An exploration company that plans to bring tin mining back to the UK has moved one step closer to production, as it looks set to list on the stock exchange.
Strongbow Exploration announced this week that it will apply for admission of its common shares to trading on the AIM Market of the London Stock Exchange, as it looks to bring forward the development of its flagship South Crofty project.
The South Crofty project is an underground tin mine located in Cornwall, United Kingdom. The project has production records dating as far back as 1592, and with its closure in 1998 it was the final tin mine in the UK.
Strongbow Exploration will look to raise £25 million over the next 18 months as it moves towards a production decision.
South Crofty, with an Indicated Resource atr 1.66 Mt and Inferred Resource at 0.74 MT, is one of the highest grade undeveloped tin projects globally.
Richard Williams, Strongbow CEO, stated: “Strongbow has achieved a great deal since acquiring the South Crofty project in July 2016, and its planned admission to AIM, which is the next step in the Company’s strategy, is a very exciting development. The Company continues to advance South Crofty to a production decision, with a plan to re-commence production in 2021. The project has all necessary permits in place, and, as a former producing mine, offers great potential at a relatively low risk. The global demand for tin, especially in consumer electronics, combined with current tin price forecasts, underpins Strongbow’s strategy.
The project is fully permitted through to production, with Planning Permission to construct a new process facility and Underground Planning Permission (mining permit) which is valid until 2071