[1][2] The assets were bought for the sum of £4,000 on 27 April 1870 by James Spittal, Henry Bloom Noble, Thomas Wilson and Alfred Adams who formed the Great Snaefell Mining Company in March 1871.
[1] The directors of the company comprised; James Spittal, Henry Noble, William Berey, Thomas Wilson and Alfred Adams and the company had offices at 28, Athol Street, Douglas, Isle of Man[3] and 26, Nicholas Lane, Lombard Street, London.
[4] This was brought about by the directors having obtained the opinion of Deemster Sherwood and the Attorney General of the Isle of Man, James Gell.
[4] It was therefore decided, after considerable consultation, to take advantage of a clause in the company's articles which empowered the directors to sell their shares in the Great Snaefell Mining Company, to then have them re-sold to a third party, and then transferred to the original shareholders.
Yield continued to be below expectations, and following a major rock fall in the shaft in 1908 it was deemed that the cost of making good the damage was greater than the value of the company.