The Chancellor announces £28 million investment in Cornish Metals

Rachel Reeves hopes this will increase jobs and access to materials needed for net zero transitions

Author: Vicky HainesPublished 29th Jan 2025

Today, the Chancellor, Rachel Reeves, announced: "A £28 million equity investment in Cornish Metals, providing the raw materials to be used in solar panels, wind turbines and electric vehicles, supporting growth and jobs in the South West of England."

Cornish Metals Inc. is a mineral exploration and development company focused on the advancement and restart of its 100% owned-and-permitted South Crofty high-grade tin project in Cornwall.

The proceeds of the Fundraising will be principally used to complete the shaft refurbishment and de-watering process of the South Crofty Tin Mine.

Rachel Reeves said these metals will: "Provide the raw materials to be used in solar panels, wind turbines and electric vehicles; supporting growth and jobs in the South West of England.

"There is no trade off between economic growth and net zero. Quite the opposite. Net zero is the industrial opportunity of the 21st century, and Britain must lead the way.

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