A 160-year-old mine in Devon is to reopen 8 years after it was closed. The Hemerdon Tungsten and Tin Mine near Plymouth will receive up to 71 million pounds from the national wealth fund. Tungsten is used in military equipment and is currently heavily controlled by China. The UK government says it will ring-fence 50% of what's produced in this mine for use in Britain. Jenny Kumar has been to the mine. >> This is one of the world's largest deposits of tungsten. But for nearly a decade, the valuable metals here have remained untouched. A previous operator stopped production in 2018 after it went bust. >> It's a really exciting project. I know >> Those behind this new venture say they've invested heavily to improve processing. And with tungsten prices at record highs, it's the perfect time to restart production. >> What this gives the UK is a is a long-term equity investment in a world-scale project that's going to create real jobs in the Southwest. And it's going to add a lot of economic benefit to the UK, as well as providing critical tungsten to support UK industry. >> The region's mining industry played a key role in creating wealth centuries ago. Now it's hoped this new operation will boost both the local and national economy as the West looks to reduce its reliance on Chinese production of tungsten. This will be the UK's only operating tungsten mine and one of the biggest producers in the West. It's seen as a vital asset as the UK and its allies increasingly need this critical mineral for defense and wider manufacturing. >> 80% of global supply is from China, and the next two important countries are Russia and Vietnam. Having our own domestic supply means that we have some degree of safety in terms of future manufacturing capability. >> The rebirth of mining here will provide some 350 new jobs and put the region on the map as an important player for the nation's economy. Jenny Kumar, BBC News, Hemerdon in Devon.