Slaughter and May is advising the National Wealth Fund (the “NWF”) and TechMet Limited (“TechMet”) on their further equity investment of up to £35 million to support Cornish Lithium Plc (“Cornish Lithium”) in the development of the UK’s critical minerals supply chain.
The NWF and TechMet are long-standing institutional investors of Cornish Lithium. This latest investment, of up to £31 million from the NWF and up to £4 million from TechMet, is designed to advance Cornish Lithium’s projects to the next stage of development. Cornish Lithium is, in addition, launching a fundraising round with other investors to raise up to another £21.5 million.
This further investment from the NWF and TechMet demonstrates their continued confidence in Cornish Lithium’s progress towards production of battery-grade lithium in the UK. The funding will be used to progress Cornish Lithium’s Trelavour Lithium Project towards a construction decision and to advance its Cross Lanes Geothermal Lithium Project towards commercial drilling.
Slaughter and May previously advised the NWF (formerly UK Infrastructure Bank) on its initial equity investment in Cornish Lithium of approximately £24 million.