THE long held ambition to bring back mining to South Crofty has moved a step closer after shareholders approved plans to raise £135-million in funding.

Cornish Metals PLC have said that it is their intention to start producing tin from South Crofty, in Pool, again by mid-2028, thirty years after it previously closed in 1998.

The approval from the shareholders, representing what is known as a ‘final investment decision’ means that a major hurdle has been passed in those plans and is the closest that any proposal has got to achieving reopening after several false dawns under previous ownership.

Another decision during that meeting also confirmed that Kyril Louis-Dreyfus, a 28-year-old billionaire Swiss businessman best known for his successful ownership of Sunderland AFC was joining the board as a non-executive director, with his company Leonidsport BV part of the ownership of Cornish Metals PLC.

Other shareholders in the venture include the the government owned National Wealth Fund, Vision Blue Resources and Anglo-Swiss mining giant Glencore.

A spokesperson for Cornish Metals PLC said: “We are pleased to announce that following yesterday's general meeting, the company has received the necessary shareholder approvals for the £135-million fundraising. As such, the board has now approved the Final Investment Decision for the development of the South Crofty tin project towards first tin production, expected in mid-2028.

“This marks a significant step in the redevelopment of one of the UK's most historic tin mines and the return of mining to Cornwall. The project is expected to support skilled employment, investment in local businesses and supply chains, and wider economic growth across the region during both construction and operations.

“We are pleased to announce the appointment of Kyril Louis-Dreyfus as Leonidsport B.V.'s representative to the Board of Directors of Cornish Metals. Kyril brings valuable experience in building and developing organisations with a long-term vision.

“Having led Sunderland AFC, an organisation with deep roots in its local community, he understands the importance of creating lasting economic and social value. This experience will be particularly valuable as South Crofty re-establishes itself as a major employer in Cornwall.”

Don Turvey, CEO of Cornish Metals, added: “Taking a final investment decision on South Crofty is the most significant step in Cornish Metals’ history. With the fundraise approved, we have the funding in place to take the mine through construction to first production.

“I would like to thank our shareholders for their support, and in particular the National Wealth Fund, Vision Blue Resources, Glencore and Leonidsport, whose commitment reflects the strategic value of a long-life tin asset at a time when new supply is scarce. “From here, our focus is on delivery, building South Crofty safely, on schedule and within budget, and bringing new tin from an old mine.

“I am also very pleased to welcome Kyril Louis-Dreyfus to the Board. Kyril joins us at an important moment, and his family’s long-term approach to investment fits well with a project of this scale and life.”