The UK's state-owned National Wealth Fund (NWF) is investing US$55.7m (£41.7m) in Cornish Metals (AIM: TIN), the largest single contribution to a US$180m (£135m) raise confirmed on October 22, 2026 to restart the South Crofty tin mine in Cornwall. According to The Oregon Group, citing the company's Result of Fundraising announcement, first tin is targeted for mid-2028. Once the new shares are issued, the NWF will hold 29.50% of Cornish Metals, ahead of mining investor Vision Blue Resources on 28.58%.
The stakes are subject to a shareholder vote scheduled for November 9. If the vote passes, a fund wholly owned by HM Treasury would become the largest shareholder in a British mine developer. Cornish Metals is issuing 225 million new shares at 60p each.
Vision Blue is subscribing for US$52.5m (£39.3m), the Louis-Dreyfus family's Leonidsport for US$17.9m (£13.4m) and Glencore for about US$15.0m (£11.2m), according to the company. Not all of the NWF's contribution is new cash. Its subscription effectively capitalises the principal and accrued interest of a US$46.8m (£35m) loan facility agreed in May, and Vision Blue's loan is being converted in the same way.
Glencore has also signed an offtake agreement covering 100% of South Crofty's tin concentrate for six years. The equity will sit alongside US$210m of Nordic bonds held in escrow. South Crofty has been closed since 1998.
The company expects it to produce about 4,700 tonnes of tin-in-concentrate a year during its first five years of operation. Cornish Metals chief executive Don Turvey said the raise “completes the financing package for the construction of South Crofty through to first tin in mid-2028.” The NWF, formerly the UK Infrastructure Bank and renamed in October 2024, was capitalised with US$37.1bn (£27.8bn), according to The Oregon Group. Its five-year strategic plan, published in January 2026, states that in critical minerals it will “primarily explore debt financing and – as capacity allows – equity investments by exception.” South Crofty is therefore one of the fund's equity exceptions, following a US$38.2m (£28.6m) direct equity investment in January 2025.
The fund's Impact Report 2026 puts its critical minerals commitments at US$253.9m (£190m) as of October 5, before the Cornish Metals raise. These figures refer to commitments rather than cash disbursed, and some are “up to” amounts. NWF chief executive Oliver Holbourn said the continued investment shows “how the National Wealth Fund can give private investors the confidence to help revive a strategically important asset and rebuild our domestic critical mineral capabilities.” The transaction comes as the government approved the Jackdaw gas field on October 21 while restating its commitment not to issue new licences for oil and gas exploration.
Its Vision 2035 critical minerals strategy, published in November 2025, targets at least 10% of UK demand being met from domestic production by 2035, and no more than 60% from any single country. The wider tin market context is shaped by demand from electronics. The Oregon Group, in an article from September 17, reported that BMI had raised its 2026 average tin price forecast by 4.1% to US$51,000 a tonne, citing semiconductor demand and constrained supply.
According to the US Geological Survey, China mined an estimated 71,000 tonnes and Indonesia 61,000 tonnes of the world's estimated 290,000 tonnes in 2025. Myanmar's output is estimated to have fallen to 12,000 tonnes from 20,000 tonnes in 2024, and its Man Maw mine is only gradually restarting, according to International Crisis Group findings reported by AFP on September 10. The transaction still carries risks.
The company says that if shareholders reject the deal on November 9, it would likely miss a bond condition requiring it to raise at least US$161m of equity by November 21, and would “not be able to satisfy its debts.” The project also still requires permits, including “certain planning, environmental and other consents, approvals and variations” before first production. The Oregon Group concludes that the UK is moving beyond regulating mines and is set to become the largest shareholder in one.
Source: theoregongroup.com