Cornish Metals secures $9.1 million from Vision Blue
South Crofty developer Cornish Metals has announced that it has secured a further US$9.145 million from major shareholder Vision Blue Resources.
Cornish Metals (formerly Strongbow Exploration) has been actively working to develop the historic mine in Cornwall since 2016 but the required dewatering of the mine appeared to be an obstacle for investment. After a hiatus in drilling, in 2022 Vision Blue invested £25 million to continue development. Vision Blue currently holds 26% of Cornish Metals share capital.
Newly appointed CEO and Director of Cornish Metals, Don Turvey, commented that “this funding signals Vision Blue’s continued support for Cornish metals and plans to bring tin mining back to Cornwall through the restart of South Crofty.”
Continuing, he stated that the company “has been engaging with investment entities interested in financing the development of the project.”
The project, which targets the highest grade tin deposit not in production, is fully permitted and earlier this year published a Preliminary Economic Assessment highlighting a 3-year post-tax pay back period and a low All-in Sustaining Cost of $13,700/t payable tin. The mine will see production of 49,310 tonnes tin-in-concentrate over its 14-year mine life.
Cornish Metals is a promising project with operating costs firmly in the lower half of the forecasted cost curve and a capex intensity similar to that of peer projects.
