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South Crofty still contains £1.5bn of metal
11:25am Friday 26th October 2012 in Cornwall
South Crofty mine still contains £1.5bn of metal, according to Celeste Copper Corporation (CCC), which hopes to start work at the site.
The valuation has been made by comparing the amount of tin estimated to be in the mine, against current market prices.
The company has said it plans to spend £7.8m in the next 12 months on making the site ready for mining.
TThis includes the £1.1m cost of drilling and £2.6m on pumping water out of the flooded mine, with a focus on shallow old workings in the Dolcoath area.
The company has said it is mainly interested in mining in areas of rock between existing flooded mine workings, but some of those flooded areas need to be pumped for safety.
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