Tin exploration firm Cornish Metals has appointed a financial adviser to its South Crofty project. The Canadian-headquartered business is looking to revive production at the Pool-based mine, near Redruth, which has been closed for 26 years.
Endeavour Financial will aim to secure finance for the development of the project, Cornish Metals said on Thursday. The London-based advisory business will assess "various sources" of funding.
Don Turvey, who was appointed as the new chief executive of Cornish Metals in August, said: "We believe that the timely appointment of an experienced financial adviser like Endeavour will help guide the project financing process to a successful conclusion in H2-2025."
George Pyper, managing director of Endeavour Financial added: "Endeavour Financial is delighted to be working with the Cornish Metals team to evaluate and execute financing for the development of the strategically important South Crofty tin project, continuing our long track record of advising on project developments in the energy transition space."
Endeavour specialises in arranging multi-sourced funding solutions for development-stage companies, and has raised over US$4bn in debt for mining firms.
According to Cornish Metals, Endeavour has prepared a three-staged process to source and negotiate project financing for the South Crofty project. The estimated capital expenditure as reported in the South Crofty Preliminary Economic Assessment was US$177m and it is expected that debt financing could range up to 50-60% of the total financing required.
South Crofty was closed in 1998 following more than 400 years of continuous production and was acquired by Cornish Metals in 2016. In February, the business confirmed its drilling programme had discovered huge amounts of tin remaining in the historic Cornwall mine.
