A cost-benefit analysis undertaken by Development Economics has helped a mining company achieve planning permission for the first major new metals mine in the UK for at least 40 years.
The new mine – which will require £130 million of investment – will recover the rare metal tungsten, which is used in specialist steel production for items such as drill bits. The mine, which is located near Plymouth, will create over 240 highly paid jobs over the estimated 10-15 year life of the mine, including jobs in the local supply chain.
In addition, a further 60 or so jobs are expected to be supported in the local economy through multiplier effects.
Development work on the mine is expected to begin by July 2014.