Cornish mining company completes £3.5 sale of Canadian assets

Mining firm Cornish Metals has completed the sale of  its interests in two Canadian projects for an estimated £3.5m.

The AIM listed business has been selling its overseas interests in order to concentrate on the South Crofty tin project in Cornwall.

The first cash payment of around £2.3m has been received by the company.

Cornish Metals is a dual-listed mineral exploration and development company AND IS focused on advancing the South Crofty high-grade, underground tin project through to a construction decision, as well as exploring its additional mineral rights, located in Cornwall.

South Crofty is a historical, high-grade, underground tin mine that started production in 1592 and continued operating until 1998 following over 400 years of continuous production;

The project has planning permission for underground mining – valid to 2071 – to construct new processing facilities and all necessary site infrastructure, and an Environmental Permit to remove floodwater from the mine.

South Crofty is one of the highest grade tin mineral resources in the world and benefits from existing mine infrastructure including multiple shafts that can be used for future operations.

It is estimated that the company has the potential to extract £500m worth of tin from the mine once production gets underway.

And it is also estimated the mine could generate up to 320 direct jobs in the area.

Tin is in demand across the world because connects almost all electronic and electrical infrastructure, making it critical to the energy transition sector.

Approximately two-thirds of the tin mined today comes from China, Myanmar and Indonesia.

There is currently no primary tin production in Europe or North America;