Resumption of Tin Mining in Cornwall with Government Investment

• The government of the United Kingdom is investing 29 million pounds sterling in the resumption of tin mining.
• The reopening of the South Crofty mine is expected to create over 1300 jobs in the region.
• Tin is an important mineral for clean energy and electronics.

The tin mining in Cornwall is set to resume thanks to an investment from the UK government amounting to over 29 million pounds sterling. This will allow the reopening of the last tin mine in the region, creating over 1300 jobs.

The South Crofty mine, located near the village of Pool, was closed in 1998, but rising prices for tin in recent years have prompted new attempts for its reopening. During her visit to Cornwall, Chancellor Rachel Reeves noted that reopening the mine could create 1300 jobs for the region. In total, the government has approved an investment of 28.6 million pounds sterling to support the reopening of the mine, which is being carried out by the company Cornish Metals.

General Director of Cornish Metals Don Tervy stated that tin is a critically important mineral for the transition to clean energy, essential for electronics, electric vehicles, and renewable infrastructure. The reopening of the tin mine at South Crofty will not only create over 300 direct jobs but also support many others through local suppliers and contractors.

The government estimates that an additional 1000 jobs will be created thanks to the involvement of local suppliers, such as manufacturers of metal constructions and electronics. South Crofty operated for over 400 years but was closed due to a lack of investment and falling metal prices in the 1990s.

However, over the last decade, tin prices have risen from 16,000 dollars (11,957 pounds sterling) per ton in 2016 to approximately 34,000 dollars. Reeves noted that Cornwall, despite its potential, has been overlooked by previous governments, which has led to a decline in the region's economy and business.

The investment was made through the national fund for prosperity, which supports the government’s industrial strategy to stimulate growth in priority sectors. Don Tervy emphasized that the company aims to ensure long-term and stable pricing, corresponding to the reopening of tin mining in Cornwall.

Tags: Europe/Economy