Cornish completes oversubscribed placement of $210m
Cornish Metals has successfully completed an oversubscribed $210-million senior secured Nordic bond placement, which the company plans to use to advance development at the South Crofty tin project in Cornwall, in the UK.
The bond issuance, which saw strong demand from international investors, is a crucial step towards securing full funding for the project, with a final investment decision (FID) being due in coming months.
“We are delighted to welcome our new bondholders to the Cornish Metals story, and we are grateful for the continued support of our existing shareholders. Project financing is progressing well and we expect to be fully funded and to announce the FID for the South Crofty tin project this summer.
“With strong stakeholder support, robust economics and clear development momentum, we are well positioned to advance South Crofty towards production in mid-2028 and to deliver a secure domestic supply of tin for the Western world,” says CEO Don Turvey.
South Crofty is expected to produce 4 700 t of tin-in-concentrate a year in the first five years of operation. The mine will potentially be the first primary tin-producing mine in Europe.
Tin is considered a critical mineral in the UK, the US and Canada owing to its use in many electronic devices and electrical infrastructure.