Healey: £71m investment to reopen tungsten mine is ‘backing British industry’

Healey: £71m investment to reopen tungsten mine is 'backing British industry' The Hemerdon tungsten and tin mine in Devon will receive up to £71 million from the National Wealth Fund.

Key points

• A year afterwards it asked the Administration for financial support to keep going after losing more than £10.3 million up to March 2024.
• The funds will be split into a 7% stake for the Administration for £36 million, and £35 million to support restart production.
• The National Wealth Fund remarked the investment would backing regarding 350 jobs.
• The mine has previously cautioned of its precarious financial position, and in 2023 Tungsten West cautioned it was on the brink of insolvency.
• John Healey has remarked Administration investment in a tungsten mine in Devon will support bolster Britain's defence and nuclear industries.

Chancellor of the Exchequer John Healey backed the investment (Yui Mok/PA).

Notably, the Hemerdon tungsten and tin mine in Devon will receive up to £71 million from the National Wealth Fund to support restart operations at the mine on the outskirts of Plymouth.

Authorities stated it will have the right to ringfence 50% of production for employ in Britain.

Meanwhile, the Chancellor remarked it means Britain tapping into one of the world's largest deposit of the mineral. It is additionally applied in steel, electronics and aerospace industries.

Its hard-wearing and heat resistant nature makes it is widely applied in machines and manufacturing.

For context, the funds will be split into a 7% stake for the Administration for £36 million, and £35 million to support restart production.

Mr Healey remarked: "We are living in a more dangerous world. It is why backing British industry is more notable than ever before. "That is what this accord does.

We are tapping into one of the largest deposits of tungsten in the world, right here in the UK.

This investment will supply vital minerals to British defence, energy and aerospace businesses – and keep good, well-paid jobs in the UK.

"(This is) all part of this Government's commitment to drive growth in every postcode, back British business and keep our country safe."

Business Secretary Jonathan Reynolds remarked it was a "vote of confidence" in the UK's critical minerals sector.

For context, the National Wealth Fund remarked the investment would backing regarding 350 jobs.

For context, the mine has previously cautioned of its precarious financial position, and in 2023 Tungsten West cautioned it was on the brink of insolvency.

Notably, a year afterwards it asked the Administration for financial support to keep going after losing more than £10.3 million up to March 2024.

In short, healey: £71m investment to reopen tungsten mine is 'backing British industry' is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.