Fieldfisher advises Cornish Metals fundraising
European law firm Fieldfisher has advised long-standing client Cornish Metals Inc. on its £56 million fundraising, including a £28.6 million strategic investment by the Government’s National Wealth Fund, as part of the green energy transition
Cornish Metals is an AIM-quoted mineral exploration and development company focused on the advancement and restart of its 100% owned-and-permitted South Crofty tin mine in Cornwall. The funds raised will ensure that the company can continue with its path to development of the South Crofty tin mine.
The National Wealth Fund, which is operationally independent but wholly-owned and backed by HM Treasury, has invested £28.6 million. It partners with the private sector and local government to increase investment in pursuit of two strategic objectives: tackling climate change and driving growth across the regions and nations of the United Kingdom.
Tin is one of the critical minerals in the green energy transition, as it is used in a wide range of electronics including solar panels, wind turbines, electric vehicles and energy storage, with demand for these components set to outstrip supply in the coming years.
The fundraising was supported by the company’s major shareholder, Vision Blue Resources, the investment vehicle established by Sir Mick Davis, together with a placing to institutional and other investors by H&P Advisory Ltd, SP Angel Corporate Finance LLP and Canaccord Genuity Limited.
Chancellor Rachel Reeves said that the investment into Cornish Metals by the National Wealth Fund is not only supporting the growth of the Cornish mining sector but creating high-quality jobs and opportunity for the region and beyond.
The Fieldfisher team was led by Edward Westhead, Equity Capital Markets partner, with support from partner Anna Crosby, senior associate Oliver Perkins, solicitor Jamal Moursy and trainee solicitor Catriona Grew.
Ed Westhead said they are delighted to have played a part in supporting Cornish Metals to build on the growth they have already achieved at South Crofty. He noted that tin mining is part of Cornwall’s rich history and South Crofty has excellent community support, will contribute to the local economy and will aid the UK’s transition to net zero. He expressed their delight in supporting the company on this important fundraising and looks forward to continuing to help bring South Crofty back into production.
Fieldfisher's leading Equity Capital Markets practice advises clients across sectors, with particular strength in energy and natural resources, technology, financial services, and life sciences.
The firm's renewable and clean energy sector expertise covers the full spectrum of transactional work. Recent deals include advising AIM-listed South East Asian energy company, Coro Energy Plc on their recapitalisation, AIM-listed eEnergy Group on the £30 million sale of its energy management division to Flogas Britain Limited and acting for KazMunaiGas on the development of Kazakhstan's first hybrid renewables-gas power plant.