HOUSTON, September 28th (Argus) - Cornwall Resources, a mining developer headquartered in the UK and a subsidiary of Strategic Minerals, will receive $9.25 million from the US Department of Defense (DOD) to advance its Redmoor tungsten-copper-silver project in England.
The company said on Monday that the funds, obtained through the Defense Industrial Base Consortium, will be used for on-site drilling, updating of mineral resource estimates, feasibility studies, and other development activities. Cornwall Resources plans to complete these tasks within 32 months from the project's start date to determine the final investment decision.
The US Department of Defense's funds do not require Cornwall Resources to sell future produced tungsten, copper or silver products to the US government.
According to the company, the Redmoor project is the highest-grade undeveloped tungsten mine in Europe.
