Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Cornish Metals (LON, TSX-V: CUSN) is ready to start dewatering at its South Crofty tin-copper project in Cornwall, southwest England, as it moves closer to reopening the past producing mine.
The company said the first of two submersible pumps are in place for the initial phase of dewatering this summer.
The Canadian miner is working on re-opening the South Crofty mine, which was closed in 1998 following more than 400 years of almost continuous production.
Cornish’s ultimate goal is to lead the development of an industry for the battery metal in the UK.
The start-up, formerly known as Strongbow Explorations, completed the acquisition of the South Crofty and United Downs copper-tin projects in 2016. A year later, it finished a preliminary economic assessment, which demonstrated the economic viability of re-opening the operation.
Cornish Metals also acquired additional mineral rights in Cornwall, covering an area of about 15,000 hectares that hold past-producing mines which were historically worked for copper, tin, zinc, and tungsten.
Last year, the company raised about $51 million (£40.5m) in funding, which it will use to construct a mine water treatment plant, as well as dewater the mine, and complete a feasibility study.
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.
