London, 25 August 2026 – Global law firm Hogan Lovells Cadwalader has advised the National Wealth Fund (NWF), a wholly owned entity of the UK Government, on its strategic investment in AIM-listed Tungsten West to support the restart of the Hemerdon tungsten and tin mine in South Devon.
The investment comprises equity and debt financing and includes a shareholder relationship agreement providing the UK Government with certain shareholder rights. The UK Government has also been granted an exclusive right to negotiate an agreement to purchase up to 50% of the mine’s projected tungsten production.
Hemerdon is the one of the largest tungsten deposits in the world. The investment recognises the strategic importance of establishing a secure domestic supply of tungsten, a critical mineral used across manufacturing, high-technology supply chains, aerospace, energy and defence, while supporting the creation of around 350 direct jobs in the South West of England.
The Hogan Lovells Cadwalader team was led by Charles Ford, with support from Corporate partner Dan Simons, senior associate Wilson Pek and associate Emily Louise on the equity investment aspects; Andrew Gallagher and associates Jack Greene and Oliwia Puto on the debt financing aspects; and Real Estate partner Graham Cutts and senior associate Jocelyn Hodge on the real estate aspects.
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