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2 clusters · 10 sources · 29 days · First seen · Last updated

UK Hemerdon mine tungsten production restart

Overview

The UK government’s National Wealth Fund has committed up to £71 million in equity and debt financing to Tungsten West to restart the Hemerdon tungsten and tin mine in Devon. This investment, which includes a 7.42% stake in the company, aims to bolster domestic supply chains for critical minerals used in aerospace, defense, and electronics.

Following this state investment, Tungsten West and Elmet Group entered into a binding eight-year supply and offtake agreement valued at over £1.4 billion ($1.8 billion). Under this deal, the Hemerdon mine will supply more than 1,000 tonnes of tungsten concentrate annually to support manufacturing supply chains in the United Kingdom and the United States, specifically targeting the defense and clean energy sectors.

Entities

Hemerdon Mine · UK Government · Elmet Group · John Healey · National Wealth Fund

Timeline

  1. 3 days ago

    [BUSINESS] 3 sources
    Tungsten West and Elmet Group sign $1.8 billion tungsten supply deal

    Tungsten West and Elmet Group signed an $1.8 billion eight-year offtake deal to supply tungsten from the Hemerdon mine in the UK to US and UK manufacturing supply chains.

  2. about 1 month ago

    [BUSINESS] 7 sources
    UK National Wealth Fund invests £71m to restart Hemerdon mine

    Tungsten West has secured up to £71 million from the UK's National Wealth Fund to restart the Hemerdon tungsten and tin mine, aiming to bolster domestic supplies of critical minerals.

Sources

canadianminingjournal.com · independent.co.uk · it-boltwise.de · londonminingnetwork.org · mining.com · miningfeeds.com · newquayvoice.co.uk · smallcapnews.co.uk · stocknews.com · thedeepdive.ca