THE company operating Plymouth's vast tungsten mine is to press ahead with a plan to restart production after receiving a £26 million investment.
Tungsten West has signed a deal with a global mining investment fund which will pay it royalties on the ore dug from the Hemerdon Mine in exchange for up-front cash.
The deal will mean Tungsten West can press ahead with plans to restart production at the Plympton site, after the AIM-listed company put operations on hold in April 2022. Work was stalled when the project suffered from "significant and rapid" inflation for key resources including steel, cement, explosives, power, and diesel, mainly due to Russia's invasion of Ukraine.
This story is from the September 14, 2022 edition of The Herald.
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This story is from the September 14, 2022 edition of The Herald.
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