The UK government, through the National Wealth Fund, has committed £71 million to reopen the Hemerdon mine in Devon, a significant move to renew mining operations in southwest England.
This investment follows a recent allocation to Cornish Metals, supporting the reopening of the South Crofty tin mine, slated for January 2025. The funding for Hemerdon is intended to foster the growth and renewal of the region's mining sector. National Wealth Fund chief executive Oliver Holbourn highlighted that the Hemerdon site contains some of the world's largest known deposits of tungsten.
"We are living in a more dangerous world, which is why backing British industry is more important than ever before," stated Healey, underscoring the strategic importance of the investment. The increasing demand for tungsten is attributed to its critical role in sectors such as defense, aerospace, next-generation energy, and electronics.
Tungsten West chief executive Jeff Court described the Hemerdon mine as a "world-class, low cost and long life tungsten and tin resource," emphasizing its potential to contribute to domestic supply chains. The reopening of the mine is expected to strengthen the UK's industrial base and reduce reliance on foreign sources for essential materials.
The Hemerdon mine, with its substantial tungsten deposits, is strategically positioned to meet this growing demand. The investment signifies a broader governmental push to revitalize domestic industries and secure access to vital resources in an increasingly volatile global landscape.