Richard Williams, Managing Director of Cornish Metals, said: “[This investment] really reaffirms that we have a strategic asset in the UK, in Cornwall. Tin is essential to everything electronic. It’s a fantastic endorsement of Sir Mick’s business and project.
Vision Blue Resources was founded by Sir Mick in December 2020 to invest in minerals and metals linked to the transition to greener energy. The company has so far invested in three ventures: graphite company Next-Source Materials, vanadium developer Ferro-Alloy Resources Group and quartz developer Sinova Global.
The use of tin in electronic connections means it is essential to the shift away from fossil fuels and the rise of electric cars and “green” heat pumps.
Cornish Metals estimates that there are around 65,000 tonnes in the mine, although further studies will be carried out on the amount likely to be mined.
The mine has the necessary permits and could be operational by 2026, creating around 250 direct jobs.
Investors taking part in this £40m fundraise have warrants giving them the right to buy further shares within three years, potentially raising an additional £60m to fund the project . Williams said that would cover the equity portion of financing the project, but he could also consider additional debt financing.
The South Crofty project is part of an emerging mining renaissance in Cornwall.
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This notice was published: 2022-03-28 07:05:32