Scotgold about to call in administrators
Struggling Scottish gold miner fails to find rescuer
Scotland's only gold miner is headed for administration after financing talks fell through.
Scotgold Resources, which operates the Cononish gold mine in Stirling, Scotland, is planning to appoint administrators. The miner went into a trading halt in September, as it hunted for new investors.
Cononish poured first gold in December 2020 and reached commercial production in July 2022. But in March 2023 Scotgold raised an alarm, warning that low revenues and capital were threatening its ability to maintain operations.
On 16 October, Scotgold announced that it was in advanced financing discussions with a strategic investor.
"Unfortunately, these discussions have not resulted in an investment at this time," Scotgold said. "Therefore, the directors, having assessed the options open to them, are now considering the appointment of administrators over the coming days."
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