Rachel Reeves' National Wealth Fund backs Cornish tin mining project

A major Cornwall mining project has received backing from the government's new investment vehicle, the National Wealth Fund. Cornish Metals, the mineral exploration company working to revive tin production at South Crofty in the Duchy, confirmed the investment as part of a £56m fundraise.

The NWF, formerly the UK Infrastructure Bank, is taking a £28.75m stake in the AIM-listed business. It will be one of the strategic investors in Cornish Metal's raise alongside Vision Blue Resources, which currently has a 25.95% share of the business.

A share placing being run by Hannam & Partners, SP Angel Corporate Finance and Canaccord Genuity is expected to raise £8.8m, with a broker option to raise another £5.9m. The company also intends to carry out a separate retail offer to raise a further £3m.

Don Turvey, chief executive of Cornish Metals, said: “We are very pleased to welcome NWF as a major shareholder in Cornish Metals and to lead this fundraise alongside Vision Blue, demonstrating support for the company and our plans to bring tin