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South Crofty mine metals are worth £1.5bn

By Western Morning News  |  Posted: October 25, 2012

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Tin, copper, zinc and other metals yet to be extracted from South Crofty mine have been valued at £1.5billion.

An independent report published yesterday estimates that deposits of unexploited tin alone could amount to nearly 8 million tonnes.

Celeste Copper Corporation, which hopes to resume full mining operations at the site in West Cornwall by 2015, confirmed that the £1.5bn figure was calculated on the basis of current world metal prices.

The report also stated that Celeste will be spending £7.8million in the next 12 months on making the site ready for mining. This will include £1.1m on drilling and £2.6m on pumping water from a vast network of old flooded levels and shafts.

The Canadian-owned company – which has a number of US investors – already employs 40 staff who are working round the clock to prepare the mine for full production. And hopes were high across Cornwall last night that the company's promise of some 220 full-time jobs would be achieved within two years.

Crofty's closure in 1998 was seen by many as the death knell on 4,000 years of metal mining in Cornwall. However, the dogged determination of a team led by Kevin Williams and Alan Shoesmith kept the business – and the hope – alive. Yesterday's report appears to have rewarded their faith.

Alan Shoesmith, who was appointed Celeste CEO earlier this year, said: "This report was prepared by an independent expert and perhaps the most important element of the report is the quantification of exploration targets."

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  • Cknocker  |  October 26 2012, 8:19AM
  • Cknocker  |  October 26 2012, 8:18AM

    http://tinyurl.com/9b5l37t You want the October 18th Technical report. To be honest it looks like its still 12 months away from a production decision, before anything more serious than the work programme (included in the report - although that is a major bit of work) can be carried out a bankable feasibility study needs to be prepared. The report basically deals with the potential value of defined exploration targets, the next stage is to work out what the cost of getting that out of the ground and concentrated will be. That will mean an awful lot of mettalurgical testwork and appraisal of the ground conditions in order to determine stoping methods.

  • shagrats  |  October 25 2012, 3:40PM

    And the rest !!, dont think that South Crofty is the only one with any wealth. South Terras nr St Stephen is one of the most radioactive places in the world. Thats got to be worth something. But seriously just reworking the waste pits with modern technology will probably be economic.

  • todge91  |  October 25 2012, 10:34AM

    Cant find the report on the Celeste Website, just one from September that says nothing of the sort!. Can you add a link please

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  • Big_Ger  |  October 25 2012, 9:23AM

    Great news for our county.