£71m Hemerdon Restart Locks 50% of UK Tungsten Supply
The £71m public investment through the National Wealth Fund will restart Devon's Hemerdon mine, giving the UK the right to ringfence 50% of output and ease reliance on overseas tungsten.
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National Wealth Fund is most often covered alongside Hemerdon Mine, which appears in 3 of these 3 stories. commodities accounts for 1 of the 3 tracked stories, while 2 other categories carry the remainder. National Wealth Fund appears in 3 tracked Cross-Sector stories from August 25, 2026.
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Last mentioned: Aug 25, 2026
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National Wealth Fund is most often covered alongside Hemerdon Mine, which appears in 3 of these 3 stories. commodities accounts for 1 of the 3 tracked stories, while 2 other categories carry the remainder. National Wealth Fund appears in 3 tracked Cross-Sector stories from August 25, 2026. The tracked stories average 3 original sources each.
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UK Government announces £71m investment
Chancellor John Healey and Business Secretary Jonathan Reynolds confirmed National Wealth Fund support to restart Hemerdon mine, including £36m for 7% equity and £35m restart funding.
Tungsten West warned of precarious finances
Operator Tungsten West warned it was in a precarious financial position, raising doubts about Hemerdon's future.
The £71m public investment through the National Wealth Fund will restart Devon's Hemerdon mine, giving the UK the right to ringfence 50% of output and ease reliance on overseas tungsten.
The UK's £71m National Wealth Fund investment to revive Hemerdon mine will ringfence 50% of tungsten output for domestic defence, nuclear and aerospace industries, cutting exposure to import risks.
The National Wealth Fund is paying £36m for a 7% equity stake in Tungsten West's Hemerdon mine, implying a £514m valuation, plus £35m to restart production—a high-conviction strategic investment in a previously distressed asset.
Source: elystandard.co.uk · readingchronicle.co.uk