Cornish Metals is redeveloping South Crofty, which closed in 1998. Work includes dewatering and shaft refurbishment, winding equipment and a new processing plant. The mine has not resumed commercial tin production.[1][2]
Current position
On 22 October 2026 Cornish Metals announced £135m of conditional equity fundraising for South Crofty. Shareholder approval and AIM admission remain outstanding; Glencore’s six-year agreement covers future concentrate production.
Benefits
The redevelopment would restore a UK source of tin, used in electronics and electrical infrastructure, while bringing existing mine shafts back into use.
Timeline
12 October 2026 — construction and shaft works The service winder was mounted, the production winder building erected and processing-plant civil works under way. Dewatering had passed 400 metres below surface.
20 October 2026 — future concentrate sales Glencore agreed to buy all tin concentrate produced for six years from commercial production. Deliveries have not begun.[4]
22 October 2026 — conditional equity fundraising The £135m gross share issue includes £41.7m from the National Wealth Fund and approximately £11.2m from Glencore. Completion requires the 9 November shareholder vote and other conditions; AIM admission is expected around 10 November.[3]
Construction financing A US$210m Nordic bond placement was arranged in May 2026; proceeds remain in escrow pending release conditions. The company’s £302m sources-and-uses schedule includes £185m of project capital expenditure and £55m of loan capitalisation. The £135m equity total therefore includes debt conversion, not solely additional cash.
Mine permissions Underground mining permission runs to 2071. The company says further planning, environmental and other approvals or variations are required before production.
Cornish Metals has conditionally raised £135 million in equity for the redevelopment of South Crofty tin mine in Cornwall. The 22 October result includes £41.7 million from the National Wealth Fund and about £11.2 million from Glencore. Glencore has also agreed to buy the mine’s future tin concentrate for six years once production begins. Some of the new shares will replace existing loans, and the fundraising still requires shareholder approval and other completion steps. It forms part of a wider construction financing package alongside a US$210 million bond issue arranged in May, whose proceeds remain in escrow. Redevelopment is under way; the company targets first tin production in mid-2028.