Cornish Metals plc said it had received a non-binding letter of interest from the Export-Import Bank of the United States (EXIM) for potential financing of up to US$225 million for South Crofty in Cornwall.
SOUTH CROFTY
The company added that the tin mine project “may also qualify for special consideration under EXIM’s China and Transformational Exports Program.”
EXIM’s potential financing is conditional on South Crofty providing a “responsible supply of tin concentrate to the United States, to build more resilient supply chains.”
“This letter of interest from EXIM is a testament to the quality and strategic importance of South Crofty and its potential to become the first new tin producer in the western world,” said Cornish Metals’ chief executive officer Don Turvey.
“This indicative support also demonstrates the ramping up of our discussions with potential project financing sources as we progress towards a final investment decision.
“Against a backdrop of strong tin prices supported by attractive market dynamics and the substantial progress being made on site, we are encouraged by the momentum building across the business as we work towards bringing South Crofty back into production.”
Production at South Crofty is due to start in mid-2028.
The company added that the LoI was not a financing commitment and that there was no guarantee of the funding from EXIM.