The National Wealth Fund backs Cornish Metals with new funding for South Crofty tin project

The National Wealth Fund has today announced further backing for Cornish Metals to support the continued development of the South Crofty tin project in Cornwall.

A shareholder loan of upto £52million will be provided, including up to £35million by the National Wealth Fund alongside Vision Blue Resources, to help Cornish Metals progress towards the finalisation of project financing and the re-opening of the tin mine.

Tin is considered a critical mineral by the UK government, with an important role to play in the transition to clean energy, for use in products including solar panels, wind turbines and electric vehicles.  

In the National Wealth Fund’s Strategic Plan, Critical Minerals is named as a sector in which the organisation will continue to be active, backing domestic supply chains to strengthen the UK’s sovereign and strategic capabilities.

Today’s announcement follows the National Wealth Fund’s existing £28.6million equity investment which was announced in January 2025, in a project which is set to create more than 300 direct local jobs. The Fund is also an investor in nearby Cornish Lithium, helping to create a critical minerals cluster in Cornwall and increase job opportunities in the region.  

Last week Cornish Metals announced the successful placement of US$210million of Nordic bonds, as it progresses towards its next funding round in summer.

Oliver Holbourn, CEO of the National Wealth Fund, said:

“Critical minerals are crucial to the National Wealth Fund’s plan to unlock the future of the UK – supporting economic growth, security and resilience, and underpinning many fundamentals of the clean energy transition. Companies such as Cornish Metals are at the forefront and our continued investment demonstrates the confidence we have in the company as it continues on its journey to reopen South Crofty, creating good year-round jobs in the local area in the process.” 

Don Turvey, CEO of Cornish Metals commented:

“This funding provides the Company with the financial runway to progress through to the final investment decision for the South Crofty project while continuing to advance and derisk the project by maintaining the high level of activities across site. It also signals the National Wealth Fund and Vision Blue’s continued support for Cornish Metals and our goal to restart tin mining in Cornwall, providing a sustainable supply of this critical mineral to the West. As part of the project financing process, the Company has been engaging with investment parties, including strategic offtakers and institutional investors, interested in financing the development of South Crofty, and we are pleased with the level of interest we are receiving, further highlighting the significance of this project. We thank NWF and Vision Blue for their continued support.”