CORNWALL

South Crofty tin mine project advances with early shaft refurbishment

Story by Hannah Baker

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Cornish Metals drilling at South Crofty in Cornwall© www.cornishmetals.com

Mining exploration company Cornish Metals will bring forward its plans to refurbish a mine shaft at its South Crofty tin project.

The AIM-listed firm, which is working to revive production at the mine in Pool near Redruth, said on Monday (March 4) that after an assessment of the timbers in New Cooks Kitchen (NCK) shaft it had decided to start refurbishment ahead of schedule.

Cash raised from an offering completed in May 2022 will be re-allocated to fund the works on the NCK shaft, the firm added.

Cornish Metals said the refurbishment would “significantly improve” the functionality of NCK shaft and mean larger equipment would be able to access the mine at an earlier stage in its redevelopment. It also said it would ensure the safety of the mine as the company regained access to the underground workings.

Under the plans, the rate of mine dewatering has been reduced - with the water level being maintained - to allow shaft refurbishment and dewatering to proceed at the same time. Shaft refurbishment and mine dewatering are now expected to complete by the third quarter of 2025.

Cornish Metals said the cost saving of around £4m from reducing the rate of dewatering will cover the cost of shaft refurbishment during 2024.

Cornish Metals is funded for the remainder of 2024 and has said there is “no anticipated impact” on the overall cost of re-opening South Crofty arising from the re-phasing.

Richard Williams, chief executive and director of Cornish Metals, said: “Cornish Metals is committed to safe, efficient and cost-effective work practises and has, accordingly, brought forward the refurbishment of NCK shaft.

"This is a key milestone for the project and demonstrates the confidence both we as a company and our largest shareholders have in the future of South Crofty. Importantly, management believes the project remains on track for production by the end of 2026.”

Cornish Metals is looking to restart tin production at the mine, which closed in 1998 after 400 years of continuous production, by 2026.