https://www.miningweekly.com

Fundraising completed for Scottish Highlands gold mine

The Cononish gold mine

The Cononish gold mine

18th May 2018

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim-listed Scotgold Resources has raised £9-million through a combination of equity and secured debt, which, together with existing cash reserves, will be sufficient to build the Cononish gold mine, in the Scottish Highlands.

The company raised £4-million in an oversubscribed placing of 14 545 455 shares at 27.5p each and £5-million in a secured loan from nonexecutive chairperson Nathaniel le Roux.

"This is a momentous occasion for the company and for gold production in Scotland. We have seen a number of significant milestones achieved by the company in recent years, culminating now in what will be a new gold mining industry in the Scottish Highlands,” CEO Richard Gray said on Friday.

Scotgold’s focus is now on the finalisation of the necessary planning agreements, which are expected in the coming weeks. In the interim, site access preparations have been undertaken, the detailed construction activity planning, which is expected to be required under the planning agreements, is under way and an application for a regional assistance grant is in process. Once these are successfully concluded the final project schedule can be determined.

At full capacity, the mine will produce about 23 500 oz/y.

Edited by Creamer Media Reporter

Comments

Showroom

Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.193 0.234s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: