Cornwall’s South Crofty tin mine is set for revival with nearly £30 million in public funding, creating 300 jobs by 2027.
Cornwall: The South Crofty tin mine is making a comeback. It just got a huge cash boost of nearly £30 million. This funding will help restart tin production by 2027 and create around 300 jobs.
The National Wealth Fund announced a £28.6 million investment in Cornish Metals. This is part of a £56 million fundraising effort to reopen the Pool mine. South Crofty was the last working tin mine in Britain, closing in 1998 due to low tin prices.
There’s a growing demand for tin, especially for electronics and electric vehicles. Cornish Metals believes the mine can still produce 80,000 tonnes of tin.
The company is excited about the funding. They said they successfully raised £56 million, with the National Wealth Fund leading the investment. Other investors are also on board, showing strong support for the project.
Chancellor Rachel Reeves praised the investment. She stated that it will help boost the economy and create quality jobs in Cornwall and beyond.
The National Wealth Fund, previously the UK Infrastructure Bank, aims to drive growth across the UK. In 2023, it also invested in Cornish Lithium for battery metal extraction.
Local MP Perran Moon welcomed the news, saying it marks a significant step for Cornish tin mining. He noted that the investment signals the project’s importance to the UK economy.
Moon added that this investment could lead to hundreds of new, skilled jobs in the area. It’s a big leap forward for Cornwall’s mining industry.
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