National Wealth Fund cornerstones £135m fundraise for Cornish Metals to reopen South Crofty tin mine

The National Wealth Fund’s £41.7m equity investment forms the cornerstone of Cornish Metals' £135m fundraise. The Fund’s participation as a lead investor in the raise is helping to crowd significant private capital into the project, with a further £93.3m of equity funding from new and existing investors, including £11.2m of new strategic investment from Glencore, which secures a major six-year offtake agreement. 
 
Proceeds will support the development of the South Crofty tin mine towards production, delivering a secure domestic supply of tin for the UK. This reflects the significant progress that has been made at the site since the National Wealth Fund made its initial £28.6 million equity investment in January 2025. 

The project is expected to create more than 300 direct jobs in Cornwall and supports the development of a wider critical minerals cluster in the Southwest of England, complementing the Fund’s investments in both Cornish Lithium and Tungsten West.
 
Works on the site continue at pace, with the funds supporting further mine development and construction, including underground development, shaft refurbishment, processing infrastructure and associated facilities. Once operational, South Crofty could become the first primary tin producer in Europe or North America, securing a domestic supply of a mineral with critical applications in electronics, electrification and data infrastructure. 
  
Oliver Holbourn, National Wealth Fund CEO, said:

“Our continued investment in South Crofty is a compelling example of how the National Wealth Fund can give private investors the confidence to help revive a strategically important asset and rebuild our domestic critical mineral capabilities. This is long-term capital being put to work to deliver greater resilience for the UK, high-quality jobs for Cornwall and a domestic supply of tin for industry.”

Don Turvey, Cornish Metals CEO, said:

“We are delighted to have completed this fundraise, which completes the financing package for the construction of South Crofty through to first tin in mid-2028. I would like to thank our existing shareholders, Vision Blue and the National Wealth Fund, for their continued support, and to welcome our new investors, including our offtake partner Glencore and Leonidsport. We were also very pleased to see such strong support from the retail community, and we look forward to keeping all our stakeholders closely involved as the project progresses. South Crofty is a world-class project, with the highest-grade tin of any asset not currently in production, and our focus now is on bringing that tin to market. We have a clear path to production, and the task ahead is to deliver our key milestones safely, on time and on budget. In doing so, we will re-establish tin production in the UK and create long-term, skilled jobs and economic benefit in Cornwall.”

The investment is subject to meeting requisite shareholder approvals, as detailed in the Company’s regulatory announcement.