TIN MINING’s return to Cornwall after nearly three decades received a boost last week with a £28.6m (US$35.4m) investment from the UK National Wealth Fund (NWF).
Canadian company Cornish Metals, which has been planning to reopen the South Crofty tin mine in central Cornwall since 2016, has welcomed the government’s investment, which will make the NWF a major shareholder. Existing shareholders will vote to approve the investment in March.
Tin is classed as a critical mineral by the UK government, and its importance for building wind turbines, solar panels, and electric vehicles means global demand for the metal is forecast to increase at a faster rate than supply. Currently, there is no tin mining in Europe or North America. China, Myanmar, and Indonesia dominate the global market, producing two-thirds of the world’s tin. Cornwall boasts some of the world’s highest-grade tin deposits, with South Crofty expected to produce 49,310 t of the metal ore over the mine’s 14-year life.
The NWF’s latest investment follows a government injection of £53.6m into Cornish Lithium in 2023. Lithium is also vital for clean technologies and is classed as a critical mineral.
Once it is fully operational, the South Crofty mine is expected to employ 320 people and create up to 1,000 indirect jobs.
John Flint, CEO of the NWF, said: “Critical minerals are not only an important driver of the UK’s transition to net zero, but also of the UK’s growth mission, providing opportunities to anchor important supply chains in the UK.
“This is our second investment in critical minerals in Cornwall and shows how we can mobilise private investment into local economies, creating skilled and long-term employment.”
The government’s investment is intended to help with efforts to refurbish shafts and remove water that has flooded the mine since its closure in 1998. Dewatering started in late 2023, treating 25,000 m3 per day before releasing it into the nearby Red River.
South Crofty was Cornwall’s last operating tin mine and had been producing the mineral for at least 400 years, forming an important part of the county’s cultural heritage.
The National Wealth Fund is hoping to develop a “critical minerals cluster” for tin and lithium production in Cornwall, one of the most economically deprived regions of northwestern Europe.
While the South Crofty mine is predicted to have a 14-year life, Cornish Metals’ mining license runs until 2071, allowing for development of 26 former tin mines spread across 1,490 hectares.
UK chancellor Rachel Reeves said: “Growth is this government’s number one mission, and we’re going further and faster to kickstart our economy so that we can put more money in people’s pockets.
“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.”
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