Government invests £71m to help reopen Devon tungsten mine
BBC News reports that the Chancellor has announced a £71 million investment into Tungsten West, a mining company aiming to restart production at the Hemerdon tungsten and tin mine in Devon. This substantial funding comes from the National Wealth Fund, with plans to ringfence 50% of the production for use within the UK.
Background
The Hemerdon mine is known for its vast deposits of tungsten, a mineral crucial for steel, electronics, and aerospace industries. The National Wealth Fund's investment follows their recent support for Cornish Metals in reopening the South Crofty tin mine in January 2025.
Chancellor John Healey emphasized the importance of this deal in light of a more "dangerous world," aiming to secure British industry and critical minerals.
Benefits and Future Prospects
Jeff Court, CEO of Tungsten West, described the mine as a "world-class... resource" with competitive costs and efficient infrastructure. The company aims to reach full production by 2027, contributing long-term economic benefits to the South West region while meeting UK demand for this critical metal.