Cornish Metals plc has agreed up to a combined £52 million through secured credit facilities with its major shareholders, the publicly-funded National Wealth Fund Ltd and private investor Vision Blue Resources Ltd.
DE-RISK
The NWF holds 28.45% of the company will provide £35m, while Vision Blue, which owns 29.08%, will give US$22.75m (£17m) to progress the South Crofty tin mine project, located in the village of Pool.
The funds will be used to advance underground development and shaft refurbishment, surface facilities and infrastructure and general operating and corporate purposes
A final investment decision on the project is expected this Summer before production begins in mid-2028.
Chief executive officer Don Turvey said: “This funding provides the company with the financial runway to progress through to the final investment decision for the South Crofty project while continuing to advance and derisk the project by maintaining the high level of activities across site.
“As part of the project financing process, the company has been engaging with investment parties, including strategic offtakers and institutional investors, interested in financing the development of South Crofty, and we are pleased with the level of interest we are receiving, further highlighting the significance of this project.”