A major Cornwall mining project has received backing from the government's new investment vehicle, the National Wealth Fund. Cornish Metals, the mineral exploration company working to revive tin production at South Crofty in the Duchy, confirmed the investment as part of a 拢56m fundraise.
The NWF, formerly the 海角视频 Infrastructure Bank, is taking a 拢28.75m stake in the AIM-listed business. It will be one of the strategic investors in Cornish Metal's raise alongside Vision Blue Resources, which currently has a 25.95% share of the business.
A share placing being run by Hannam & Partners, SP Angel Corporate Finance and Canaccord Genuity is expected to raise 拢8.8m, with a broker option to raise another 拢5.9m. The company also intends to carry out a separate retail offer to raise a further 拢3m.
Don Turvey, chief executive of Cornish Metals, said: 鈥淲e are very pleased to welcome NWF as a major shareholder in Cornish Metals and to lead this fundraise alongside Vision Blue, demonstrating support for the company and our plans to bring tin mining back to Cornwall.
"Tin is a critical mineral that is essential for the energy transition and anything electronic. South Crofty is a strategic asset with the ability to responsibly provide a secure, high grade long-term supply of tin, reviving Cornwall鈥檚 rich mining history and contributing to the local economy and the 海角视频鈥檚 transition to net zero."
Mr Turvey said the funding would enable Cornish Metals to deliver "crucial milestones" over the coming year including the completion of mine dewatering and shaft refurbishment, the start of early project works, placing orders for long-lead items, and concluding the project finance process.
John Flint, chief executive of NWF, added: 鈥淐ritical minerals are not only an important driver of the 海角视频鈥檚 transition to net zero, but also of the 海角视频鈥檚 growth mission, providing opportunities to anchor important supply chains in the 海角视频. This is our second investment in critical minerals in Cornwall, and indicative of our ability to mobilise private investment into local economies, creating skilled and long-term employment.鈥
In November, Cornish Metals announced that work to build a processing plant at South Crofty would begin by the end of December 2025.
The Canadian-headquartered company is working to bring the Pool-based mine, near Redruth, back into working order after 26 years. South Crofty was closed in 1998 following more than 400 years of continuous production and was acquired by Cornish Metals in 2016.
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