A Cornish mining firm aiming to breathe new life into one of the Duchy's most historic tin mines has taken a major financial step by floating on London's junior market.
A Strategic Shift to UK Domicile
Cornish Metals announced on Thursday that it has completed its re-domiciliation process from Canada to the United Kingdom and has been admitted to trading on the AIM market. The company, which acquired the South Crofty mine near the village of Pool back in 2016, stated that this move represents a crucial strategic milestone.
The admission was achieved through the issue of 125,450,089 ordinary shares, each priced at 0.05 pence. Shareholders in the former Canadian entity, Cornish Metals Inc, have received one new Cornish Metals share for every ten they previously held, with any fractions rounded down.
The board believes that becoming a UK-domiciled company establishes a stronger long-term corporate, regulatory and governance platform for the business. This alignment is seen as vital as the company drives its flagship project forward.
Driving Towards a 2028 Production Target
The core focus for Cornish Metals is the revival of the South Crofty mine, a site with over 400 years of history that was ultimately closed in 1998 due to falling metal prices and a lack of investment. The company has set an ambitious target to bring the mine back into production by 2028.
Chief Executive Don Turvey hailed the AIM listing as a significant milestone, stating it fully aligns the company with its flagship project, its Cornish workforce, and local stakeholders. He pointed to substantial progress in 2025, with both underground and surface works advancing according to plan.
"Re-domiciling to the UK strengthens our strategic position as we move into an important year," Turvey said. The coming period will focus on continuing underground development, surface project works, detailed engineering, and securing project financing.
Government Backing and Economic Potential
The project has garnered significant support, including a £29 million investment commitment from the UK government, announced earlier this year by Chancellor Rachel Reeves. This public backing underscores the national strategic importance of developing a domestic source of critical minerals.
Cornish Metals has indicated that once operational, the South Crofty mine is expected to generate yearly earnings of approximately £70 million. The company's vision is to establish a secure, responsible, and nationally significant source of tin, a metal crucial for modern technology and the green energy transition.
This move onto the London market marks a new chapter for Cornish mining, potentially revitalising a historic industry and bringing substantial economic benefits to the region.
