Cornish Lithium funding exceeds £4 million
Start-up mining company Cornish Lithium has raised more than £4 miillion in Crowdcube fundraising - £2.5 million above its original target - and attracted 2,659 investors to date.
Cornish Lithium, founded four years ago, is exploring lithium and other battery metals in Cornwall with the goal of creating a 'Battery Metals Hub' for the UK, whose EV chemical sector is forecasted to be worth £7 billion.
Since the last Crowdcube fundraising in August 2019, the company has:
- drilled two shallow geothermal wells which identified the widespread presence of lithium enriched waters at depths of up to 1100m
- sampled deep geothermal waters from the United Downs Deep Geothermal Project: results indicate some of the world's highest grades of lithium in geothermal waters. The lithium grades and chemistry of the waters are considered 'globally significant' by geological consultants SRK
- secured UK Government funding for a new lithium extraction pilot plant in Cornwall
- drilled 41 shallow boreholes in a former china clay pit near St Austell, demonstrating potential to also extract lithium from granite
Recent government funding accelerates progress to environmentally responsible lithium production, which is essential for transition to a green economy.
Funds raised will be used to continue exploration in the next 12 months and "accelerate the company’s path toward commercial production of lithium," it states.