Strategic Minerals wins $9.25m US defence funding for Cornwall tungsten undertaking

Strategic Minerals has secured $9.25m of funding from the US Department of War to speed up its Redmoor tungsten undertaking in Cornwall, as Washington strikes to safe allied provides of the essential steel.

The AIM-listed firm stated the non-dilutive capital allocation, made into its wholly owned subsidiary Cornwall Resources, would fund feasibility research and pre-development work to maneuver the undertaking in the direction of a last resolution on constructing a mine.

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Strategic Minerals shares jumped 15% on the information on Monday.

It described Redmoor as Europe’s highest-grade undeveloped tungsten useful resource. The funding comes with no restrictions on future offtake preparations, and the corporate goals to finish the technical and industrial work wanted for an capital allocation resolution inside 32 months.

The award displays rising US and allied efforts to construct safe tungsten provide chains for defence and superior manufacturing.

Tungsten, a tough, dense steel utilized in armour, munitions and chopping instruments, has grow to be a strategic precedence, with the US not too long ago backing a number of tasks throughout the availability chain.

Mark Burnett, Strategic Minerals Executive Director, stated: “This programme offers additional additionality to the Company’s plans to combine and speed up Redmoor by means of feasibility. Whilst not assured, additional U.Okay. home assist for Redmoor is at present additionally being investigated.”

“The Board want to thank the CRL crew for his or her onerous work and dedication to Redmoor. Their work has positioned the undertaking for this capital allocation, together with by means of an intense utility and contracting course of, and a current journey to Philadelphia to debate its undertaking proposal in particular person with senior authorities officers.”