Can tin mining revive Cornish fortunes?
The re-opening of the South Crofty mine in Cornwall has brought hope to one of the poorest regions in Britain, and much has been said about the revival of the Cornish tin mining industry as a way of improving the area’s fortunes. When South Crofty was last operating in the 1990s, the price of tin hovered around $6,000 (£2,900) a tonne. It now stands around $17,000 a tonne. The main reason is China, with its huge demand for electronic products like mobile phones. South Crofty is expected to employ 400 people and will help local businesses with orders for equipment to get production going. So far, so good. But the strength of the tin mining industry in Cornwall hinges on one, important fact – the price of tin. It has reached record levels, and some analysts predict it could go much further, reaching potential highs of $25,000 a tonne. All commodity prices are currently largely determined by growth in Asia, and particularly China. While this is not likely to slow soon, the housing crisis
