The US administration under Donald Trump is considering a $225m (£166m) investment to reopen the South Crofty tin mine in Cornwall, nearly three decades after its closure. The mine, which dates back to the 1600s, shut in 1998 and has seen multiple failed attempts to restart operations.
Cornish Metals, the mine's owner, announced on Thursday that it had received a letter of funding interest from the US export credit agency. Any investment would be contingent on the mine supplying tin to the US, which classifies the metal as critical due to its use in electronics, electric vehicles, and solar panels.
The project is expected to create 300 direct jobs, with the UK government having already invested £28.6m in 2025. Chancellor Rachel Reeves estimated last summer that the mine could support 1,300 jobs in the wider region. Tin prices have surged from $16,000 per tonne in 2016 to over $50,000 in early 2025, driven by demand from AI data centres.
Currently, about two-thirds of global tin supply comes from China, Myanmar, and Indonesia, raising concerns over supply chain fragility and child labour. Don Turvey, CEO of Cornish Metals, called the US interest 'a testament to the quality and strategic importance of South Crofty and its potential to become the first new tin producer in the western world'.
The investment aligns with broader US efforts to reduce reliance on China for critical minerals. A recent US-led summit involving 50 countries produced agreements to loosen China's grip on key elements, with the EU and US committing to a memorandum of understanding within 30 days. Patrick Schröder of Chatham House noted that the US focus remains on securing supplies for AI development, framing its approach as 'America needs your help'.
