Britain bought the mine. It did not buy the tungsten.

Britain's National Wealth Fund agreed terms on a package of up to GBP 71 million for Tungsten West, the company restarting the Hemerdon mine in Devon: GBP 36 million of conditional equity for about 7.42 per cent of the enlarged voting capital, a proposed GBP 25 million facility at SONIA plus 5.5 percentage points rising a point a quarter, a board seat and a twelve-month veto. On the metal itself it received a limited period in which to negotiate. No offtake has been signed. The same shape appeared twice more on Tuesday. Wilton Re, owned by CPP Investments, will establish Windsor Life Re to assume an initial US$1.7 billion block of American life liabilities, with SLC Management as lead asset manager. And CalPERS' head of sustainable investing said the fund has moved away from the term ESG while shifting capital toward grid, solar, data-centre power and geothermal. Plus: the two-year Treasury auction cleared at 4.204 per cent with a weaker cover ratio and a markedly stronger buyer mix. Universal Asset Owners provides institutional research and analysis. It is not investment advice.