Government Pours £29 Million into Cornwall’s Last Tin Mine as Demand for Green Tech Minerals Soars

After decades of silence, the echoes of tin mining are set to return to Cornwall’s landscape. The South Crofty mine, once the heart of Britain’s tin production, is being brought back to life thanks to a nearly £29 million investment from the UK government, a move that could generate over 1,300 jobs and reignite a historic industry in the region.

Located near the village of Pool in Redruth, South Crofty last operated in 1998. At the time, falling tin prices and a lack of financial backing made its closure seem permanent. But with demand for tin surging, and global prices more than doubling since 2016, the economic case for reopening the site has gained renewed momentum.

Chancellor Rachel Reeves, who visited Cornwall this week, described the mine’s reopening as a significant opportunity for regional growth. She estimated that the project could directly create 1,300 jobs, with hundreds more expected to emerge across local supply chains. Electricians, fabricators, and other small manufacturers are all likely to benefit as the project ramps up.

In January, the government formally approved a £28.6 million investment via the UK’s national wealth fund. The initiative aligns with a broader industrial strategy that focuses on supporting high-growth, strategically important sectors, particularly those linked to the energy transition and critical minerals.

Don Turvey, the chief executive of Cornish Metals, said: “Tin is a critical mineral for the clean energy transition, essential to electronics, electric vehicles and renewable infrastructure. By reviving domestic production at South Crofty, we’re not only creating over 300 direct jobs but also supporting many more across local supply chains and regional businesses.”

Cornish Metals, the company leading the revival effort, is headquartered in Redruth but has its roots in the United States. The firm was known initially as Strongbow Exploration, based in Vancouver, before acquiring the rights to South Crofty in 2016. It was later rebranded to Cornish Metals in 2020 and listed on London’s AIM stock exchange in 2021, raising capital specifically to support mineral exploration and development in Cornwall.

Today, Cornish Metals has a market value of around C$170 million, equivalent to roughly £92 million, with its share price up 28 per cent over the past year. Despite that recent uptick, the stock still trades about a third below its value from five years ago, reflecting the long-term challenges of mining development in the UK.

Yet optimism is growing. Tin, a once-overlooked metal, is experiencing a modern renaissance. Essential to soldering in consumer electronics, tin is also increasingly used in electric vehicles, solar cells, and emerging green technologies. In 2016, it traded at just $16,000 per tonne. Now, the price hovers near $34,000 — a shift that has dramatically improved the business case for mining projects like South Crofty.

“Despite having so much potential to grow, Cornwall has been neglected by successive governments, and its families and businesses have suffered as a result,” Reeves said. “Like in every part of the UK, I am determined to unlock growth that creates jobs and puts more money in Cornish people’s pockets.”

Ian Brown, the head of banking and investment at the national wealth fund, said: “Cornish Metals have made excellent progress as they work towards reopening South Crofty. Our financing is designed to help them crowd further investment into the region, bringing skilled, year-round opportunities, and driving local growth.”

The mine itself carries centuries of history. With over 400 years of continuous operation before its closure, South Crofty was the last tin mine to shut down in the UK. Its revival is more than a boost to employment or the economy; it’s a symbolic return of a proud Cornish legacy, retooled for the clean energy age.

Turvey said: “Our focus remains on delivering long-term, sustainable value safely, responsibly, and with deep roots in the community. We’re proud to be playing a role in bringing responsible tin mining back to Cornwall and supporting economic renewal and industrial growth in the region.”