The South Crofty tin project has taken a major step forward following news of a big cash injection.

Cornish Metals plans to raise £40.5 million from a group of investors that includes former Tory party chief executive Sir Mick Davis, the founder of Vision Blue Resources (VBR).

The cash will go towards dewatering the mine, resource drilling and the completion of a feasibility study.

Cornish Metals CEO, Richard Williams, said: “This announcement marks a transformational moment for the company, its shareholders and all stakeholders in relation to the redevelopment of South Crofty, the company’s principal asset.

“It is testament to the quality of both the project and the company that an investor of the calibre of Vision Blue Resources is proposing such a significant investment, and we are delighted to welcome them as a major strategic shareholder.

Richard Williams

“Tin is essential to anything electronic, including electric vehicle (EV) components, computing, 5G, robotics, renewable power generation, and the electrification of the economy, making South Crofty a strategic asset with the ability to provide a secure, traceable, sustainable supply of this important metal.

“We are excited to embark on this new chapter of Cornwall’s mining history which will see South Crofty make a significant contribution to the local and UK economy, with the potential to create up to 1,000 direct and indirect jobs, as well being at the forefront of the drive towards net zero.”

Sir Mick Davis, CEO of VBR, which is set to invest £25 million, added: “VBR was founded to accelerate the responsible supply of commodities necessary to facilitate the transition to clean, green energy. The investment in South Crofty has the potential to deliver significant tin production to meet an expected supply shortfall and enable the deployment of new, green technologies.

“At the same time, restarting production at an historic underground mine, within the existing footprint, and with the benefit of modern production techniques, provides an opportunity to minimise environmental and other impacts whilst creating significant benefits for local communities.”

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