Cornish Tin hosts local MPs at United Downs, as fundraise gets underway in earnest
Cornish Tin has played host to three local MPs at its coresheds at the United Downs project.
On Friday, in spite of the distraction of the upcoming crucial government vote on British Steel, the three MPs nonetheless made time for a briefing from Cornish Tin’s founder and chief executive Sally Norcross-Webb.
“Delighted to kick-off our current fundraise by welcoming three of our Cornwall MPs, Perran Moon MP, Jayne Kirkham MP, and Noah Law MP, to our United Downs coresheds on Friday,” Norcross-Webb said.
“It was a fantastic discussion, with keen interest from all the MPs in our award-winning discoveries of high grade tin plus a massive new hardrock lithium field for the UK.”
Norcross-Webb presented quite a detailed briefing paper to the MPs, the salient points of which included a discourse on the strategic nature of tin and lithium, and several suggestions for potential government action in relation to the mining sector and critical minerals.
“Tin is classed as a critical mineral in the US, and is essential in data centres, AI, quantum computing, and solar installations,” said Norcross-Webb.
“But there is no primary tin production in North America. China controls the market. What an opportunity for Cornwall’s rich tin deposits to drive UK economic growth!”
She outlined four main areas in which the government could help the UK’s mining and critical minerals industry. First, she suggested the government establish a new mineral exploration fund, which would help provide equity finance for the UK’s cash-starved junior miners. Money for this, she argued, could come from the newly-established, multi-billion pound national wealth fund.
Secondly, Norcross-Webb suggested that a new list of UK-based strategic mineral assets be compiled, and all efforts be made to fast-track these into production.
Third, she recommended a review of the UK export finance model, noting that while the UKEF currently supports overseas critical minerals projects, a comparable level of support is not available for home-grown companies.
Finally, she argued for a review of energy costs, noting that energy typically comprises around 40%-50% of a miner’s costs. This is a hot-button issue, of course, and debate has raged around the wisdom of the energy policies of successive governments for decades. But something needs to be done, and Norcross-Webb suggested now was a better time to start than later, starting perhaps with a reassessment of the Energy Intensive Industries Scheme.
View from Vox
It’s been a long time coming, but elements in the UK’s governing classes are slowly waking up to the value and potential of a home-grown mining industry. It’s good to see Cornish Tin taking a lead on this, as it looks to raise new money to move ahead with its attractive portfolio of tin and lithium projects in Cornwall.
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