Cornish Metals (“Cornish”) has announced the completion of a US$210m placement of “Nordic” bonds, with a 13.5% coupon rate and six-year term, to fund the development and construction of the South Crofty tin mine in Cornwall. This is a significant derisking event, progressing Cornish towards “fully funded” status and a Final Investment Decision (“FID”) targeted for later in 2026. Net of coupon payments, we estimate that this would reduce our modelled peak funding gap from US$264m to US$113m. Howe ....
