Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) this week landed a breakthrough funding, raising £56 million for the South Crofty Tin Project.
Speaking with the Proactive studio, chief executive Don Turvey highlighted that this funding is a significant step that will ensuring key developments stay on schedule as the team work’s to restore the mine.
The involvement of the UK government's National Wealth Fund underscores the strategic importance of South Crofty, reflecting strong government backing.
"The fact that we have local support from MPs and the national government is huge for us,” Turvey said.
Here, we take a closer look at what was said in the interview.
Proactive: Hello, you're watching Proactive. I'm joined by Cornish Metals CEO Don Turvey. Don, great to speak with you again. What makes this £56 million fundraising a pivotal moment for Cornish Metals and the South Crofty Tin project?
Turvey: Well, this is huge for us, Stephen. Basically, what this means is it really puts us in a position where we can take the project to the next level and de-risk it further.
The fact that we’re getting support from local government, national government, and key investors is critical.
South Crofty was the last mine to close and the first one to reopen—this is just so significant for Cornwall and the UK.
Proactive: Don, how does the involvement of the UK government’s National Wealth Fund reflect the strategic importance of South Crofty?
Turvey: I think the fact that they’re willing to back us and come in at this level really shows not only that we have local support from MPs and local government, but also that the national government is willing to not just talk but actually invest.
They have really gone out of their way to make this happen, and we’re excited to have them on board.
Proactive: You mentioned investor support as well, Don. What does the continued backing from Vision Blue say about investor confidence in the project?
Turvey: Vision Blue came in back in 2022. They were the first to help us set up the water treatment plant, start refurbishing the shaft, and begin dewatering.
In this funding round, they have not only backed their corner but gone above and beyond to ensure we have the funds needed to deliver on our commitments in the coming year.
Proactive: What role do you see South Crofty playing in the UK’s push for critical minerals security and net-zero goals?
Turvey: I think it's going to play a key role. We’re going to be the first tin mine in the UK and Europe.
In fact, there are no tin mines in the US or Europe right now. The fact that we are the first to reopen means we are establishing a base load of tin supply in the UK.
This also opens the way for further developments. You can already see that others are taking an interest in what we’re doing. I believe we are just breaking ground now.
Proactive: How will this funding shape the next phase of development? What milestones should we watch for?
Turvey: The key priorities for this funding are to complete dewatering and refurbish the Cook’s Kitchen shaft.
It will also allow us to order some long-lead items, including winders, which take over 12 months to manufacture.
In addition, we will secure other critical equipment for the processing plant. We already have planning permission, so now it’s about ensuring we stay on track.
This funding also provides us with a financial runway until the end of March next year, allowing us to secure a debt package.
We’ve employed Endeavor Finance, and with this equity backing, they can now raise the debt required to get us to the final investment decision.
Proactive: Don, I hope you keep us updated on progress at South Crofty. Thank you very much for speaking with us today.