Duchy of Cornwall agrees mineral rights deal over 64 sq km
Strategic Minerals and the Duchy of Cornwall are to work together on the commercialisation of mineral rights in North and East Cornwall.
The agreement is “the first agreement of its kind in modern times aimed at advancing commercialisation of The Duchy’s mineral rights through an Exclusivity and Prospecting Agreement”.
It has been described as “a boost” for Cornwall’s ambitions to be a world-class region for metal mining.
Strategic Minerals’ subsidiary, Cornwall Resources, will see its footprint become four times bigger.
Alan Broome, chairman of Strategic Minerals said: “Cornwall Resources’ regional presence has been significantly strengthened with the addition of these prestigious mineral rights in areas that historically supported active mining within the Tamar Valley Mining District.
“This development further underwrites the company’s strategy to be part of, and benefit from, the resurgence of mining activity in the UK and directly contribute to the deliverability of the UK’s Critical Minerals Strategy and Cornwall’s ambition to be a world-class region for metal mining and georesources.”
The agreement provides exclusive mineral rights to certain areas, next to Cornwall Resources’ Redmoor licence area, located within the Duchy’s mineral rights in North and East Cornwall.
It covers 64 sq km, including the historically-mined and highly-prospective Tamar Valley Mining District.
Cornwall Resources will continue its regional exploration activities and some more targeted projects to further establish exploration targets and potential mineral resources to complement those at Redmoor.
The initial exclusive exploration period is for three years, starting from next month, with an option to extend further.
Joshua Conibear of Wardell Armstrong LLP, the Duchy of Cornwall’s Mineral Agent, said: “The Duchy of Cornwall recognises the importance of the potential resources of Critical Minerals located within its mineral rights holdings and grants appropriate agreements with companies wishing to explore these opportunities.”
