Various news sources are reporting the Canadian company Strongbow Exploration has acquired 100% interest in Western United Mines Ltd. and Cornish Minerals Ltd. (Bermuda).
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“This represents a significant step towards our goal of creating a new strategic metals company with Osisko Gold Royalties as a cornerstone shareholder,” said Richard Williams, president and chief executive at Strongbow.
The South Crofty Tin Project, as it has been referred to, spans several tons and holds an active mining permit through 2071 and also includes 26 former production mines. Several companies have previously attempted to revive the mine, dating back to 2001.
“The Cornish people are justly proud of their mining expertise, and Cornwall led the world in the tonnage of its tin production,” Sally Norcross Webb, mining lawyer at Stephens Scown, told Insider Media. “Completing this deal gives South Crofty a chance to progress towards a production decision, which could mean significant investment and generate valuable jobs for Cornwall.”
Tin Continues to Surge
Our own Raul de Frutos wrote last week that tin, along with zinc, have been the biggest gainers among base metals so far this year. July has been a particularly strong month in growth for tin as it rose above $18,000 per metric ton for the first time since March 2015.
You can find a more in-depth tin price forecast and outlook in our brand new Monthly Metal Buying Outlook report. Check it out to receive short- and long-term buying strategies with specific price thresholds.