Government invests £71m to help reopen Devon tungsten mine

The National Wealth Fund said the funding supported its continued growth and renewal of mining in south-west England, building on its most recent investment in Cornish Metals to help it reopen South Crofty tin mine in January 2025.

Healey said: “We are living in a more dangerous world, which is why backing British industry is more important than ever before. That is what this deal does.”

National Wealth Fund chief executive Oliver Holbourn said Hemerdon had the “largest deposits of tungsten in the world right on our doorstep”.

He said the increasing demand for tungsten was being driven by its use in defence, aerospace, next generation energy and electronics.

Chief executive of Tungsten West Jeff Court said the mine was a “world class, low cost and long life tungsten and tin resource”.