Last week, as well as spending all hours on the doorsteps of various communities around Truro and Falmouth, talking about your priorities and how I can best represent you as your Member of Parliament, it was also great to welcome another Government Minister to Cornwall for a big positive announcement!
Last Tuesday I joined with Penryn-based Cornish Lithium and
the Economic Secretary to the Treasury, Andrew Griffith MP, to announce the
£53.6 million investment into the lithium extraction industry by the UK Infrastructure
Bank, the Energy and Minerals Group, and TechMet.
Cornwall’s rich mining history is back on the rise and this
investment puts us at the centre of the UK’s energy and tech security!
The funding package announced last Tuesday aims to
significantly accelerate progress toward the creation of a domestic supply of
lithium, which is crucial to support the scaling up of battery production for
electric vehicles as well as the development of battery energy storage
solutions. It is part of a larger funding package, with a further £168.0
million potential second stage financing, that is expected to provide the
equity foundation necessary for the pioneering mineral exploration and
development company to achieve commercial production.
The announcement signals a significant boost for Cornwall,
aligning closely with the UK Infrastructure Bank’s mandate to support the UK’s
transition to net zero and to boost regional and local economic growth. The
funding aims to enable Cornwall’s development as an industrial cluster for
lithium extraction and will strengthen the move to Net Zero in line with
Cornwall’s local industrial strategy.
Once in commercial production, Cornish Lithium aims to
build its 70-strong Cornwall-based workforce to over 300. Through its hard rock
mine development alone, it is estimated that Cornish Lithium could generate
£800 million of economic activity for the local economy over the planned
20-year mine life. This figure is expected to increase further through the
Company's geothermal waters project portfolio.
All brilliant news for this emerging and growing sector in
Cornwall and one that I will continue to do all I can to support locally as
well as championing in Westminster.
As always, I am fully focused on the job at hand and if
there is ever anything at all I can do to help, then please do not hesitate to
contact me. Please get in touch with me by email at
Cherilyn.mackrory.mp@parliament.uk, or by telephone on 01872 229698. My
regular constituency advice surgeries are held in a covid-safe environment at
my office, so please do get in touch should you wish to meet me about any
matters that I can be of assistance with.
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