St Austell mayor welcomes news $1 billion worth of tin could be mined in mid-Cornwall, creating hundreds of jobs
A BILLION dollars' worth of tin could be mined from the ground in mid-Cornwall, creating hundreds of jobs long term.
UK Exploration company Treliver Minerals is spearheading the plans and drilling began near St Columb Major, on Friday. The firm has also identified rich areas of tin across mid-Cornwall.
Mark Thompson, managing director of Treliver Minerals, said: "Tin is currently trading at $24,700 per metric tonne – circa £16,000 per metric tonne.
"We have an internal exploration target of five million to ten million tonnes of ore grading between 0.3 per cent and 0.4 per cent. This gives 15,000 to 40,000 tonnes of contained tin worth up to $1 billion."
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He said if exploration work proves successful, a mine could open at Treliver Farm in three years and could create up to 600 jobs.
"It is too early to say how many jobs – my best guess would be circa 200. On top there is a mining multiplier of other jobs created from suppliers and services, generally estimated to be two or three times as many as the direct employment."
The company is following up on initial explorations carried out by Billaton Exploration UK Ltd in the 1980s.
Peter Kettle, manager markets for research and tin market analysts ITRI, said tin mining has become profitable again due to a surge in the price of metal – mainly through demand from China.