Plans to build out Scotland’s first commercial gold and silver mine have been given the green light after years of planning delays.
Shares in AIM-listed Scotgold moved strongly ahead after the prospector confirmed it was to “initiate development activities” immediately at the mine near Tyndrum.
The project has taken several years and faced many false dawns as Scotgold struggled to design and test a commercially viable scheme that met the strict planning criteria within the Loch Lomond and Trossachs National Park in which it is located.
The company has now satisified the 19 pre-start conditions and other obligations placed on the project and has been given full approval for its scheme.
CEO Richard Gray said Scotgold was looking forward to a “very exciting” 2019 as it brought Cononish to life.
“We can now put our implementation plans into action and anticipate the first rock breaking activities at the Cononish mine portal starting early in the New Year,” Mr Gray said.
“We hope our many stakeholders will follow us on this journey, culminating in first gold production planned for end of 2019.”
Scotgold actually first produced gold from the Cononish seam more than two years as a result of bulk ore processing trial at the site.
It was later sold for an average £4,557 per ounce, a more than three-fold premium on the average gold price of the day.
Shares in Scotgold closed the day up 4.41% at 35.5 pence yesterday.