15 Aug £1M INVESTMENT TO SUPPORT CORNISH LITHIUM MINING
Image credit: Ashley Dace
Exploration activities are set to begin at a new lithium mine in Cornwall after a £1m investment was secured.
The investment into Cornish Lithium has been made by a group of experienced mining and natural resources investors.
Following the deal a number of new shareholders have joined the business. They include Keith Liddell, the former chief executive of Aquarius Platinum and investment house Mineral Securities; Chris von Christierson, the director and principal of Southern Prospecting; and Peter Smedvig, who has longstanding understanding of investing in the natural resources sector globally.
The incoming shareholder group will have the opportunity to appoint one director to the board.
The funds raised will enable Cornish Lithium to commence exploration activities. The initial focus will be to collate all relevant data on lithium occurrences in Cornwall and to assemble this in digital format.
Once drill sites have been selected the company intends to apply for the necessary permits ahead of drill testing of suitable targets.
Jeremy Wrathall, chief executive of Cornish Lithium, said: “We are delighted to have secured this investment to commence our exploration programme. We look forward to working with our new shareholders given the wealth of experience they have to offer in the field of natural resources.”
Keith Liddell, a member of the incoming shareholder group, added: “Given the extensive historic readings of lithium in geothermal brines as well as the recent advances in technology, we see a real potential for lithium production in Cornwall.
“Combined with the global shift in focus towards electric vehicles and battery energy storage we believe that Cornish Lithium could potentially become a very significant player in the lithium industry in the UK and Europe.”
Strongbow Exploration, the company behind the South Crofty tin mine in Cornwall, agreed a deal granting mining rights to Cornish Lithium earlier this year.