Full Breakdown
UK Invests Over £70 million to Restart Devon’s Hemerdon Tungsten and Tin Mine
8/27/2026, 1:25:38 AM
Core Investment and Objectives
The UK government will provide up to £71 million from the National Wealth Fund to help Tung West Ltd. restart production at the Hemerdon mine near Plymouth. The financing combines a £36 million equity injection with up to £35 million of lending. The plan is to revive a “world-class, low-cost and long-life” tungsten-tin resource, ring-fencing half of the output for domestic use and securing supply for steel, electronics, aerospace and defence sectors.
Background and Funding Context
The National Wealth Fund, created to support strategic industries, has recently backed Cornish Metals in its effort to reopen the South Crofty tin mine. The Hemerdon investment follows that precedent, reflecting the government’s broader push to “reindustrialise Britain” and reduce reliance on imported critical minerals.
Official Statements & Responses
Chancellor John Healey said the deal backs British industry in a “more dangerous world.” Business Secretary Jonathan Reynolds called the funding a “major vote of confidence” in the critical-minerals sector.
Data & Statistics
- Total public funding: up to £71 million
- Equity component: £36 million; lending component: up to £35 million
- Production ring-fenced for the UK: 50 %
- Target: ramp up to full-scale production by 2027
- Hemerdon’s reserves: among the world’s largest tungsten deposits, with accompanying tin resources
Verbatim Quotes
- “We are living in a more dangerous world, which is why backing British industry is more important than ever before. That is what this deal does.” — Plymouth. Chancellor John Healey
- “It is extremely important to us that we prioritise UK requirements for this critical metal to support domestic demand.” — Court
