Cornish Metals Inc. (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) informed its investors that the company has successfully installed its second submersible pump at the South Crofty tin mine project located in Cornwall, and the commissioning of variable speed drives (VSDs) is currently underway.
Additionally, the company announced it has secured a contract to source 100% renewable energy for the project over the coming 15 months.
The latest developments were referred to as “significant milestones” by CEO Richard Williams, highlighting progress towards the decision to initiate production at South Croft.
Commending his team’s efficiency in installing the second pump earlier than expected, Williams also emphasized the importance of their commitment to environmental responsibility by securing a 100% renewable energy contract. He stressed this as a crucial step towards minimizing greenhouse gas emissions from the project.
Cornish Metals highlighted South Crofty as the fourth largest global tin resource. The aim of the project is to restart production that ceased following the mine’s closure in 1998, despite tin production in the area dating back to the 16th century.
The mine has secured long-term planning permission, effective until 2071, for underground mining operations.
Tin is considered a ‘critical metal’ in key western markets such as the UK, USA, and Canada, with approximately 75% of current supply originating from China, Myanmar, and Indonesia. Notably, there is currently no primary tin production in either Europe or North America.
If approved, the company anticipates that the project could potentially generate up to 300 new direct jobs in the UK.
