16TH CENTURY TIN MINE READY FOR A £25M FLOAT

A SIXTEENTH century Cornish tin mine is to be reopened to cash in on the metal’s soaring value.

Strongbow Exploration will join AIM so it can reopen the South Crofty mine in Pool, near Camborne.

The Canadian firm, which owns the rights to the mine, believes a boom in tin prices amid a global fall in supply will make the project viable.

South Crofty produced tin from at least 1592 until 1998 when tin prices collapsed. But prices are soaring thanks to a fall in production in China and Malaysia, and have risen 60pc since January 2016 to £15,464 a tonne. Strongbow says South Crofty is one of the highest grade undeveloped tin projects in the world.

Strongbow plans to list on AIM next month. Shares will also continue to be listed in Canada. Bosses hope to raise £25m over the next 18 months.

Chief executive Richard Williams said there was a global demand for tin, especially in consumer electronics, adding: ‘The project has all necessary permits in place, and, as a former producing mine, offers great potential at a relatively low risk.’