Shakemantle Iron Mine near Ruspidge, was owned by William Crawshay who also owned the Cyfarthfa Ironworks near Merthyr Tydfil, South Wales. Later his son, Henry Crawshay took over and became known as the "iron king". There were four shafts at the Shakemantle Iron Mine. St Annal's was 657 feet deep, Buckshaft was was 620 feet deep, Shakemantle Deep was 470 feet deep and Shakemantle Land 230 feet deep. The workings were all connected with four levels in the Crease limestone. These were the principal supplier of iron ore for the Cinderford furnaces.
Shakemantle had a very powerful pumping engine capable of raising 250 gallons of water to the surface with every stroke! Shakemantle, Buckshaft and St Annal's mines were employing 250 men in the mid-1860's. It is estimated that these mines had a total output of 1,650,000 tons of ore between 1841 and 1899. It ceased operations in September 1899.
Nearby was Shakemantle Quarry, a limstone quarry, which ceased operations in the early 1970's.