UK fund agrees £61 million Hemerdon financing with potential claim on half of tungsten output
The Map Moved · Friday, 11 September 2026
Why it matters
The UK is moving beyond grants and policy support to taking equity and debt exposure in a domestic critical-minerals project, with the option to secure a substantial share of its future output. If production targets are met, the arrangement could add a UK-controlled source of tungsten for industrial and defence users, although the offtake is not yet agreed and supply has not yet begun.
What happened
The UK National Wealth Fund agreed £36 million in equity and a committed £25 million debt facility for Tungsten West’s Hemerdon tungsten-tin mine in Devon; a further £10 million facility remains uncommitted. The investment is expected to give the fund about 7.42% of Tungsten West and a board nomination right, while granting it an exclusive negotiation period for offtake covering up to 50% of forecast tungsten production. Restart testing has produced concentrate, but commercial output remains a target for Q3 2026, with full ramp-up planned for Q1 2027; the processing plant and recoveries still have to demonstrate reliable performance.
Players & places
- United Kingdom
- National Wealth Fund
- Tungsten West