US supports UK tungsten project Redmoor with $9.25m funding
Strategic Minerals has secured a $9.25-million investment in its wholly-owned subsidiary Cornwall Resources from the US Department of War.
The funding will support the acceleration of the Redmoor tungsten/copper/tin project in the UK through all feasibility studies and toward a final investment decision for mining.
Redmoor is believed to be Europe’s highest-grade undeveloped tungsten resource and one of the highest-grade tungsten projects globally.
Strategic Minerals says the US investment reflects support for the development of a secure and resilient allied tungsten supply, as well as recognises Redmoor’s potential importance to the US and allied advanced manufacturing, defence and critical mineral supply chains.
The investment is non-dilutive and has no restrictions on future funding of offtakes.
Some of Redmoor’s current works include resource infill and expansion drilling, prefeasibility and definitive feasibility studies; metallurgical, processing and engineering studies and pre-site development activities aimed at fast-tracking the route to underground mining.