Cornish Metals secures $210 million to fund revival of UK tin mine
2026-05-11 15:18:10 [Print]
Cornish Metals has secured $210 million in bond financing, bringing the company closer to restarting the historic South Crofty tin mine in southwestern England after decades of unsuccessful revival efforts.
The six-year bonds carry a fixed annual coupon rate of 13.5%, with the company reporting strong demand from investors across Europe, North America, and other international markets.
Tin prices rose nearly 40% in 2025 and have gained an additional 34% so far this year, approaching $54,000 per tonne.
South Crofty had been in operation for over 400 years before low metal prices led to its closure in 1998. Several companies subsequently attempted to restart the mine without success until Cornish Metals acquired the project in 2016.
Cornish Metals states that South Crofty is the highest-grade tin deposit not currently in production. The project contains 2.9 million indicated tonnes at a grade of 1.5% tin and 2.63 million inferred tonnes at 1.42% tin, along with a near-mine exploration target ranging from 6 million to 13 million tonnes at grades between 0.5% and 1.8% tin.
A preliminary economic assessment released last year outlined a 14-year mine life, with average annual tin production of 4,700 tonnes and peak output of 5,000 tonnes expected in the fourth year.
The six-year bonds carry a fixed annual coupon rate of 13.5%, with the company reporting strong demand from investors across Europe, North America, and other international markets.
Tin prices rose nearly 40% in 2025 and have gained an additional 34% so far this year, approaching $54,000 per tonne.
South Crofty had been in operation for over 400 years before low metal prices led to its closure in 1998. Several companies subsequently attempted to restart the mine without success until Cornish Metals acquired the project in 2016.
Cornish Metals states that South Crofty is the highest-grade tin deposit not currently in production. The project contains 2.9 million indicated tonnes at a grade of 1.5% tin and 2.63 million inferred tonnes at 1.42% tin, along with a near-mine exploration target ranging from 6 million to 13 million tonnes at grades between 0.5% and 1.8% tin.
A preliminary economic assessment released last year outlined a 14-year mine life, with average annual tin production of 4,700 tonnes and peak output of 5,000 tonnes expected in the fourth year.
Tin Conc. Burmese 30%min IW MengA
Unit:RMB/mmt
China tin concentrate producers' operating rate statistics by province by month
Unit: %
