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Birmingham Post

Business

Andrew Arthur

Devon's tungsten mine set to be 'largest in western world', study finds

Tungsten West Devon AiM Plymouth

The firm looking to revive a tungsten mine in Devon has said it is in position to become the largest producer of the metal in the western world.

AIM-listed Tungsten West has published an updated feasibility study on its plans for the Hemerdon mine near Plymouth, where it hopes to resume production of tungsten and tin in the fourth quarter 2023.

The business said the project, which has secured £200m in investment to date, had a post-tax net present value (NPV) of £297m with an internal rate of return (IRR) of 25%, with upside case post-tax NPV of £415m and IRR of 32%.

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