Any agreement would be linked to South Crofty providing a supply of tin to the US
Drilling at South Crofty mine(Image: Cornish Metals)
The company behind a major project to revive a historic Cornish tin mine says it could potentially receive financing support from the US government. Cornish Metals, which floated on AIM in December, announced on Thursday it had received a non-binding letter of interest from the Export-Import Bank of the United States (EXIM) – the country’s official export credit agency.
Cornish Metals is looking to reopen South Crofty – a tin and copper mine near the village of Pool. The mine operated for more than 400 years but was shut in 1998 due to lack of investment and falling metal prices. Cornish Metals acquired the mine in 2016 and said last year it was optimistic that commercial extraction could begin by mid-2028.
It is understood the letter of interest outlines EXIM’s capacity to consider up to US$225m in financing. South Crofty may also qualify for special consideration under the agency’s China and Transformational Exports Program, Cornish Metals said.
Potential financing support is linked to South Crofty providing a “responsible supply” of tin concentrate to the US, to build more resilient supply chains.
Don Turvey, chief executive of Cornish Metals, said: “This Letter of Interest from EXIM is a testament to the quality and strategic importance of South Crofty and its potential to become the first new tin producer in the western world.
“This indicative support also demonstrates the ramping up of our discussions with potential project financing sources as we progress towards a final investment decision.
“Against a backdrop of strong tin prices supported by attractive market dynamics and the substantial progress being made on site, we are encouraged by the momentum building across the business as we work towards bringing South Crofty back into production.”
Business Live understands the letter of interest does not constitute a financing commitment.
In December, Cornish Metals said “significant progress” was being made at South Crofty, which is expected to make yearly earnings of £70m once up and running.
The project received the backing of the UK government in 2025 with Chancellor Rachel Reeves committing to invest £29m in the scheme.