Cornish Metals has recently acquired a significant piece of land adjacent to its South Crofty tin project in Cornwall, UK. This acquisition is a game-changer for the company, as it expands their total land area to 28.5 acres (11.5 ha). The additional space will not only allow for future site works but also open up possibilities for cost savings, renewable energy initiatives, and enhanced property security.
The South Crofty tin mine holds a rich historical significance, having been in operation since 1592 and running for over 400 years until 1998. Cornish Metals have secured Planning Permission for underground mining. With this permission, the company is now in a prime position to develop new processing facilities. Moreover, the project that Cornish Metals is undergoing has the potential to create up to 320 jobs, providing a significant boost to the local economy.
The 2024 Preliminary Economic Assessment further solidifies Cornish Metals project’s potential, with an impressive after-tax NPV8% of US$201 million and an IRR of 29.8%. Tin is classified as a critical mineral by the governments of the UK, America, and Canada. This mineral is predominantly sourced from China, Myanmar, and Indonesia. With no primary tin production in Europe or North America, responsible sourcing is crucial. Supply security is crucial in the energy transition and technological advancements.
Fortunately, Cornish Metals enjoys strong support from the local community, as well as regional and national government bodies. This backing, combined with the company’s growing team of skilled individuals from Cornwall, sets the stage for a successful venture. The South Crofty tin project has the potential to generate up to 320 direct jobs. This promise brings not only economic growth but also a brighter future for the region.
