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Copper price was up again on Monday as customs data showed China’s imports rose 4.7% for the first two months of 2021 from a year earlier, indicating stronger demand for the metal.

Cornish Metals has made an interesting announcement, which to me indicates they are clearing the decks prior to resuming mining at South Crofty. Good News, which will put mining in Cornwall back in the news.

CORNISH METALS SIGNS IMPORTANT SOUTH CROFTY LEASES AND AGREEMENT FOR DISPOSAL OF MINE WATER TREATMENT WASTE

Vancouver, March 8, 2021

Cornish Metals Inc. (TSX-V/AIM: CUSN) (“Cornish Metals” or the “Company”), a mineral exploration and development company focused on its projects in Cornwall, United Kingdom, is pleased to announce the following:

An agreement has been reached with Brownfield Investments Ltd and Roskear Minerals LLP to lease a 1.2 hectare site surrounding New Roskear Shaft in Camborne for up to 23 years;
An agreement has also been reached to lease the mineral rights owned by Roskear Minerals LLP within the South Crofty Underground Permission Area for up to 25 years; and
A binding heads of terms has been agreed with Wheal Jane Ltd for the disposal of waste material derived from the treatment of mine water from South Crofty Mine into the Wheal Jane tailings dam located 12 kilometres east of South Crofty. The agreement will become effective when dewatering of South Crofty commences.

Richard Williams, CEO of Cornish Metals, stated, “The agreements with Roskear Minerals, Brownfield Investments and Wheal Jane are important steps towards the redevelopment of South Crofty Mine, a strategic asset for the Company.

“Our agreement with Roskear Minerals enables Cornish Metals to explore and develop the mineral resources that are contained in the Roskear section of South Crofty. During the 1980s and 1990s, much of the ore mined from South Crofty came from this part of the mine, and it is considered by the Company to be a key area for delineation of additional mineral resources.

“The agreement with Brownfield Investments and Roskear Minerals secures access to the New Roskear Shaft, a 650 metre deep, six metre diameter, vertical shaft in the centre of Camborne, which is important for ventilation and access to South Crofty.

“Additionally, the binding heads of terms signed with Wheal Jane for the disposal of waste material derived from the dewatering of South Crofty will enable dewatering of the mine.”

See RNS issued for full statement

CK 21.56 Extraordinary. Thanks for the link.
I knew there had been a lot of mining in Cornwall, but that really brings it home how much.
The black space just after the WMD at 2.37 must be the 1km long area which is to be scoped out starting shortly. A cycle ride away!
I think there is a good chance CUSN will do both UD and SC. Fingers crossed.

Interesting laser scan of South Crofty
https://www.youtube.com/watch?v=NYR-9gzkdLw

The T 19.13 "..The govt is due to publish their hydrogen strategy shortly ...."

I had a look at the build back better announcement and saw that the hydrogen report is due in the next 6 months.......not necessarily the next 3 months. Some waiting for us to do.......

CK 17.15

That first interview with Mark Thompson of Tungsten West Ltd is a cracker. Many thanks for posting it. Worth putting it on the SML board too.....

How old is this announcement? (Using Concepta not MHC plc)

See Peel's a/cs to March 20, signed off in Sept 20 page 9 just above the 5 bullet points. Sorry cut and paste not possible

Anyone know if the first site is planned to be co-owned, owned by Peel or owned by PHE?

From the Telegraph
"Businesses will enjoy 130pc capital allowances for investment in certain plant and machinery, effectively subsidising such investments. This two-year, £12bn plus per year tax cut will raise investment, albeit mainly bringing future plans forwards if it proves temporary."
So 24 months to pay ( and thus crystallise the tax point) for 75 units in the UK. Can Peel do it? We are looking at about £1bn of financing needed. Can the suppliers do it?
At present Peel seems to be adopting the approach of building the first and running it to see how the economics work out.
This approach would probably take about 11 months to build then perhaps a min of 3 months to run to get date. That would leave about 10 months to pay for 74 more. Can suppliers supply in that time and can Peel get planning permission for the sites in that time?
And is it worth it? After 2 years it looks as if we may go back to the status quo, so 130% allowances fall to 100%?
Any tax accountants out there? Would this scheme cut the cost by around 7.5%? i.e (130-100)x 25%
I guess Peel is thinking very hard about the situation now.

funkinmonks 7.42

Quite right
Cornish Metals will also receive a 2% Gross Revenue Royalty on all metals produced from brines or geothermal energy produced from within its mineral right areas.
From January 2017, Cornish Metals benefits from annual cash / share issuances from Cornish Lithium of US$50K per year in years 1-5, US$100K per year in years 5 –10, US$500K per year from year 10, and US$1,000K per year from year 15.

https://www.proactiveinvestors.co.uk/companies/news/943006/british-lithium-has-the-know-how-the-team-and-the-financial-backing-to-help-kick-start-a-whole-new-industry-943006.html

JV with Cornish Lithium perhaps?

Great post Troajan

JV with Cornish Lithium / CUSN perhaps?

