Strategic Materials subsidiary, Cornwall Resources, has signed an MOU with UK-based nuclear fusion technology company, Oxford Sigma.

Through its wholly owned subsidiary, Cornwall Resources (Cornwall), Strategic Materials owns a 100% interest in the Redmoor tin-tungsten project in Cornwall, UK. The Redmoor Project is an historic mine that was opened in the 18th century and operated until 1892 when it closed due to low tin prices. The mine reopened and operated between 1907 and 1914 before closing and then reopened again in 1934 before closing shortly thereafter. In 2016, Strategic Minerals acquired a 50% interest in Redmoor and acquired the rest in 2019. Redmoor is still at the early stage of development and has a JORC 2012 inferred mineral resource estimate of 11.7Mt grading at 0.56% WO₃, 0.16% Sn, and 0.50% Cu. Oxford Sigma, headquartered in Oxford, UK, has operations in the USA, UK, EU, Canada, and Japan and focuses on nuclear fusion technologies and materials for reactor cores.

The MoU outlines a five-year collaboration between the two companies as they explore, develop, promote, and secure critical mineral supply pathways for tungsten to supply the nuclear fusion industry. The Redmoor project has been earmarked as a key supplier of tungsten for Oxford Sigma products. Furthermore, the two companies note that the recommissioning of tungsten and tin production at Redmoor will diversify the tungsten supply chain and complement the UK Government’s Critical Minerals Strategy.

Recent successes achieved by Californian-based US National Ignition Facility where researchers managed to maintain stability in a nuclear fusion reactor for a very short time and produce more energy than the amount put in has captured the interests of clean energy enthusiasts. While the technology is far from ready, the Fusion Industry Association more than US$6.2Bn has already been invested into research and development into the technology.

Tungsten plays a key role in the materials used in nuclear fusion reactor shields and plasma-facing components and thus is a key material for nuclear fusion energies.  It is estimated that nuclear fusion reactors require between 100t and 5kt of tungsten depending on the design of the reactor and shields required.

Whether or not nuclear fusion creates more near-term demand for tungsten, Project Blue expects demand to grow over the coming decade. Our expectation is for the market to grow by 1.4%py to 2033. With declines in primary supply expected in some key regions, new sources of supply will be needed if supply is to meet demand.