A new era of Poldark mining is drawing closer after Cornish Metals revealed that there are bigger reserves of tin in the county than previously thought. There is £1.4billion of the metal, which is used in electric batteries, around the South Crofty mine near Redruth, the company said yesterday.
About 65,000 tonnes of tin are thought to be in the area and tin prices have rocketed in recent months to more than $33,000 (£23,380) per tonne.
The findings are a huge boost to Cornwall, which is one of the UK’s most deprived regions and a focus of the Government’s levelling up agenda. Cornish Metals plans to mine the tin, providing much needed jobs and investment.
The news comes as Cornwall is gearing up to host the G7 meeting at St Ives, which will see political leaders from all over the world descend on the seaside town.
Cornish Metals has planning permission to renovate the mine and build a processing plant nearby. The AIM-listed group wants to restart operations at a site, where tin was mined from the 1590s until 1998. It believes it could have everything up and running in four years’ time.