Australia-based metals development company Wolf Minerals is set to build its new £123m Hemerdon metal mine in south-west England.
Following the finalisation of financing, this will be the first significant mine to be constructed in the UK in more than 45 years, according to the company.
The project is located near Plymouth in Devon, and is considered to be one of the largest undeveloped tungsten and tin resources in the western world.
Production is slated to commence in 2015 at a rate of about 3,450t of tungsten concentrate a year.
The project will involve the development of a two-phase open pit and a three million tonnes a year concentrator, with related infrastructure.
The completed mine will feature an 850m by 450m open cast pit that extends to a depth of 200m, together with a processing plant and an integrated mine waste facility.
During the operational phase, the project is expected to generate approximately 300 direct and indirect jobs, and provide an economic stimulus into the Plymouth, Devon and UK economies over the next decade.
Wolf Minerals managing director Russell Clark said: "This is a very exciting moment for the project and one which puts us firmly on course to become the next globally significant producer of tungsten concentrate with production commencing in 2015."