Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) told investors it has now installed its second submersible pump at the South Crofty tin mine project in Cornwall and commissioning of variable speed drives (VSDs) has begun.
The company said it has also inked a contract to secure supply of 100% renewably generated power for the project over the next 15 months.
Chief executive Richard Williams described these latest developments as “significant milestones” for the project, as Cornish Metals advances South Crofty closer to a production decision.
“The team at site has done an excellent job installing the second pump ahead of the estimated timeframe,” Williams said in a statement.
“Also, securing a 100% renewable power contract was important as we demonstrate our commitment to the reduction of greenhouse gases from the project as much as possible."
South Crofty is host to the fourth-largest tin resource globally, the company highlighted, and the project is being undertaken with the aim to re-establish production following the mine’s prior closure in 1998. Tin production in the area dates back to the sixteenth century.
The mine is subject to a long-term planning permission, valid until 2071, for underground mining.
Cornish Metals highlighted that tin is deemed a ‘critical metal’ in major western markets (including the UK, USA and Canada) as around 75% of supply currently comes from China, Myanmar and Indonesia, meanwhile, there is presently no primary tin production in either Europe or North America.
It expects the project, if greenlit, could create up to 300 new direct jobs in the UK.