Anglo faces headwinds in keeping restructuring on track
Anglo has been forced to accelerate its restructuring after successfully holding off a bid from BHP, the world’s biggest miner.
Cornish Metals (LON, TSX-V: CUSN) said on Monday it is speeding up work to reopen a past-producing tin mine at its South Crofty project in southwest England.
The Canadian explorer and developer said it will bring forward plans to refurbish New Cook’s Kitchen (NCK) shaft at South Crofty after an assessment of the tunnel conditions revealed the deteriorating condition of its timbers, requiring immediate action.
“This is a key milestone for the project,” chief executive officer Richard Williams said in a statement, adding that rephasing shaft refurbishment would significantly improve the functionality of NCK shaft.
Williams also said the strategic move would enable larger equipment to access the mine at an earlier stage in its re-development as the company re-gains access to the underground mine section.
The Vancouver-based company, formerly known as Strongbow Explorations, said the process of dewatering the mine is expected to be done by the third quarter of 2025.
Cornish has said the project will have a positive impact on water quality in the Red river, as it presently receives untreated water from the mine as a legacy of past mining operations.
Water discharged from South Crofty will serve a dual purpose, the company said, as it will power a hydro-turbine, generating around 15% of the energy required by the water treatment plant.
The firm’s ultimate goal is to secure a leading place in the development of an industry for the battery metal in the UK.
Cornish said the ongoing feasibility study is on track to be completed in the first half of this year, with a Preliminary Economic Assessment (PEA) expected some time between April and the end of June.
The PEA will play a crucial role in guiding the completion of the Feasibility Study and providing updated funding estimates for achieving first tin production, Williams said.
There is currently no primary mine production of tin in Europe or North America and the US has included the metal in a list of minerals considered critical to the country’s economic and national security.
South Crofty could generate up to 5,000 tonnes of tin a year, with first production expected in 2026. The company said the mine will create up to 270 direct jobs and support a further 750 in the region, one of the UK’s most underprivileged.
