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South Crofty, about 390km drive west of London on the Celtic Sea Coast, was the last tin mine in Europe when it closed in 1998. for its flagship South Crofty tin asset, in the UK, lay down a promising financial outlook for the project.The assessment also showed an internal rate of return of 29.8%, confirming the potential of the project as “a low-cost and long-life tin operation” with a current 14-year life of mine.
The PEA pegged the expected post-tax cash flow from the operation at $626 million, from the start of production, peaking at $82 million in the second year. Cornish Metals chief operating officer, Owen Mihalop, said that the project’s net present value provided a solid foundation for further evaluation, allowing the company to move forward with additional preparation work and progress towards a construction decision.
The former South Crofty operation has been shut since 1998 following more than 400 years of almost continuous production. It was the last tin mine in Europe when it closed. Several companies attempted to revive the flooded mines between 2001 and 2013, but due persistent poor market conditions the assets were put into administration in 2013.
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