Work to build a processing plant at a historic Cornwall mine will start next year, it has been announced. Cornish Metals, the tin exploration firm looking to revive production at South Crofty, will begin early project works by the end of December 2025.
The Canadian-headquartered company is working to bring the Pool-based mine, near Redruth, back into working order after 26 years. South Crofty was closed in 1998 following more than 400 years of continuous production and was acquired by Cornish Metals in 2016.
Earlier this year, the company confirmed its drilling programme had discovered huge amounts of tin remaining at the mine’s site.
Cornish Metals has ploughed millions of pounds into its UK project with the result that its cash in the bank has decreased from CAD$23.6m to $3.3m over the nine months to September 30. The firm had total operating expenses of CAD$6.5m over the period – up from $3.2m in October last year.
In a set of financial results posted on Thursday, the company said “various sources of funding” would be assessed in order to find a financing solution for the project in the second half of 2025. In October, the business appointed Endeavour Financial to secure finance for the development of the project.
Cornish Metals said its increased operating expenses were as a result of higher travel and marketing expenditure arising from increased investor and media engagement, and a termination settlement payable to its former chief executive. The company appointed Don Turvey as its new boss in August.
He said: “I am pleased to have joined Cornish Metals and will be working closely with the management and project teams to take South Crofty to production, to bring responsible tin mining back to Cornwall and to generate value by unlocking the project’s potential as a long-term supplier of tin needed for electrical applications in the UK and Europe.
“Activity levels on-site are high as the NCK shaft refurbishment and mine dewatering progress, further derisking the project. We have also commenced the project finance process to secure the optimal funding solution for the construction of South Crofty.”