National Wealth Fund invests in tin mine
The National Wealth Fund (NWF) announced a £28.6mln investment into Cornish Metals, to finance re-opening of Cornish tin mine.
Re-opening the tin mine at South Crofty, Cornwall, will create more than 300 direct local jobs.
The NWF’s private equity commitment is aimed to mobilise private capital into the project.
Its investment is part of a £56mln funding round to further de-risk the South Crofty tin mine by commencing early project works, placing orders on long-lead items and completing key work programmes.
South Crofty is a fully permitted underground tin mine with more than 400 years of recorded production prior to its closure in 1998, and hosts one of the highest grade tin resources in the world.
The financing is said by the NWF to be building on its investment into nearby Cornish Lithium in August 2023.
Solar panels, wind turbines, electric vehicles, semi-conductors and energy storage all require a supply of tin, with demand for these components reported to outstrip supply in the future.
The NWF state by creating a critical minerals cluster in Cornwall, there will be an increase in skilled, year-round job opportunities in what is one of the more-deprived areas of the UK.
Chancellor of the Exchequer Rachel Reeves says, ‘Growth is this Government’s number one mission...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.’
The investment is subject to the requisite shareholder approvals in March 2025.
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