Cornish Lithium raises £6m as metals rush gathers steam
A lithium extraction firm focused on reviving Cornwall’s mining fortunes has today raised another £6m as interest in the nascent sector hots up.
The aptly-named Cornish Lithium said that it would use the money to further its aim of creating a battery metals hub in England’s westernmost county.
It added that it hit its £6m target within 20 minutes of the raise, which was carried out on Crowdcube, opening.
Back in October the firm also raised over £4m from another similar raise, smashing its target of £1.5m.
Jeremy Wrathall, the firm’s chief executive and founder, said: “We are delighted with the support we have received to date for our latest crowdfunding round. The additional funding will be used to continue the progress towards our goal of creating a battery metals hub for the UK.
“We have made significant advances since our last fundraising on Crowdcube, on both our geothermal and hard rock workstreams. We have also continued to attract Government support with additional funding grants being made as well as receiving our offshore exploration licences from the Crown Estate.”
A number of mining firms have begun prospecting for the metal in the last few years, raising hopes that Cornwall could see a reflowering of its one-time industrial might.
Cornish Lithium is currently trialling two methods of extraction: one looking to extract the metal from brine and another granite drilling project.
The firm has previously confirmed that it is looking to list on the London market within the next one to two years.