Cornish Metals to float shares in London

Cecilia Jamasmie | January 13, 2021 | 4:00 am News 
South Crofty, about 390km drive west of London on the Celtic Sea Coast, was the last tin mine in Europe when it closed in 1998. (Image courtesy of Strongbow Exploration via Facebook)

Copper and tin miner Cornish Metals (TSX-V: CUSN) has announced plans to list on the Alternative Investment Market (AIM) of the London Stock Exchange in February.

The Canadian company, previously called Strongbow Exploration, is also hoping to raise £5 million ($6.8m) by way of private placement of new common shares to advance its United Downs copper-tin project. The asset covers, or is immediately adjacent to, four former producing mines: Consolidated Mines and United Mines to the north and south, respectively; and the Mount Wellington and Wheal Jane mines to the east.

Chief executive Richard Williams said listing on the AIM was an opportunity for Cornish to partner with investors from the UK. The goal is to work towards becoming a domestic supplier of metals needed for the making of electric vehicles, batteries, renewable energy and high tech devices.

The junior already has deals in place with Cornish Lithium, which receive a permit earlier this month to explore for the battery metal in geothermal waters off the coast of Cornwall.

The agreement allows Cornish Lithium to explore the Vancouver-based miner’s mineral rights. Cornish Metals would get royalties from any lithium extracted in its licences.

The base metals company has also built ties with the growing geothermal industry in the area. It also has conditional planning permission to construct a new processing plant at nearby South Crofty (8 km to the west of United Downs).

The facility could serve as a central processing unit for projects within transport distance of the South Crofty mine site.

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