The UK Infrastructure Bank has announced a £24 million equity investment in Cornish Lithium to support development of the UK’s critical minerals supply chain.
The investment, the Bank’s first equity deal, facilitated matched funding by The Energy & Minerals Group (EMG), a US-based private equity fund focused on the energy and minerals sectors. Cornish Lithium’s existing institutional shareholder, TechMet, the energy-metals investment company, whose major backers include the US Government, is investing a further £5.6 million, bringing their total investment into Cornish Lithium to $30m.
The initial investment is part of a larger funding package of up to an additional £168 million potential second-stage financing, which is expected to provide the equity foundation necessary for the mineral exploration and development company to achieve commercial production.
In commercial production, Cornish Lithium aims to build its 70-strong Cornwall-based workforce to over 300. The mine is expected to have a 20-year life, plans for geothermal waters alongside.