\n<\/p>\n
Tin mining is poised for a comeback in Cornwall after the UK government invested almost \u00a329m to reopen the county\u2019s last tin mine, creating more than 1,000 jobs in the region.<\/p>\n
The South Crofty tin mine, near the Cornish village of Pool, closed in 1998, and in the years since, as tin prices have soared, attempts to reopen it have been unsuccessful.<\/p>\n
On a visit to Cornwall this week, Rachel Reeves, the chancellor, estimated that reopening South Crofty could create 1,300 jobs for the region. Back in January the government approved the \u00a328.6m investment to support the reopening of the mine, which is being led by Redruth-based Cornish Metals.<\/p>\n
Don Turvey, the chief executive of Cornish Metals, said: \u201cTin is a critical mineral for the clean energy transition, essential to electronics, electric vehicles and renewable infrastructure. By reviving domestic production at South Crofty, we\u2019re not only creating over 300 direct jobs but also supporting many more across local supply chains and regional businesses.\u201d<\/p>\n
The government estimates that a further 1,000 jobs will be created as the company uses more local suppliers such as metal fabricators and electricians, and supports supply chains in the UK.<\/p>\n
After operating for more than 400 years, South Crofty was the last tin mine to close in the UK due to lack of investment and falling metal prices in the 1990s.<\/p>\n
However, there has been a rise in prices over the past decade \u2013 from $16,000 (\u00a311,957) a tonne in 2016 to about $34,000 \u2013 with tin used as solder in consumer electronics and other sectors, including electric cars and solar cells.<\/p>\n
\u201cDespite having so much potential to grow, Cornwall has been neglected by successive governments, and its families and businesses have suffered as a result,\u201d Reeves said. \u201cLike in every part of the UK, I am determined to unlock growth that creates jobs and puts more money in Cornish people\u2019s pockets.\u201d<\/p>\n
The government made the investment through the national wealth fund, supporting its industrial strategy to boost growth in priority industries.<\/p>\n
Ian Brown, the head of banking and investment at the national wealth fund, said: \u201cCornish Metals have made excellent progress as they work towards reopening South Crofty. Our financing is designed to help them crowd further investment into the region, bringing skilled, year-round opportunities, and driving local growth.\u201d<\/p>\n
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Sign up to Business Today<\/span><\/p>\n Get set for the working day \u2013 we’ll point you to all the business news and analysis you need every morning<\/p>\n Privacy Notice: <\/strong>Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply.<\/span><\/p>\n after newsletter promotion<\/p>\n The Vancouver-based Strongbow Exploration acquired the rights to the tin mine in July 2016. The company, which has a dual listing in Canada, changed its name to Cornish Metals in 2020. Cornish Metals listed on London\u2019s junior AIM stock exchange in 2021, raising funds to support mining in the area, including at South Crofty.<\/p>\n Cornish Metals\u2019 share price has soared by 28% over the past year \u2013 although it remains down almost a third on five years ago \u2013 and has a market value of C$170m (\u00a392m).<\/p>\n Turvey said: \u201cOur focus remains on delivering long-term, sustainable value safely, responsibly, and with deep roots in the community. We\u2019re proud to be playing a role in bringing responsible tin mining back to Cornwall and supporting economic renewal and industrial growth in the region.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Tin mining is poised for a comeback in Cornwall after the UK government invested almost \u00a329m to reopen the county\u2019s last tin mine, creating more than 1,000 jobs in the region. The South Crofty tin mine, near the Cornish village of Pool, closed in 1998, and in the years since, as tin prices have soared,<\/p>\n","protected":false},"author":1,"featured_media":12833,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[6497,6496,2045,1094,2656,1007,6495],"class_list":{"0":"post-12832","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-politics","8":"tag-29m","9":"tag-cornwall","10":"tag-investment","11":"tag-mining","12":"tag-reeves","13":"tag-return","14":"tag-tin"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/12832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12832"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/12832\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/12833"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}