The new mine for tungsten and tin planned in Pöhla in the Ore Mountains is apparently going into the hands of an Asian investor. Saxony Minerals & Exploration AG (SME) was unable to raise the money for the construction of the mine in any other way, CEO Rolf Staudenmaier told the German press agency dpa. SME will therefore be sold to the Prime Group from Singapore. A price of 150 million euros has been agreed. However, approval from the Federal Ministry of Economics is still pending.
Rising commodity prices and Europe's dependence on important raw materials have led to a run on deposits in Saxony. Of the numerous projects, the one in Pöhla - a district of Schwarzenberg - is considered a pioneer. In 2024, the mining authority granted permission for the construction of a mine there. To access the ore, a ramp is to be driven around two kilometers into the mountain. Around 400,000 tons of ore are expected to be mined here every year.
SME AG is also active in the search for mineral resources near Elterlein. According to the information provided, the main focus there is on tin deposits.
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