Proactive Investors - Cornish Metals (LON:CUSN) has reiterated the preliminary economic assessment for the South Crofty mine in Cornwall is on track for completion in this quarter while noting a rally in the price of tin.
Refurbishment of New Cook's Kitchen (NCK) shaft is progressing as planned, it said, with the two winders and cages now installed, fully commissioned and certified to allow for safe transport of equipment and workers within the shaft.
Mine dewatering also continues, added the statement, with the submersible pumps and Water Treatment Plant operating to specifications.
The water level in NCK shaft is being maintained at approximately 280 metres below the surface while treated water is being discharged to the Red River above the standards permitted by the Environment Agency.
Exploration drilling of the Wide Formation target is also ongoing with drill holes 10 and 11 currently in progress and samples for the previous three holes submitted for assay.
Cornish Metals also highlighted that tin prices are rallying and are above US$30,000 per tonne for the first time in over a year having risen by over 25% year-to-date.
Ken Armstrong, interim chief executive, added: "The timing of this important work coincides with a strengthening tin price, which reached over US$30,000 per tonne this past week, and an emerging recognition of tin as a critical metal by the United Kingdom and other national governments.
“Combined with the fact that there is presently no primary tin production in Europe or North America, these factors strongly support our thesis to fast-track work to, if feasible, responsibly bring the South Crofty tin mine back into production.”