Cornish Metals secures $210M to revive UK tin mine

Cornish Metals (AIM: TIN) has secured a $210 million bond financing that moves the company closer to restarting the historic South Crofty tin mine in southwestern England after decades of failed revival attempts.

The six-year bonds carry a fixed 13.5% annual coupon rate, with the company saying the offering attracted strong demand from investors in Europe, North America and other international markets. Chief executive Don Turvey said the financing means Cornish “expect[s] to be fully funded” and on track to make a final investment decision on South Crofty this summer. 

Shares of Cornish Metals fell 1% in London on Thursday to close at £1 apiece for a market capitalization of £126.7 million. They’ve traded in a 52-week range of 67 pence to £1.50.

In February, the company also received a non-binding letter of interest from the U.S. Export-Import Bank for up to $225 million tied to future tin concentrate exports to the U.S.

AI boost

The financing comes amid a sharp rally in tin prices driven by rising demand tied to artificial intelligence infrastructure and electronics manufacturing. 

Tin prices climbed almost 40% in 2025 and have gained another 34% this year, approaching $54,000 per tonne. 

South Crofty operated for more than 400 years before low metal prices forced its closure in 1998. Several companies later attempted to revive the mine without success before Cornish Metals acquired the project in 2016.

14-year mine

Cornish says South Crofty is the highest-grade tin deposit not currently in production. The project hosts 2.9 million indicated tonnes grading 1.5% tin and 2.63 million inferred tonnes grading 1.42% tin. It’s near an exploration target of between 6 million and 13 million tonnes grading 0.5% to 1.8% tin. 

A preliminary economic assessment released last year outlined a 14-year mine life with average annual production of 4,700 tonnes of tin and peak output of 5,000 tonnes in the fourth year.