Tungsten West scores $97M UK investment, stock soars
The company announced it will restart tungsten and tin productions at the historic Hemerdon mine by this year’s third quarter.
The UK Government announced a $97 million (£71 million) investment in Tungsten West to restart the historic Hemerdon tungsten and tin mine in Devon. This equity and debt investment, provided by the National Wealth Fund (NWF), aims to bring the mine back to full production and establish a secure domestic source of tungsten, a critical mineral for technology, aerospace, energy, and defense industries.
The mine played a crucial role during World Wars I and II, and mining on and off continued through the mid-20th century before shutting down in 1944. Chancellor of the Exchequer John Healey emphasized the investment's role in supporting British defense, energy, and aerospace businesses, creating well-paying jobs, and maintaining national security.
As part of the investment, NWF will have the opportunity to nominate one non-executive director to Tungsten West's board. Tungsten West is now exploring production resumption in 2026, with tungsten and tin concentrate already produced this month and final tests underway. The company is also negotiating with a major tungsten refiner.
Hemerdon is described as a world-class, low-cost, long-life tungsten and tin resource in the UK, and its revival will ensure the UK's national interests are met for the long term. Tungsten West's shares surged by about 17% to 50.25 pence a share, valuing the firm at approximately £627 million ($855 million).
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