An historic mine in Cornwall could start producing tin in less than three years time, according to the company behind the project.
Canadian-headquartered Cornish Metals said an economic study indicates that South Crofty could be up and running by mid-2028 and is expected to make yearly earnings of £70m.
The mine, near the Cornish village of Pool, operated for more than 400 years but was forced to close in 1998 due to lack of investment and falling metal prices. The site was acquired by Cornish Metals in 2016 and work is currently under way to revive production.
The project received the backing of the º£½ÇÊÓƵ government earlier this year, with Chancellor Rachel Reeves committing to invest £29m in the scheme.
Don Turvey, chief executive and director of Cornish Metals, said: "Completion of the project review and updated study marks another important step for South Crofty as we advance towards first tin production by mid-2028.
"We are delighted with the attractive economics that the project offers and, once in operation, we expect South Crofty to be a long life, lowest quartile cost producer and highly cash generative with EBITDA margins in excess of 60%."
Mr Turvey said pre-production capital needed for the project is some £198m, but that payback would only take 3.3 years.
"South Crofty was the last mine in the region to close, and we are proud to be on the cusp of making it the first to re-open, producing tin, a critical mineral that is essential to the green economy."
The project is effectively already in construction with major works under way including the shaft and pump station refurbishment, construction of the workshop and stores building, process plant site excavation and critical site utilities.
It is understood that some 300 jobs will be created once South Crofty is operational, with another 1,000 roles supported indirectly.
Cornish Metals says it is planning to establish an on-site training centre to "harness and upskill local talent" in preparation for developing and operating the mine.
In June, Princess Anne was shown around the site and unveiled a plaque to mark the re-opening of the New Cooks Kitchen shaft. She also visited the water treatment plant and went underground into the mine via the mine shaft cage.
