The UK government is backing efforts to revive a tungsten mine in Devon as part of the global race for critical minerals needed for defence and technology supply chains. Tungsten West announced that the UK’s National Wealth Fund has invested £71mn in its project, comprising a 7 per cent equity stake for £36mn and up to £35mn in debt financing. Under the deal, the government will also have the right to secure up to half of the mine’s annual production.

The funding marks a potential turnaround for the miner that has repeatedly warned of its precarious cash position. Tungsten West plans to revive the former Hemerdon tungsten and tin mine on the outskirts of Plymouth, which stopped producing in 2018 after its previous owner fell into administration. China dominates global tungsten production, a metal used in aerospace, weapons and tool manufacturing.

The price has soared since 2025 due to export restrictions and defence spending concerns. CEO Jeff Court said the government investment combined with £40mn raised earlier would support construction and reopening this year, with full production expected in 2027. Chancellor John Healey stated: 'We are living in a more dangerous world, which is why backing British industry is more important than ever before.'.