UK Government Takes Stake in Tungsten Mine With £71m Mine Bet

The government’s National Wealth Fund is set to pump £71m into miner Tungsten West in a bid to help reopen the Hemerdon mine in Devon. The funding package combines a £36m share purchase, which will hand the government a 7.4 per cent stake in Tungsten and a seat on the board of directors, and a £25m loan facility. The project is expected to boost the local economy in the South West of England through the creation of 350 direct jobs. In addition to financial backing, the government will gain the option to buy up to half of…