お知らせ • Jun 20
Cornish Metals Provides Update on South Crofty Tin Project Activities
Cornish Metals provided an update on the progress of activities at South Crofty. Market conditions remain robust and the current tin price of approximately USD 53,000 per tonne further supports the South Crofty project economics with the NPV6% at current spot market prices estimated at approximately GBP 500 million. Surface civil works at Roskear shaft are complete, with the winder house under construction. New workshop and stores facility is nearing completion, with minor exterior works and landscaping remaining. Construction activities for the north and south winders infrastructure are underway to support planned winder mechanical installation in the second half of 2026. New Cook’s Kitchen offices are now open with upgraded security, site access and welfare facilities completed. Front-End Engineering Design of the process plant completed with Detailed Engineering being progressed, with both engagements led by Ausenco. Excavation at the pre-concentration building is approximately 50% complete, with civil works expected to continue as planned throughout 2026. Dewatering underway through the fully commissioned 195-level pump station. Development at the 25-level is advancing, with employee training ongoing. Front-End Engineering Design for the underground loading, unloading and hoisting infrastructure is being progressed by Optimult. Orders being placed for long-lead items including shaking tables for the process plant and skips and cages for the Cook’s Kitchen shaft. Construction of the new workshop and stores building at the site of the former Bartles Foundry is nearly complete with only minor exterior works and landscaping remaining. The facility will provide permanent maintenance, storage and engineering support infrastructure for the mine, with completion expected in the coming weeks. The new Cook’s Kitchen offices are now operational, providing improved modern working facilities for the expanding on-site team. Several site infrastructure and security upgrades have also been completed. At Roskear, surface activities have progressed in parallel with underground works. Earthworks, foundation, the primary steel structure and building cladding installation for the winder house are now complete. At Cook’s Kitchen shaft, civil works within the winder foundation area for the production and service winders have also commenced, supporting the planned equipment mechanical installation programme during the second half of 2026. The second phase of excavation for the new pre-concentration plant has reached 50% of completion and is progressing according to plan, with civil works expected to continue throughout the year. In parallel, Front-End Engineering Design for the process plant has been completed, representing a significant milestone in advancing the project's engineering definition and construction readiness. Ausenco is responsible for the engineering design of the process facilities, while Paterson & Cooke is leading the backfill paste plant design. Overall engineering completion is expected by year-end. Underground works at South Crofty are progressing across multiple workstreams, advancing the physical development of South Crofty’s underground infrastructure in parallel with ongoing engineering design activities. At Cook’s Kitchen shaft, dewatering is ongoing and on-track towards the 400-level (approximately 730 metres below surface) in the first half of 2027. Refurbishment activities are progressing, including engineering design work for the shaft infrastructure across all key workstreams. Pre-production development at the 290-level (approximately 530 metres below surface) is now expected to commence in the fourth quarter of 2026, from the third quarter of 2026, with the underground drilling programme also set to start shortly thereafter. Development from the Tuckingmill decline at the 25-Level, approximately 45 metres below surface, continues alongside training activities for recently recruited miners. The 25-Level development serves multiple purposes within the overall project plan, including establishing future rock-handling and skip discharge infrastructure and supporting workforce capability development. At Roskear shaft, located approximately 850 metres west of the Cook’s Kitchen shaft, early-stage refurbishment preparations continue to advance with scaffolding in place, the shaft cover removed and work platforms being installed. Roskear shaft is planned to serve as the mine’s primary ventilation shaft and secondary means of egress. South Crofty is a historical underground tin mine located in Cornwall, United Kingdom and benefits from existing mine infrastructure including multiple shafts that can be used for future operations. South Crofty is the highest grade known tin Mineral Resource not in production with significant near-mine and regional Mineral Resource potential. South Crofty is permitted to commence underground mining (valid to 2071), construct a new processing facility and for all necessary site infrastructure. South Crofty is expected to produce approximately 4,700 tonnes of tin-in-concentrate annually in the first five years of full production at lowest-quartile all-in sustaining costs over an initial 14-year mine life. South Crofty will be a low environmental impact underground mine with zero surface tailings. South Crofty would be potentially the first primary producer of tin in Europe or North America. Tin is a Critical Mineral as defined by the UK, American, and Canadian governments as it is used in almost all electronic devices and electrical infrastructure. Approximately two-thirds of the tin mined today comes from China, Myanmar and Indonesia. South Crofty benefits from strong local community, regional and national government support with a growing team of skilled people, local to Cornwall, and could generate over 300 direct jobs. South Crofty is an opportunity for a secure domestic supply of tin in the UK supporting a low carbon economy.