Cornish Metals plans about £135M equity raise at 60p a share
Cornish Metals proposes a raise of about £135M, Glencore will invest roughly £11.2M and has signed a six-year tin concentrate offtake deal.
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what happened
Cornish Metals has proposed an equity raise of about £135M at 60p per share, according to TradingView. Glencore is among the investors and will put in roughly £11.2M. The company has also signed a six-year offtake agreement with Glencore covering 100% of its tin concentrates.
The raise is conditional on approvals. Proceeds are aimed at funding South Crofty, where first production is targeted for mid-2028. Drawing the $210M bond financing requires at least $161M of equity by November 21, 2026. Trading in the shares is paused until results are published.
why it matters
For the tin market, the Glencore contract brings clarity on sales before production starts. For shareholders, dilution remains the key risk, and any delay to the start-up could weigh on the company's valuation and funding needs.
market impact
Tin and Cornish Metals shares: possible dilution puts pressure on the company's stock
tags
instruments
sources
- Cornish Metals (TIN) Plans ~£135M Equity Raise at 60p; Glencore Invests and Signs 6-Year Offtake — TradingView, 20 October 2026 at 06:00 UTC
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