The former ‘richest square mile on Earth’ may not have given up all its wealth, new drilling tests have revealed.
Drilling has now revealed a new high-grade copper-tin mineralisation between the historic United and Consolidated Mines at the United Downs tin and copper project in Cornwall, UK. Drilling is ongoing and is all part of Cornish Metals’ exploration efforts. This is on top of the known tin deposit at South Crofty 8kms to the east. IWA loves this sort of downside protection and cheap entry point into this historic and well-known area.
Richard Williams, CEO of Cornish Metals Inc., the owner of nearby South Crofty Mine and United Downs, said it was ironic that tin mining had gone on in Cornwall for generations, but the county’s true potential was only just beginning to be revealed. He said: “Cornwall is truly unique in the UK. It’s what we call a mineral county. Historically, miners would just exploit the minerals in front of their face and, when a mine stopped producing, it closed down and they moved on.”
Written By: IWA Team Member
IWA recently conducted an interview with CEO, Richard Williams. IWA is a shareholder of Cornish Metals and has visited the South Crofty project in Cornwall.
The Wall Street Journal recently published an article that it is time to look at Cornish Metals. IWA agrees. As Richard Williams told IWA: “This is a big, big, strategic tin asset in a safe mining jurisdiction.”
High demand for consumer electronics, difficulties shipping metal out of Asia and lower production in general, have created a shortage of tin, pushing prices for the metal close to record high for the first time in a decade.
On the London Metal Exchange, the average monthly price of tin has soared 118% this year to more than $33,000 a metric ton in April, outstripping other metals such as copper and aluminum. Tin last fetched as much at the height of the run-up in metal markets in 2011, when prices crested at more than $33,000 a ton.
Tin’s advance is one of the biggest moves in commodity markets that have ripped higher, feeding expectations among investors that inflation will accelerate, at least temporarily. Lofty commodity prices have acted as a brake on factories. Companies are looking to pass higher input costs through to consumers, some of whom are feeling the pinch. Worries about inflation have sent jitters through Wall Street, hurting stocks.
IWA is a shareholder of Cornish Metals.
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