Cornish secures £52m investment for UK tin project
Aim-listed Cornish Metals has entered into secured credit facilities with the National Wealth Fund and Vision Blue Resources, totalling about £52-million, to support the continued development of its wholly-owned South Crofty tin project, in Cornwall, in the UK.
This follows the company’s announcement on May 7 regarding a successful placement of $210-million of Nordic bonds.
Up to about £16-million of the facilities will be used to credit the escrow account which has been set up in connection with the bonds and is to be funded as a condition to issuance of the bonds.
The remainder of funding will be used for underground mine development and shaft refurbishment; surface facilities and infrastructure; and the company’s general operating and corporate purposes.
“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’s 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,” says CEO Don Turvey.
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 project, he informs.
“. . . we are pleased with the level of interest we are receiving, further highlighting the significance of this project. We thank the National Wealth Fund and Vision Blue for their continued support,” he avers.
The National Wealth Fund and Vision Blue are each a substantial shareholder of Cornish Metals, holding 28.45% and 29.08%, respectively, of the company’s issued share capital.
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