Industrial Metals News – December 2024
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A mining company has called for government support to help it extract one of the world’s largest critical mineral supplies.
Hemerdon Mine, on the outskirts of Plymouth, Devon, holds the second largest deposit of tungsten in the world, its bosses have said. Tungsten West took over the mine in 2019 after the previous operator Wolf Minerals ceased production a year earlier.
Advanced Alloy Services, which supplies high purity metals, revert and toll-process for the manufacture of high temperature superalloys, has received a £20m funding package from Santander Corporate and Commercial Banking.
The package includes a £10m General Export Finance facility (GEF), £10m Invoice Finance, FX facilities, and transactional banking, which will enable Sheffield-based Advanced Alloy Services to grow its business both domestically and internationally, as it pursues its strategy for growth in the UK, US and Asia.
The new financing agreement will also allow the business to expand its partnerships with UK universities to research and develop new critical metals recovery processes with material from secondary sources.
