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The historic South Crofty tin mine in Cornwall is set for revival, with nearly £30 million earmarked for reopening—an initiative poised to generate over 300 jobs. The National Wealth Fund (NWF) has pledged a £28.6 million equity investment into Cornish Metals Inc., the mine’s owner, as part of a broader £56 million fundraising effort to advance the project.
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."
Chancellor Rachel Reeves hailed the investment as a catalyst for job creation and economic growth in Redruth. Pending shareholder approval in March 2025, the funding will support early-stage project work, procurement of essential equipment, and risk mitigation efforts.
South Crofty, which boasts one of the world’s highest-grade tin resources, ceased operations in 1998 after over four centuries of production. Cornish Metals has set an ambitious target to resume mining by 2026, positioning the project as a key contributor to the UK’s domestic tin supply.
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."
Don Turvey, chief executive officer of Cornish Metals, added: "This financing will enable the company to maintain this strong momentum and further unlock the project's potential by delivering crucial milestones."
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