Wolf Minerals announced that the Hemerdon tungsten mine held one of the biggest tungsten resources in the world. The mine is located near Plymouth, UK and Wolf Minerals has already obtained funds worth four million pounds to develop the mine site.
The money has been raised from a private equity firm called Resource Capital Fund. The Devon based company said that the funds would be utilized to make a new link road, for requiting new workers and to progress archaeological work on the site.
Jeff Harrison of Wolf Minerals said that the company would be employing around 230 people locally. He said that the project would allow the people who used to work in the mining industry to return to it.
The company hopes to begin mining in early 2014. A deposit of tungsten was first discovered at Hemerdon in 1867 and mineral-working was carried out between 1919 and 1920 and again between 1934 and 1944.
Councilor Keith Stone, from Shaugh Prior Parish Council, said that the new jobs had to be a good thing. He thought it should have a positive effect on the neighborhood, but there were some drawbacks, like traffic and dust as well.