Plans to reopen South Crofty Mine, reviving a traditional Cornish industry and bringing well paid jobs to the county, were given a boost on Tuesday when Cornwall Council agreed to invest £1 million in a share offering by the owners to assess viability.

The mine, near Pool, closed in 1998, marking the end of one of Cornwall’s historic industries.

Strongbow Exploration, the company that owns the mine, is planning to dewater the mine which will then lead to confirmation of the mineral resources in the mine and further investment to enable tin production to restart.

Cabinet portfolio holder for economy and development Bob Egerton said: “Cornwall has a global reputation for exporting expertise and knowledge in mining and the Cabinet were clear in their desire to support this sector to re-start production in Cornwall and bring with it much needed high value jobs.

“If successful, restarting mining at South Crofty could create over 300 jobs and make a real differences to an area with high levels of deprivation.

“I would stress we are at an early stage and will be working closely with Strongbow to test this is a viable prospect, with today’s full Council decision confirming support to explore this.”

The ancient mine had seen production for more than 400 years and extends almost two and a half miles across and 3,000ft down.

Evidence of mining activity in South Crofty has been dated back to 1592, with full-scale mining beginning in the mid-17th century. The effort to reopen the mine under the management of Strongbow Exploration began in October 2017.

The South Crofty project has underground permission (a mining licence) valid until 2071, which includes planning permission to construct a new process plant and a permit from the Environment Agency to dewater the mine.