PLANS for a major new mine near Callington have been given a multi-million-dollar boost after the US Government committed US$9.25 million to accelerate Redmoor towards a final decision on mining.

Cornwall Resources managing director Dennis Rowland said the project had expanded significantly and the funding would now give it “significant momentum” on the road towards becoming a working mine.

“The programme at Redmoor has expanded significantly in the last two years, through resource and economic sensitivity analysis updates,” he said.

The company is currently delivering what Mr Rowland described as “the largest, continuous, diamond drilling programme from surface drilled in Cornwall”, designed to provide data for Redmoor’s feasibility studies.

“It has been our intention to pursue all means to accelerate Redmoor towards full feasibility and then into mining, as quickly and efficiently as possible,” he said. “This transformational funding to CRL will add significant momentum and support for Redmoor’s accelerated development.”

The investment will help fund drilling, engineering and technical work at the proposed underground mine between Kelly Bray and Callington.

It is designed to take Redmoor through its remaining feasibility studies and towards a final investment decision on mining within 32 months of the programme starting.

Mr Rowland said the funding would “help eliminate funding uncertainty and risk between Redmoor’s feasibility development stages” and position the project for rapid development.

“We aim to deliver resource infill-PFS-DFS, and other associated pre-site development tasks, within 32 months of the agreed programme initiation date, delivering Redmoor to a final investment decision for mining,” he said.

The investment comes as Redmoor’s mineral resource has grown substantially, with the latest estimate identifying 17.4 million tonnes of material containing tungsten, tin and copper.

The 2026 resource represents a 49 per cent increase in tonnage compared with the previous 2019 estimate and, based on the production rate used in an earlier study, could potentially support a mine life of 29 years instead of 12.

It contains an estimated 85,800 tonnes of tungsten trioxide, 29,000 tonnes of tin and 76,300 tonnes of copper.

Strategic Minerals executive chairman Charles Manners said the US investment showed the strength of the project.

“We believe the strengths and investment case for Redmoor have been clearly demonstrated through this investment,” he said.

The US funding reflects the strategic importance of tungsten to advanced manufacturing, defence and critical supply chains.

Mr Rowland said the company also hoped the award could lead to discussions over potential follow-on funding for mine development, although no such funding is guaranteed.

“Whilst there is no guarantee of follow-on production funding,” he said, “we further look forward to potential discussions on follow-on funding support for mine development at Redmoor.”

The investment is non-dilutive and is not an equity investment, with remaining project costs to be met through company funds and, if secured, further UK grant funding. However, the 32-month programme does not include the planning and permitting process required for the mine itself.

Redmoor’s latest economic sensitivity analysis has estimated a potential after-tax net present value of US$1.54 billion and an internal rate of return of 40 per cent under its base-case scenario.