Exploration and development company Cornish Metals will start refurbishing the New Cook’s Kitchen (NCK) shaft at the South Crofty tin project, in the UK, ahead of schedule.
“This is a key milestone for the project,” said CEO Richard Williams, stating that it demonstrated the confidence that the Aim- and TSX-V-listed company and its biggest shareholders had in the future of the South Crofty project, in Cornwall.
Rephasing the shaft refurbishment will improve the functionality of NCK shaft and enable bigger equipment to access the mine at an earlier stage in its redevelopment.
To allow shaft refurbishment and dewatering to proceed concurrently, Cornish has reduced the rate of mine dewatering and will realise a £4-million, which will be used to cover the costs of the NCK refurbishment.
The preliminary economic assessment that is under way, and is set to be published in the second quarter, will provide an updated estimate of the funding requirements to achieve first tin production from South Crofty by the end of 2026.