30 Sep Mining company, Cornish Lithium, gets £1.4m funding boost in bid to power electric cars
- Cornish Lithium raised the funds through a crowdfunding campaign
- The campaign was backed by Norwegian shipping magnate Peter Smedvig
- It owns lithium exploration rights across more than 300 square miles of Cornwall
A mining company that aims to support the British car industry by producing a domestic supply of lithium for electric car batteries has raised a further £1.4million.
Cornish Lithium, founded by Jeremy Wrathall, raised the funds through a crowdfunding campaign backed by Norwegian shipping magnate Peter Smedvig, senior mining executives and more than 1,000 individual investors, including Cornish locals.
The company owns lithium exploration rights across more than 300 square miles of Cornwall, spread across historic mining areas from St Just to Redruth.
The latest investment will be used to fund its next phase of exploration, using data from planes, drones and satellites to map out mineral-rich geological structures.
It will drill into geothermal faults, pump out the water then filter this to extract the rare metal.
The company will drill its first test well next month and hopes to become a significant producer of lithium to meet a rise in demand as drivers switch to electric cars.
It also plans to explore for other metals used in car batteries such as cobalt, tin and copper.
Wrathall has already raised £2million from investors since launching Cornish Lithium in May 2016, and plans to list on the stock exchange within three years. The company has also received ‘significant’ Government grants.
Wrathall said: ‘The Government is concerned about the raw materials supply for the car industry. Brexit highlights the need to create new industries in the UK, and one that supports our car industry.’
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