US Looks to Cornish Tin Mine for Strategic Investment

Donald Trump’s administration, known for pursuing hi-tech investments, is now looking to a more traditional sector: tin mining in Cornwall. 

The South Crofty mine, near the village of Pool, could reopen after nearly three decades with potential backing of US$225m from the United States. 

The project is expected to create more than 300 direct jobs and around 1,000 indirect roles.

The mine, which dates back to the 1600s, closed in 1998 after tin prices collapsed, ending centuries of commercial mining in the region. 

Since then, several attempts to revive it have stalled, until now.

A critical mineral for the tech industry

Tin is essential for soldering, found in most electronic devices, electric cars and solar panels.

It plays a key role in connecting semiconductor chips to circuit boards – a process that has gained strategic importance amid the AI boom and investment in data centres.

The metal’s value has soared in recent years, rising from £11,700 (US$15,900) a tonne in 2016 to more than £37,000 (US$50,350) a tonne at the start of 2026. 

However, about two-thirds of global production comes from China, Myanmar and Indonesia, raising concerns over fragile supply chains and the use of child labour.

Cornish Metals, the Canadian company that owns South Crofty, confirmed it had received a letter of interest from the Export-Import Bank of the United States (EXIM) outlining potential financial support. 

Any funding would be contingent on supplying “a responsible supply of tin concentrate to the United States”.

Don Turvey, CEO of Cornish Metals, says: "This Letter of Interest from EXIM is a testament to the quality and strategic importance of South Crofty and its potential to become the first new tin producer in the western world."

Economic and regional impact

The reopening of South Crofty is projected to generate £558m (US$759.3m) for the UK economy over its 14-year life, with first tin production targeted for mid-2028 and an average annual output of roughly 4,700 tonnes. 

Cornish Metals also plans to recruit and train local workers, further boosting the regional economy.

The mine previously received £28.6m (US$38.9m) from the UK government in 2025 to support reopening efforts. 

Last summer, Chancellor Rachel Reeves estimated the mine could support up to 1,300 jobs in the wider region.

Sally Norcross-Webb, CEO at Cornish Tin, highlighted the growing strategic importance of tin: "Tin is having something of a Cinderella moment. 

“Beyond electronics, we are seeing growing demand from defence manufacturing and other strategic industries, where secure, domestic supply really matters."

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Geopolitical dimensions

The US-led interest in South Crofty comes amid a broader push to secure critical minerals.

At a recent summit involving 50 countries, the US signed 11 bilateral agreements to reduce reliance on China for more than 25 key minerals. 

Patrick Schröder, a senior research fellow at Chatham House, said the summit made clear the driving force: “Although they didn’t say it explicitly, it is still America first. 

“It was framed as ‘America needs your help’. There was no mention of renewables.”

Cornish Metals CEO, Don Turvey, cautioned that the EXIM letter is non-binding and does not guarantee funding. 

The company is also balancing its ambitions with the UK’s Critical Minerals Strategy, aiming to keep as much tin as possible within the country.

Local concerns

Not everyone welcomes US involvement. 

Cornwall’s independence party Mebyon Kernow (MK) issued a statement on social media: "Trump. Hands off South Crofty. 

“Trump's attempt to exploit Cornish resources goes to show how valuable Cornwall is on the world stage and the importance of MK's Cornish Sovereign Minerals and Wealth Fund."

Despite political sensitivities, shares in Cornish Metals jumped nearly 7% following the announcement, reflecting optimism about the mine’s revival and the strategic importance of tin in the west.