160-year-old Devon tungsten mine to reopen after government funding boost

See more This is Money on Google - save us as a Preferred Source Updated: 02:44 EDT, 26 August 2026 A 160-year-old mine in Devon is set to reopen eight years after being closed down following a £71million cash injection from the government to help boost Britain’s rearmament efforts.The Hemerdon mine near Plymouth contains some of the world’s largest reserves of tungsten, an extremely dense metal which is used to make bullets, missiles and armour-piercing tank shells.It was originally discovered in 1867 and produced metal during both world wars before closing in 1944. It was briefly reopened in 2015 but was shut down again three years later after running out of funds. The 160-year old mine in Hemerdon is set to reopen eight years after closing down But the owner of Hemerdon, Tungsten West, said it is now preparing to restart operations before the end of the year following the funding deal with the government’s National Wealth Fund which will see the state take a 7 per cent stake in the business for £36million alongside a loan of £35million.‘We are living in a more dangerous world, which is why backing British industry is more important than ever before. That is what this deal does,’ said Chancellor John Healey.It comes as the outbreak of wars in Ukraine and the Middle East has caused a surge in demand for tungsten as Britain and other countries scramble to rearm themselves.The reopening of the mine would also help reduce the UK’s reliance on China, which produces around 80 per cent of the world’s tungsten.DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you