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.