Cornish Metals (AIM: TIN) has strengthened its ownership position at the South Crofty tin project after securing a new 25-year mineral lease covering the Dudnance mineral rights area in Cornwall.
The AIM-listed company has agreed the lease with the Preston family, owners of 50% of the Dudnance mineral rights, while Cornish Metals already owns the remaining 50%. The agreement further consolidates the company’s control over the historic South Crofty mining area and reduces long-term title risk as the project advances towards construction and production.
The Dudnance lease follows previous agreements with the Pendarves and Vyvyan estates, marking another step in Cornish Metals’ strategy to secure mineral rights across the entire South Crofty project.
Chief executive Don Turvey said the lease enhances long-term certainty for the project and further de-risks South Crofty as the company progresses towards restarting one of the world’s highest-grade undeveloped tin mines.
South Crofty is fully permitted for underground mining through to 2071 and is expected to produce around 4,700 tonnes of tin concentrate annually during its first five years of operation. The mine has an initial planned life of 14 years and is expected to rank among the world’s lowest-cost tin producers.
With tin designated as a critical mineral by the UK, US and Canadian governments, South Crofty has the potential to become the first primary tin producer in Europe or North America, supporting secure domestic supply chains for electronics, renewable energy and advanced manufacturing while creating more than 300 direct jobs in Cornwall.
