Local Transport Minister Norman Baker has just approved funding allowing Carillion to formally start building the new east-west road, which will link Camborne, Pool and Redruth.
Cornwall County Council will receive £16m from Government, funding the balance for the project itself. The road scheme is expected to create more than 5,500 jobs and 7,500 homes over 20 years.
The Camborne-Pool-Redruth package was one of the schemes given funding approval last year as part of the Spending Review process. Work is due to complete in November 2014.