executive of Cornish Metals, said: 'We are honoured to welcome the Chancellor to South Crofty and proud to showcase the significant progress we're making as we move toward production. 'The UK Government's £28.6 million investment via the National Wealth Fund is a powerful vote of confidence in our project and the future of Cornwall's mining industry.' The Chancellor has also visited ship repair business A&P Falmouth and Harbour Lights fish and chip shop in Falmouth and will go to heat pump manufacturer Kensa in Truro.
The Guardian
2 days ago
- Business
- The Guardian
Tin mining to return to Cornwall after Reeves makes £29m investment
Tin mining is poised for a comeback in Cornwall after the UK government invested almost £29m to reopen the county's last tin mine, creating more than 1,000 jobs in the region. The South Crofty tin mine, near the Cornish village of Pool, closed in 1998, and in the years since, as tin prices have soared, attempts to reopen it have been unsuccessful. On a visit to Cornwall this week, Rachel Reeves, the chancellor, estimated that reopening South Crofty could create 1,300 jobs for the region. Back in January the government approved the £28.6m investment to support the reopening of the mine, which is being led by Redruth-based Cornish Metals. Don Turvey, the chief executive of Cornish Metals, said: 'Tin is a critical mineral for the clean energy transition, essential to electronics, electric vehicles and renewable infrastructure. By reviving domestic production at South Crofty, we're not only creating over 300 direct jobs but also supporting many more across local supply chains and regional businesses.' The government estimates that a further 1,000 jobs will be created as the company uses more local suppliers such as metal fabricators and electricians, and supports supply chains in the UK. After operating for more than 400 years, South Crofty was the last tin mine to close in the UK due to lack of investment and falling metal prices in the 1990s. However, there has been a rise in prices over the past decade – from $16,000 (£11,957) a tonne in 2016 to about $34,000 – with tin used as solder in consumer electronics and other sectors, including electric cars and solar cells. 'Despite having so much potential to grow, Cornwall has been neglected by successive governments, and its families and businesses have suffered as a result,' Reeves said. 'Like in every part of the UK, I am determined to unlock growth that creates jobs and puts more money in Cornish people's pockets.' The government made the investment through the national wealth fund, supporting its industrial strategy to boost growth in priority industries. Ian Brown, the head of banking and investment at the national wealth fund, said: 'Cornish Metals have made excellent progress as they work towards reopening South Crofty. Our financing is designed to help them crowd further investment into the region, bringing skilled, year-round opportunities, and driving local growth.' Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion The Vancouver-based Strongbow Exploration acquired the rights to the tin mine in July 2016. The company, which has a dual listing in Canada, changed its name to Cornish Metals in 2020. Cornish Metals listed on London's junior AIM stock exchange in 2021, raising funds to support mining in the area, including at South Crofty. Cornish Metals' share price has soared by 28% over the past year – although it remains down almost a third on five years ago – and has a market value of C$170m (£92m). Turvey said: 'Our focus remains on delivering long-term, sustainable value safely, responsibly, and with deep roots in the community. We're proud to be playing a role in bringing responsible tin mining back to Cornwall and supporting economic renewal and industrial growth in the region.'
