More investment in South Crofty tin mine scheme
- Published
BBC cameras tour South Crofty. There is no sound to this piece.
A plan to restart tin mining in Cornwall has been given a boost, with further investment from North America.
Canadian and US investors have now put more money in to South Crofty mine at Pool - increasing their stake in the mining company to 25%.
South Crofty closed in 1998 after the price of tin hit an all time low, a decrease which started in 1985.
Contracts giving Western United Mine ownership of South Crofty land were signed in May.
It has said it wants to extract tin and other metals at the mine and hopes to create at least 220 jobs.
Tin prices have been rising for the last six years.
Neil Gallacher, BBC South West's business correspondent said: "It's not such much the scale of it, but it confirms this project is still moving forward.
"It can only happen in stages and they need tens more millions of pounds to get to the stage when they can start mining commercially, and that's without pumping the mine dry."
- Published15 May 2012