Financial Operations Analyst

Cornish Metals advances South Crofty funding with €160 million equity raise and Glencore offtake. 20/10/2026 Cornish Metals has launched an approximately €160 million equity financing for its South Crofty tin mine in Britain, with support from Glencore, Vision Blue Resources and the UK's National Wealth Fund, as the company works towards restarting commercial production in mid-2028. The fundraising could enable the release of approximately €184 million in previously issued secured bonds, which remain in escrow until specified financing conditions are satisfied. The equity transaction has not yet been completed and remains subject to shareholder approval and other conditions. Approximately €65 million of the proposed equity financing represents existing debt and accrued interest expected to be converted into shares, rather than new construction funding. The bond proceeds have also not yet become available for drawdown. South Crofty financing and development costs. Cornish Metals estimates mine-development capital expenditure at approximately €220 million, within a broader funding and expenditure programme of around €359 million. The financing structure would provide a substantial funding package for the historic mine, although the project has not yet reached financial close. Completion of the equity raise, shareholder approvals and release of the secured bond proceeds remain key requirements before the company can advance its development plans. South Crofty benefits from existing underground workings, geological knowledge and infrastructure. Rehabilitation, processing facilities and compliance with modern environmental requirements still require significant investment. Glencore secures six-year tin concentrate agreement. Glencore has conditionally agreed to invest approximately €13.3 million in Cornish Metals and signed a six-year agreement to purchase 100% of South Crofty's tin concentrate production. The offtake agreement establishes a commercial route for the mine's future output and supports the project's financing case. However, purchases depend on the mine being constructed, commissioned and brought into production; the agreement does not itself provide construction finance. Tin is used in electronics, solder, semiconductors and advanced manufacturing, while European mine supply remains limited. South Crofty could therefore become an additional domestic source of primary tin for European industrial supply chains. UK support for domestic critical-mineral production. The participation of the UK's National Wealth Fund gives the financing package a public-policy dimension, as Britain seeks to improve domestic access to minerals required for advanced manufacturing and reduce dependence on concentrated overseas supply chains. The next milestones are completion of the equity financing, receipt of shareholder approvals and release of the secured bond proceeds. Meeting these conditions would move South Crofty closer to its planned mid-2028 production restart.

Orion Minerals (ASX:ORN) is receiving the first drawdown of US$40 million in Glencore (LSE:GLEN) funding for the Prieska mine.

Glencore to invest US$4 billion in copper with RIGI and projects up to US$20 billion in Argentina. President Javier Milei announced alongside Glencore's CEO during Argentina Week in Paris the approval of RIGI for Agua Rica, Glencore's copper project in Catamarca. The mining company projects investments of up to US$20 billion in the country over the next decade. October 2, 2026 | 09:36 AM Buenos Aires - Javier Milei and Glencore CEO Gary Nagle announced from Argentina Week, which is being held in Paris, that the entry into the Incentive Regime for Large Investments (RIGI) was approved for the Agua Rica copper project, which the company owns in the province of Catamarca and which envisages an estimated capital investment of US$4 billion. The approval comes after Nagle confirmed that Glencore plans to invest between US$14 billion and US$20 billion in Argentina over the next ten years, mainly through the development of its large copper projects. "From a tax and stability perspective, it is the key enabler for Glencore to invest between US$14 billion and US$20 billion in Argentina over the next 10 years," Nagle said when referring to RIGI during a panel with the Secretary of Energy and Mining Coordination, Daniel González. On Glencore's investment horizon, El Pachón remains pending, the copper megaproject the company owns in San Juan and for which it also requested adherence to RIGI. Nagle anticipated that he expects to obtain approval of the regime by mid-2027 and assured that, once developed, it could become one of the five largest copper mines in the world. A US$4 billion investment in Catamarca. At Agua Rica, also known as MARA, the company plans to disburse US$771 million during the first two years, nearly ten times the minimum amount required by RIGI. The project will be financed through Glencore capital contributions and debt. According to official information, it will have the capacity to produce an average of about 200,000 tons of copper per year and will be entirely for export, with estimated foreign sales of US$2.167 billion annually. Nagle explained that MARA is a brownfield project that will take advantage of Alumbrera's infrastructure. "It is effectively an expansion of our existing operations," he noted. The executive also confirmed that Glencore will invest more than US$4 billion in its construction. The ore will be processed at the Alumbrera plant, transported through a slurry pipeline to Tucumán, and then transported by train to the port of Rosario. When Agua Rica will begin producing. The official schedule foresees that construction will begin in November 2027 and that operations will start in October 2031. During construction, up to 3,500 jobs would be created. Once in operation, the project foresees about 1,250 direct jobs and another 3,750 indirect jobs. Glencore also highlighted local hiring, an issue that is strongly debated in Argentina as the development of mining megaprojects begins. Nagle noted that Alumbrera already has around 2,000 workers and that nearly 90% are from Catamarca, mainly from communities near the operations. The project also contemplates investments in infrastructure related to roads, energy, and water. RIGI and Glencore's plan in Argentina. For Glencore, one of the central points of RIGI is the combination of tax benefits and long-term stability. Nagle maintained that, after the implementation of the regime, Argentina gained competitiveness against other major copper producers in the region. "When you compare Argentina after RIGI with its closest competitors, particularly Chile and Peru, Argentina becomes more competitive," he stated. According to the executive, before the regime, part of the capital destined for these projects could have ended up in other markets. Daniel González, Secretary of Energy and Mining Coordination, highlighted that projections for mining export growth toward 2030 and 2031 are based on concrete projects and not on developments that are still uncertain. "They are specific projects that we simply add up. That is a reality," he stated, and maintained that their implementation will have an impact in provinces such as San Juan, Catamarca, Jujuy, and Salta.