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US funding may revive historic Cornwall tin mine
5 Feb
Summary
- US Export-Import Bank issued interest for $225 million for mine restart.
- South Crofty mine, closed in 1998, is vital for AI revolution's tin needs.
- Tin is a critical mineral facing supply concerns from dominant nations.
The potential revival of the historic South Crofty tin mine in Cornwall, England, is gaining momentum with funding interest from the US government. The Export-Import Bank of the United States has indicated potential support, issuing a letter of interest for as much as $225 million. This financial backing could underpin the restart of operations at the mine, which has been closed since 1998.
Tin, a critical mineral essential for electronics and increasingly vital for the AI revolution, is sourced from a limited number of countries. Concerns over ethical sourcing and potential links to conflict and child labor in some dominant supply nations highlight the importance of alternative, responsible sources. South Crofty, with a history of operation stretching back to the 1600s, is poised to offer a stable supply.
Cornish Metals has been working for years to develop the South Crofty project, navigating funding challenges and market volatility. Recent surges in tin prices, including a more than 40% increase last year and an additional 15% rise this year, underscore the commodity's growing value amidst fluctuating global markets. The company's shares saw a notable rally in London following the funding news.
