Bruce Crawford MSP has welcomed the announcement from Scotgold that the final tranche of development funding has now been raised.
Following the successful Planning Permission determination announced on 27 February 2018, a total of £9m has been raised through a combination of equity and secured finance.
The company is now progressing proposals to build the Cononish gold mine, execute a planned exploration programme and meet ongoing working capital needs. Finalisation of necessary planning agreements is expected to be completed in the coming weeks and the gold mine is expected to produce on average approximately 23,500 equivalent ounces of gold per annum.
SNP MSP for the Stirling Constituency Bruce Crawford said:
“This is great news that the final tranche of development funding for the Coronish gold mine has now been raised.
“It is fantastic for those involved and also the local community; work can now start to determine the final project schedule and subsequently create as many as 52 local jobs.”
“I welcome this great opportunity for Tyndrum and the surrounding area and the benefits it will bring to the local economy.”
Richard Gray CEO of Scotgold commented:
“This is a momentous occasion for the company and for gold production in Scotland.”
“I would like to thank all our stakeholders for their longstanding support and look forward to the next exciting chapter in our company’s development.”