£99m funding for mining project at Hemerdon


£99m funding for mining project at Hemerdon


Wolf Minerals has made an announcement that the construction of its £123 million Hemerdon tungsten project near Plymouth, Devon has already begun.


Upon its completion, Hemerdon will be the first new metal mine in the United Kingdom for the past 45 years.


According to the firm, following complete construction of the mine at Hemerdon, first production can be achieved by 2015. 


The Hemerdon tungsten resource is the third largest in the world and according to the estimates, the project will produce approximately 3,500 tonnes of tungsten in concentrate and 450 tonnes of tin in concentrate per annum at a recently updated cash cost of US$109 per 10 kilograms of tungsten.


The project is expected to provide a strong economic stimulus in Devon’s traditional mining centre.


The main project funds for the mining project were secured before the start of the construction stage.


During its peak operational capacity, Hemerdon is expected to produce 3.5 per cent of the global demand forecast for tungsten, providing a supply of the strategic metal for the United Kingdom as well as a valuable export product.


Wolf’s managing director Russell Clark said “We are delighted with the success of the fundraise and thank all participants for their support.


“The funds raised will be primarily utilised to complete construction of our world class Hemerdon tungsten-tin project which, on completion, will be the first new metal mine in the UK in 45 years, and will provide approximately 200 direct new jobs and establish a new industry in the southwest of the UK.”


Photo Source: Minesite