UK Government Takes Stake in Tungsten Mine With £71m Mine Bet
The National Wealth Fund will support about 350 jobs and ringfence half the mine’s output for Britain.
- The National Wealth Fund is investing up to £71 million into Tungsten West's Hemerdon mine in Devon, acquiring a 7% equity stake for £36 million alongside £35 million in lending to restart production.
- With most global tungsten production sourced from China, the Government aims to secure domestic supplies for defence and aerospace after the Hemerdon site ceased operations in 2018.
- Supporting about 350 jobs, the agreement allows the Government to ringfence 50% of production for British use while the company targets full-scale production by 2027.
- Business Secretary Jonathan Reynolds called the deal a "vote of confidence" in the critical minerals sector, while Chancellor John Healey said it bolsters Britain's defence and nuclear industries.
- This financing builds on the National Wealth Fund's January 2025 investment in Cornish Metals to reopen the South Crofty tin mine, advancing the Prime Minister's plan to "reindustrialise Britain.
13 Articles
13 Articles
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. The project is expected to boost the local economy in the South West of England through the creation of 350 direct jobs. In addition t…
UK government takes stake in miner after £71m injection
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 t…
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