Tungsten West scores $97M UK investment

The U.K. government plans to invest up to US$97 million (£71 million) to restart production at Tungsten West’s (AIM: TUN) Hemerdon tungsten and tin mine in southwest England, the company said.   

The equity and debt investment comes from the National Wealth Fund (NWF), the company said on Tuesday. It aims to get the mine back to full production and develop a secure domestic tungsten source, a critical mineral essential to high-technology supply chains, aerospace, energy and defence. 

“This investment will supply vital minerals to British defence, energy and aerospace businesses – and keep good, well-paid jobs in the U.K.,”  John Healey, Chancellor of the Exchequer, said in a release. Hemerdon is in Devon, about 300 km southwest of London. 

“We are living in a more dangerous world, which is why backing British industry is more important than ever before. We are tapping into one of the largest deposits of tungsten in the world, right here in the U.K.”

Strategic metal

The investment underscores Hemerdon’s strategic importance as one of the world’s largest tungsten resources at a time when Britain and other Western countries seek to reduce their reliance on imports of the critical metal. China dominates global tungsten supply and imposed export controls last year. 

Company shares gained about 17% at 50.25 pence apiece on Wednesday in London, valuing the firm at about £627 million (US$852 million).

Hemerdon hosts 163.7 million measured and indicated tonnes at 0.14% tungsten trioxide (WO₃) containing 228,000 tonnes WO₃ and 163.1 million inferred tonnes at 0.11% WO₃ containing 170,000 tonnes WO₃, according to a JORC-compliant resource released in May 2025.

Shareholder deal

Tungsten West and NWF now have a shareholder relationship agreement, which gives the NWF the chance to nominate one non-executive director to the board of the company. The investment makes it possible for Tungsten West to resume full production at Hemerdon and creating 350 direct jobs.

“Through the support of the U.K. government, we are ensuring that critical minerals produced at Hemerdon will underpin the U.K.’s national interests for the long term,” Tungsten West CEO Jeff Court said. 

Production to resume

Tungsten and tin concentrate have already been produced in Hemerdon in this past month, the company said, as it conducts final tests to start production still in 2026. The company also said it is negotiating with a major downstream tungsten refiner.

The mine, formerly known as Drakelands, or the Hemerdon Ball or Hemerdon Bal Mine, has a history of activity dating to 1918, with production during both World Wars, according to the company. 

Further exploration and feasibility work was carried out in the 1980s. The site was later developed into a modern operation and produced tungsten and tin between August 2015 and October 2018 under Wolf Minerals. The mine is located 11 km northeast of Plymouth, near the village of Plympton.