septembre 04 2026

Mayer Brown Advises Tungsten West on Strategic Investment by the UK Government’s National Wealth Fund in the Hemerdon Tungsten-Tin Project

Related People:

London – Mayer Brown advised Tungsten West Plc ("Tungsten West"), a UK-based resource development company whose shares are admitted to trading on AIM, on a strategic investment by National Wealth Fund Limited ("NWF"), a wholly owned entity of the UK Government, to restart the Hemerdon Tungsten-Tin Project in Devon.

The investment package combines a GBP 36 million equity subscription for 100 million new ordinary shares with a GBP 25 million secured project finance facility, a GBP 10 million uncommitted accordion and a 366-day tenor. Part of the equity subscription proceeds was applied to refinance existing short-term borrowing, the balance and debt funding support the Project's restart and development.

Hemerdon is one of the world's largest tungsten resources and offers a secure domestic source of a mineral essential to defence, aerospace, green technology and high-technology manufacturing. UK Government backing supports nationally important critical-minerals infrastructure, strengthens UK and European supply-chain resilience and supports economic activity and around 350 direct jobs in the South West.

The Mayer Brown team advising Tungsten West was led by Mining partner Rachel Speight and supported by senior consultant Ian Coles and associate Sida Özler, as well as Corporate & Securities partner Harriet Hainsworth, consultant Rob Hamill and associate Katie McCormack, and Tax partner Matthew Mortimer and associate Jack Feehan.