Abandoned tin mines in Devon and Cornwall could be reopened to help build electric vehicles using their natural resources
- The counties' centuries-old tin mines have lain abandoned since the 1990s
- Now however there is a rise in demand for tin for electric cars and smartphones
- This has has helped create a global deficit for the metal and quadruple prices
- British officials are supporting reopening of the mines and seeking investment
Britain is banking on a series of ancient mines on its southwestern tip to secure a slice of the global electric car revolution.
The English county of Cornwall and the surrounding area boast one of the world's largest tin deposits yet their centuries-old mines have lain abandoned since the 1990s when a collapse in prices for the metal made them unviable.
Now however a rise in demand for tin, along with other metals that can be used in electric vehicles, electronics and renewable energy, has helped create a global deficit and quadruple prices.
British officials are supporting reopening of the mines and seeking investment, leading to a mini-rush of mining companies into the area.
In neighbouring Devon one company has already begun operating a mine for tungsten and tin.
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Britain is banking on a series of ancient mines on its southwestern tip to secure a slice of the global electric car revolution. Pictured is concept art of high-performance electric car the Alcraft GT, designed by British start-up Alcraft Motor Company
Adding to the potential, new research shows the extent to which mines also contain deposits of lithium, the so-called metal of the future.
The first industrial metals mining in Britain for decades represents the country's best shot at securing a piece of the supply chain for car batteries as well as renewable energy grid connections, officials told Reuters.
'We need to ensure the secure supply of the technology metals and critical minerals,' said government lawmaker Pauline Latham, who heads a parliamentary mining group.
'This is necessary with China owning the majority of the market and the potential of a global trade war between China and America.'
The charge into southwest England is being led by smaller firms, mainly foreign miners with a higher risk appetite.
About half a dozen companies are exploring in the area, with the biggest players being Canada's Strongbow Exploration, Australia's New Age Exploration and Wolf Minerals, listed in Sydney and London.
The English county of Cornwall and the surrounding area boast one of the world's largest tin deposits yet their centuries-old mines have lain abandoned since the 1990s. Pictured is the engine house at the Wheal Prosper copper and tin mine in St Agnes, Cornwall
In the largest Cornish project planned so far, Strongbow is seeking to extract tin at the 4 km-long South Crofty mines as a result of the improved tin market economics.
'The timing is better because global capital markets have a much more receptive attitude towards mining projects,' Strongbow CEO Richard Williams said.
'This gives us a good chance of delivering on South Crofty.'
The company needs to raise project financing of about £80 million ($110 million).
To that end, it plans to seek a secondary listing in London this year.
It aims to start production in 2021, but first must pump out water that has accumulated over decades of dereliction.
A rise in demand for tin, along with other metals that can be used in electric vehicles, electronics and renewable energy, has helped create a global deficit and quadruple prices. Pictured is a disused tin mine building near Zennor, Cornwall
New Age Exploration and its joint venture partner Strategic Minerals said in March they had found tin, tungsten and copper - all useful for electric vehicles - near Plymouth.
They have invested about £1.9 million ($2.65 million) in the project, which is at an earlier stage than South Crofty, and are looking to raise financing.
British officials are supporting reopening of the mines and seeking investment. Pictured is an old tin mine in Cambourne, Cornwall
Just over the English border in Devon, Wolf Minerals has begun operating a mine for tungsten and tin.
One advantage that Britain has, in terms of tin mining and investment, is that it is a stable location compared with big-producing nations such as Democratic Republic of Congo and Myanmar.
It is however early days for the mining projects and there is no guarantee they will produce commercial volumes of metal.
Even if they do, Britain is dwarfed by the likes of China, Chile and Australia in terms of battery resources.
In 1998, when South Crofty was the last of hundreds of Cornish tin mines to shut after four centuries of operation, global tin demand was around 200,000 tonnes a year, and the tin price was languishing at around £3,600 ($5,000) per tonne.
Now demand has risen to around 350,000 tonnes, buoyed by demand for electronics, where it is used as a replacement for toxic lead in solder.
Tin can also be used in lithium-ion batteries, which could have a major impact on a market already in deficit. Tin prices have climbed above £14,500 ($20,000).
In Britain, officials say the country is well-placed to capitalise on the anticipated boom in demand for electric vehicles in coming years.
'It's as if we've fallen on our feet,' said Darryn Quayle, a mining specialist at government Department for International Trade.
'What we have in our own backyard is quite remarkable.'
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