Fira2011 11.05
Take a look at MajorOak posts of 4/3/21 at 14.34 onwards on the CUSN discussion board....... Musk etc
Best to deal with the stuff near where it is mined..............

Major Oak 20.41 Good to have your company on the BB.
Not being a geologist, a summary of the relevance to Cornish Metals would be much appreciated.
I am aware Cornish Lithium has had success in their efforts to find Li in brine, but does this article add to that?

..We will issue the UK’s first sovereign green bond this summer, with a further issuance to follow later in 2021 as the UK looks to quickly build out a green yield curve in the coming years. Green gilt issuance in the financial year 2021-22 will be a minimum of £15 billion.These green gilts will help fund critical projects to tackle climate change and other environmental challenges, finance important infrastructure investment, and create green jobs across the country.
The first round of the £80 million Green Recovery Challenge Fund is already supporting green jobs and nature recovery through 68 successful project applications.
And we are progressing major waste reforms ...
A £38 million Internationalisation Fund to support up to 7,600 SMEs to grow their overseas trading and strengthen their business.
The Export Academy, which will provide a series of activities to build the capabilities of smaller businesses to trade internationally.
Expanded UK Export Finance support, comprising:Increased lending with £8 billion overall capacity, including £2 billion dedicated to clean growth exports.New Export Development Guarantee and General Export Facility products launched providing working capital support for large and small exporters.
.. forthcoming publications..In the next six months... (not next 3 months) ... Hydrogen Strategy

A few excerpts:-
Support the transition to Net Zero Invest in net zero to create new opportunities for economic growth and jobs across the country, including.........up to 8,000 in hydrogen in our industrial clusters.
Grow our current net zero industries and encourage new ones to emerge. This includes working with industry, aiming to generate 5GW of low carbon hydrogen production capacity and capture 10Mt CO2/year using CCUS by 2030, and ending the sale of new petrol and diesel cars and vans in 2030.
£12 billion of funding for projects through the Prime Minister’s Ten Point Plan for a Green Industrial Revolution
The UK Government has supported thousands of R&D intensive and innovative businesses from their early stages to scale and grow, through tax incentives, grants, loans and equity. The Seed Enterprise Investment Scheme (SEIS), the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs) target market failures in SMEs’ access to growth finance, and together have supported over £31 billion of finance45. The British Business Bank’s lending and equity programmes are supporting nearly £8 billion of finance to almost 100,000 smaller businesses, excluding the COVID-19 support schemes. British Patient Capital, established in 2018 within the British Business Bank with £2.5 billion of investment, will crowd in an additional £5 billion of private investment over 10 years and increase the overall supply of funding for companies at later stages of their growth, where capital needs are higher. The British Business Bank is tackling regional discrepancies in access to finance through the Regional Angels Programme and three regional funds: the Northern Powerhouse, Midlands Engine, and Cornwall and Isles of Scilly Investment Fund. The Bank has also taken concerted steps to address gender and ethnic diversity challenges, including through ensuring diversity in the recipients of its Start Up Loans and its associated mentoring programme.
At this Budget, we will build on our progress to fill financing gaps for companies at all stages. Building on the Future Fund, the UK Government will commit £375 million to introduce Future Fund: Breakthrough, a new direct co-investment product to support the scale up of the most innovative, R&D-intensive businesses. The British Business Bank will take equity in larger funding rounds led by private investors to ensure these companies can access the capital they need to grow and deliver prosperity to communities across the UK.
....the UK Government is backing the development of hydrogen hubs in the Tees Valley and Holyhead..
We are creating a new UK Infrastructure Bank in the North of England, and operating across the UK, to catalyse private investment in infrastructure projects.
The UK Government also announced £240 million for the low carbon hydrogen fund to help develop the UK’s hydrogen capacity...

Cornwall Council, the CIoS Local Enterprise Partnership (LEP) and Cornwall Development Company (CDC) are fully engaged in the task of restarting environmentally sustainable, commercial mining operations in Cornwall. Indeed “georesources” is one of the five priority sectors in the draft Local Industrial Strategy. ...... AND
Cornwall is engaged with the Department of International Trade to propose potential sites for a UK Gigafactory in the region........
And
With proximity to the natural resources we can deliver the shortest possible “mine to wheels” solution for the automotive industry.....
-------------------------------
If that happens it will be great news indeed. It is encouraging that a Gigafactory is being thought of for the region.

Cornwall Council, the CIoS Local Enterprise Partnership (LEP) and Cornwall Development Company (CDC) are fully engaged in the task of restarting environmentally sustainable, commercial mining operations in Cornwall. Indeed “georesources” is one of the five priority sectors in the draft Local Industrial Strategy. ...... AND
Cornwall is engaged with the Department of International Trade to propose potential sites for a UK Gigafactory in the region........
And
With proximity to the natural resources we can deliver the shortest possible “mine to wheels” solution for the automotive industry.....
-------------------------------
If that happens it will be great news indeed. It is encouraging that a Gigafactory is being thought of for the region.