Lithium mining in Cornwall gets £1m boost

Xavier Trudeau
Août 15, 2017

"Cornish Lithium has been set up to explore the potential for a lithium industry in the United Kingdom; which would give the country significant strategic advantages in a world increasingly focussed on zero emissions and renewable power", said Wrathall.

CEO Jeremy Wrathall said he made the decision to cut the funding requirement as raising such an amount would have "been inappropriate", incurring excess shareholder dilution and leaving the majority of cash sitting in a bank until permitting had been completed.

The investors are Peter Smedvig, founder of investment firm Smedvig Capital, Keith Liddell, a metallurgical engineer and former mining CEO, and Chris von Christierson, director and principal of mining firm Southern Prospecting. Under the terms of the £1m investment, the incoming shareholders have the opportunity to appoint one director to Cornish Lithium's board.

The presence of lithium in hot salt brines in Cornwall has been known since the 1860s but...

Many of these areas are located within the workings of old tin mines in the region, hence why the company signed an option agreement with Vancouver-based Strongbow Exploration (CN:SBW), the owner of the historic South Crofty tin mine, back in January.

Redruth
Rdruth Cornwall

A British mining company could bring about lithium mining to the United Kingdom, establishing the country as a domestic source for the growing demand for the lithium mineral.

Over the next 12-18 months, the company will collate all relevant data on lithium occurrences in Cornwall and assemble these in digital format. This will then prioritise which locations it should drill for samples. This is expected to lead to further geophysical surveys where possible.

Wrathall said demand for lithium will take off with the rise of electric cars.

"We have now secured investors who understand the risks and believe that this project is potentially feasible, which has reinforced our view on that".

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