UK Government Takes Stake in Tungsten Mine With £71m Mine Bet
The government’s National Wealth Fund is set to pump £71m into miner Tungsten West in a bid to help reopen the Hemerdon mine in Devon. The funding package combines a £36m share purchase, which will hand the government a 7.4 per cent stake in Tungsten and a seat on the board of directors, and a £25m loan facility.
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Key Facts
- Fact 1: The government’s National Wealth Fund is set to pump £71m into miner Tungsten West in a bid to help reopen the Hemerdon mine in Devon.
- Fact 2: The funding package combines a £36m share purchase, which will hand the government a 7.4 per cent stake in Tungsten and a seat on the board of directors, and a £25m loan facility.
- Fact 3: The project is expected to boost the local economy in the South West of England through the creation of 350 direct jobs.
- Fact 4: Mining operations to restart in third quarter The Hemerdon Mine, which previously operated as Drakelands Mine, was closed in October 2018 after its previous operator, Australian firm Wolf Minerals, went into liquidation.
The government’s National Wealth Fund is set to pump £71m into miner Tungsten West in a bid to help reopen the Hemerdon mine in Devon. The funding package combines a £36m share purchase, which will hand the government a 7.4 per cent stake in Tungsten and a seat on the board of directors, and a £25m loan facility.
The project is expected to boost the local economy in the South West of England through the creation of 350 direct jobs. In addition to financial backing, the government will gain the option to buy up to half of the mine’s future tungsten output. John Healey, the Chancellor, said: “This investment will supply vital minerals to British defence, energy and aerospace businesses – and keep good, well-paid jobs in the UK.” Tungsten West, which is headquartered in Plympton in Devon, specialises in the mining and extraction of tungsten, tin and secondary aggregates – which are the by-products of other industrial processes.
(Original synthesis pending human/AI review — generated by the stub provider by selecting real sentences from the source material, not by writing new analysis or commentary.)
Original source: OilPrice.com
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