A company that aims to mine for lithium in Cornwall, which then can be used in electric batteries, has launched a £1 million crowdfunding campaign.
Cornish Lithium aims to use the money raised on the Crowdcube platform to progress its drilling programme and expand ongoing exploration in the region
The company was founded in 2016 with the aim of investigating the possibility of extracting lithium from geothermal waters, which naturally occur deep beneath the surface in Cornwall.
Lithium was first identified in underground hot springs in 1864 by Professor Miller of Kings College, London, who noted that the occurrence of “so large an amount of lithia” in these hot springs was “remarkable”.
Cornish Lithium said it now believes that these hot springs could be “commercially significant”.
The company has already secured agreements across a large area of Cornwall with the holders of mineral rights and is now engaged in a widespread exploration programme across the county.
“We strongly believe in the potential of lithium extraction in the county and look forward to welcoming new, as well as seasoned, investors to join us on the exciting journey ahead,” said chief executive, Jeremy Wrathall.
“The potential to develop a new industry in Cornwall, focussed on metals which will be key to a low-carbon future, could be of huge importance for the future of British industry.
“We believe this is the first UK crowdfund in the mining sector and comes at a time when many junior exploration companies globally are struggling to raise funds via traditional markets,” added Wrathall.