US Eyes Cornish Tin Mine with $225m Investment Amid AI Boom
In a surprising move, the US administration has set its sights on revitalizing the South Crofty tin mine in Cornwall, with a potential investment of $225m (£166m) from across the Atlantic. The project, which could create 300 jobs, has been in limbo for nearly three decades since it closed in 1998.
Tin mining is an industry ripe for revival, given its critical role in powering the growing AI sector. As demand for datacentres surges to support the AI boom, tin's value has skyrocketed, with prices now exceeding $50,000 a tonne - a far cry from the $16,000 of 2016.
The US export credit agency has expressed interest in funding the project, but only if the mine agrees to supply tin to the US market. Given China's long-standing dominance in global tin production, concerns over fragile supply chains and child labor practices are significant. However, with the US taking a keen interest in securing supplies for its own AI development needs, Cornish Metals' CEO Don Turvey believes the project has "strategic importance" and could become the first new tin producer in the western world.
The UK government's recent investment of £28.6m to support efforts to reopen the mine is seen as a precursor to this new US involvement. Chancellor Rachel Reeves estimated that South Crofty could create 1,300 jobs in the wider region, underscoring the significant economic potential of reviving the mine.
The US has been aggressively pursuing investment in high-tech industries, and its recent critical minerals summit produced agreements aimed at loosening China's grip on key elements. The EU and the US have announced a joint intention to work together, committing to a memorandum of understanding in 30 days.
Critics, however, have noted that while securing supplies for AI development is paramount, there was little mention of renewable energy sources during the summit.
In a surprising move, the US administration has set its sights on revitalizing the South Crofty tin mine in Cornwall, with a potential investment of $225m (£166m) from across the Atlantic. The project, which could create 300 jobs, has been in limbo for nearly three decades since it closed in 1998.
Tin mining is an industry ripe for revival, given its critical role in powering the growing AI sector. As demand for datacentres surges to support the AI boom, tin's value has skyrocketed, with prices now exceeding $50,000 a tonne - a far cry from the $16,000 of 2016.
The US export credit agency has expressed interest in funding the project, but only if the mine agrees to supply tin to the US market. Given China's long-standing dominance in global tin production, concerns over fragile supply chains and child labor practices are significant. However, with the US taking a keen interest in securing supplies for its own AI development needs, Cornish Metals' CEO Don Turvey believes the project has "strategic importance" and could become the first new tin producer in the western world.
The UK government's recent investment of £28.6m to support efforts to reopen the mine is seen as a precursor to this new US involvement. Chancellor Rachel Reeves estimated that South Crofty could create 1,300 jobs in the wider region, underscoring the significant economic potential of reviving the mine.
The US has been aggressively pursuing investment in high-tech industries, and its recent critical minerals summit produced agreements aimed at loosening China's grip on key elements. The EU and the US have announced a joint intention to work together, committing to a memorandum of understanding in 30 days.
Critics, however, have noted that while securing supplies for AI development is paramount, there was little mention of renewable energy sources during the summit.
tin mining is like super important for AI and we need it now... 50k a tonne is crazy 
but what about the environment tho? its still a mine, you know 
and i feel bad for all the people who have been affected by the closure in 98 
. Don't get me wrong, it's cool that the US wants to secure its own supplies, but what about the environment though? 
. The real question is, what's next? Are we gonna invest in copper mines too? Or maybe even gold mines? 
Where does it end?!
, plus what's with the condition that they have to supply tin to the US market? That sounds fishy 
to me!
I've been following this thread and gotta say, $225m from the US sounds like a game-changer for Cornish Metals. I mean, who wouldn't want to invest in a project that's gonna create 300 jobs and get us out of that economic limbo we've been stuck in since 1998? 
We need to make sure we're not just trading one problem for another. Renewable energy sources are gonna be super important in this whole AI boom thing, you know? 
Let's hope the US is thinking about that when they're investing in the Cornish Tin Mine. 
With the AI boom in full swing, we need more tin to power those datacentres ASAP 
️ The UK gov is already on board and now the US is throwing its hat into the ring 
I'm not sure about the concerns over supply chains and child labor though 
.
. We've all heard that one before and I think it's safe to say the US export credit agency knows what they're doing when it comes to funding projects like this 
.
. And while critics might be complaining about a lack of focus on renewable energy, let's not forget that AI is still an industry that relies heavily on non-renewable resources... but hey, progress is progress, right? 
instead they wanna rely on some ancient tin industry that's already proven its self unsustainable
what's next? The US just wants tin from Cornish mine and they're gonna make us worry about supply chains like its China's fault 
china already exploiting miners andtin prices are thru roof 
But seriously, it's a win-win for everyone involved. The UK government's investment and this new US involvement are like two peas in a pod 
.
!
. On one hand, reviving the South Crofty mine could bring in some serious cash 
. But on the other hand, we're talking about a project that's got deep roots of child labor concerns 
. I mean, even if it does boost AI development, is it really worth risking those types of issues? 
Also, what about the environmental impact? Are they thinking about sustainable practices here? 
. The gov's already chipping in with £28.6m, so I guess this US investment is just gonna give the mine some extra juice 
. Still, if it means we can stay ahead of China in AI tech, I'm all for it 
!
Don Turvey is totally right about this being about more than just jobs and economic growth – its about securing that tin for the AI revolution