- Write by:
-
Thursday, October 18, 2018 - 11:17:14 AM
-
813 Visit
-
Print
Mining News Pro - View of Cononish Mine showing (right to left) stockpiled ore, plant buildings and adit. (Image courtesy of Scotgold Resources.)
According to Mining News Pro -Scotland is one step closer to having its first commercial gold and silver mine as Scotgold Resources (LON: SGZ) said Thursday it had submitted the last application to secure planning permits for its Cononish project, near Tyndrum.
The company, which has decided to liquidate its French subsidiary, said that it had worked with the Trossachs National Park Planning Authority (NPA) to secure all the necessary licences required for planning approval, adding it expects a formal decision soon.
Scotgold is anticipating a number of conditions, but said that it had made the necessary preparations to deal with them “as promptly as possible”.Cononish produced first gold in August 2016 following the launch of an ore processing trial and the plan is now to build a large-scale operation.
Scotgold Resources will do so by reopening an old mine shaft and moving 170,000 tonnes of rock, along with the mineral ore.
The company envisions an underground mine with an initial production capacity of 23,500 ounces of gold annually for up to 17 years.
As many as 52 jobs could be created during production, and the firm has offered nearly £500,000 (about $695K) in payments to support the local community of Tyndrum.
In addition, the company said Scottish Enterprise offered a Regional Selective Assistance grant of £430,000 for the development of the project. Scotgold estimates costs from the first phase of development to total £360,000. However, it noted that extra funds will not have a material impact on the returns.
Once final approval is granted, Scotgold will proceed with the financing for the development, though obtaining the approval of the Park Authority is seen as the key hurdle to cross.
Currently, the small village of Tyndrum is a local tourist destination, known mostly for being at a junction of major transport routes. It’s located in the northern part of the Loch Lomond and The Trossachs National Park.
Short Link:
https://www.miningnews.ir/En/News/283829
Mining News Pro - Michael Nowak was once the most powerful person in the gold market.
Mining News Pro - Gold demand fell 7% year-on-year and 13% quarter-on-quarter to 831 t in the third quarter, primarily ...
Mining News Pro - Gold prices held firm on Monday near the key level of $1 800 as a drop in the US dollar bolstered ...
Mining News Pro - Gold steadied as investors tracked the deployment of the first Covid-19 vaccines in the US and the ...
Mining News Pro - Global gold mine production growth will rebound in the coming years underpinned by higher gold prices ...
Mining News Pro - Canadian miner Barrick Gold posted a near three-fold jump in quarterly adjusted profit on Thursday and ...
Mining News Pro - Gold prices rose past the $1,900 an ounce level on Monday, supported by worries over a spike in ...
Mining News Pro - The stock market is riding high, taking Joe Biden’s widening lead in the polls as a sign to discount ...
Mining News Pro - JPMorgan Chase & Co. admitted wrongdoing and agreed to pay more than $920 million to resolve U.S. ...
No comments have been posted yet ...