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Canadian company bids for historic mine South Crofty | Canadian company bids for historic mine South Crofty |
(about 1 hour later) | |
A Canadian mining company has announced it is planning to buy a historic disused Cornish mine. | |
South Crofty, near Camborne, in west Cornwall, closed in 1998 after the price of tin hit an all time low. | South Crofty, near Camborne, in west Cornwall, closed in 1998 after the price of tin hit an all time low. |
The multi-million pound deal could see the area redeveloped and the mine expanded. | The multi-million pound deal could see the area redeveloped and the mine expanded. |
The Celeste Copper Corporation currently has operations in the Atacama Desert of Chile, targeting copper, gold, and silver. | The Celeste Copper Corporation currently has operations in the Atacama Desert of Chile, targeting copper, gold, and silver. |
The company is initially aiming for a 25% stake in Crofty. That would cost at least £4.67m ($7.37m Canadian dollars). | The company is initially aiming for a 25% stake in Crofty. That would cost at least £4.67m ($7.37m Canadian dollars). |
'High metal prices' | 'High metal prices' |
Celeste Copper would then have a series of chances to buy more of the Cornish tin mine. | Celeste Copper would then have a series of chances to buy more of the Cornish tin mine. |
The crucial mineral rights extend beyond the site at Pool near Camborne, where the mining structures still stand. It covers 150 square kilometres under Cornwall. | The crucial mineral rights extend beyond the site at Pool near Camborne, where the mining structures still stand. It covers 150 square kilometres under Cornwall. |
One of the current owners is Western United Mining. In a statement Chief Executive Officer Alan Shoesmith said he was delighted that agreement had been reached. | One of the current owners is Western United Mining. In a statement Chief Executive Officer Alan Shoesmith said he was delighted that agreement had been reached. |
"It represents another major step forward with our progress in getting South Crofty back into production," he said. | "It represents another major step forward with our progress in getting South Crofty back into production," he said. |
Denis Clement, President and CEO of Celeste said: "We are delighted to have the opportunity to participate in the expansion and redevelopment of the historic South Crofty mining region in Cornwall." | Denis Clement, President and CEO of Celeste said: "We are delighted to have the opportunity to participate in the expansion and redevelopment of the historic South Crofty mining region in Cornwall." |
Cornwall Councillor Mark Kaczmarek who formerly worked at Crofty as a miner said: "It can only be good news if somebody wants to invest in mining in Cornwall. | Cornwall Councillor Mark Kaczmarek who formerly worked at Crofty as a miner said: "It can only be good news if somebody wants to invest in mining in Cornwall. |
"South Crofty is not the only mine in Cornwall that has got mineral reserves. | "South Crofty is not the only mine in Cornwall that has got mineral reserves. |
"Hopefully we will see a start, with high metal prices, of other mining companies showing an interest in Cornwall." | "Hopefully we will see a start, with high metal prices, of other mining companies showing an interest in Cornwall." |
South Crofty was the last working tin mine in Europe when it closed in 1998. | South Crofty was the last working tin mine in Europe when it closed in 1998. |
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