Cornish Metals plc has completed an oversubscribed placement of US$210 million (£155m) of new six-year, callable senior secured bonds with a coupon rate of 13.5% per annum.
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The company said that the bond placement, completed on 6 May, had drawn strong investor demand across international markets, with support from international institutional funds and natural resource specialist investors.
The debt financing will be secured over Cornish Metals’ asset of the South Crofty tin mine project in the village of Pool, Cornwall.
Issue of the bonds, expected on or about 21 May 2026, is subject to certain conditions
precedent including a fundraise of at least $161m (£119m).
The bond placement follows the non-binding letter of interest in February 2026 from the Export-Import Bank of the United States (EXIM) for potential financing of up to $225m (£166.4m) to develop South Crofty.
Chief executive officer Don Turvey added: “Project financing is progressing well and we expect to be fully funded and to announce the final investment decision for the South Crofty tin project this summer.
“With strong stakeholder support, robust economics and clear development momentum, we are well positioned to advance South Crofty towards production in mid-2028 and to deliver a secure domestic supply of tin for the western world.”
