Tungsten mine investment aims to secure UK supply
The National Wealth Fund is providing up to £71mln to reopen the Hemerdon tungsten and tin mine in Devon.
The funding also unlocks an exclusive negotiation period that gives the UK Government the right to procure up to 50% of the mine’s tungsten production, as stated in the project’s 2025 Feasibility Study.
The investment will support mining company Tungsten West in the construction, commissioning and processing costs associated with restarting the mine near Plymouth.
The financing is made up of a £36mln equity investment alongside up to £35mln of lending.
Hemerdon is said to be one of the world’s largest tungsten resources, making it a vital domestic supply of tungsten that could reduce the UK’s reliance on imports.
The site benefits from substantial existing infrastructure and a previously operating mine, resulting in competitive costs and a shorter route to production. Tungsten West is aiming for full-scale production by the first quarter of 2027.
