15 Aug £1 Million For Cornish Lithium Mines
A NORWEGIAN shipping tycoon is helping to pour £1m into a firm trying to mine lithium in Cornwall.
Peter Smedvig lies 142nd in the latest Sunday Times rich list with a personal fortune of nearly £1bn.
The 70-year-old is funding Cornish Lithium as demand for the metal is expected to soar.
The firm plans to look for the metal in the hot springs beneath granite. If successful, the county would be Europe’s only major source of the valuable metal. Lithium is a key ingredient in electric car batteries and experts believe the global market could hit £70bn.
Jeremy Wrathall, 53, who owns Cornish Lithium with his wife, is hoping to raise £5m to fund exploration tests around Camborne, Redruth and St Day in Cornwall.