TrendsWide
Contact US
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
No Result
View All Result
Home Trending

Scotland prepares to strike it rich as its first goldmine opens… with £255m of the precious metal 

by souhaib
October 25, 2020
in Trending
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


You might also like

Jason Kander Opens Up About Struggling With Mental Illness In The Political Spotlight

Dems meddle in Trump-Hogan proxy war in Maryland

10,000 hippies and one (unlawful) collecting in a remote Colorado forest: Satisfy the Rainbow Family

Scotland prepares to strike it rich as its first goldmine opens… and it’s filled with £255m of the precious metal

  • The Cononish mine is in the Loch Lomond and the Trossachs National Park
  •  Scotgold Resources aims to produce 23,500 troy ounces of gold a year
  • A quarter of the gold will come out in a form suitable to sell directly to jewellers

By Francesca Washtell City Correspondent For The Daily Mail

Published: 22:43 GMT, 25 October 2020 | Updated: 22:44 GMT, 25 October 2020

It’s an area known for its rich scenery of mountains, glens and lochs.

Now one of Scotland’s most stunning national parks is preparing to open the country’s first goldmine.

The Cononish mine, near Tyndrum in the Loch Lomond and the Trossachs National Park, is due to start production before the end of November.

Ingot we trust: One of Scotland’s most stunning national parks is preparing to open the country’s first goldmine in Cononish, near Tyndrum

It will support dozens of local jobs and is hoped to be the first in a series of sites set up in the coming years.

The company behind the project, Scotgold Resources, is aiming to produce 23,500 troy ounces of gold on average per year and believes it can recover more than 176,000 ounces in total – worth £255million at current prices. 

Around 25 per cent of the gold will come out in a form suitable to sell directly on to jewellers – which will be labelled authentic Scottish gold.

Jewellers Sheila Fleet and Hamilton and Inches have already been lined up to buy the first year’s production.

Between 15 and 20 groups have said they are interested in buying the gold, which will have a special stamp on it proving it is from Scotgold’s mine. 

Richard Gray, chief executive of Scotgold, said: ‘We believe there’s a huge amount of gold to be found in Scotland, we want to keep exploring and so do others.’

Although many have panned for gold in Scotland’s rivers, this will be its first goldmine and the only working commercial goldmine in Britain.

Around 25 per cent of the gold will come out in a form suitable to sell directly on to jewellers – which will be labelled authentic Scottish gold (file image)

Around 25 per cent of the gold will come out in a form suitable to sell directly on to jewellers – which will be labelled authentic Scottish gold (file image)

The region sits on a geological belt containing gold that runs all the way from Scandinavia to Canada, across Scotland and Northern Ireland. Gold was discovered in the area in the 1980s but production got off to a slow start after the price of gold crashed.

Scotgold took over the project in 2007 but failed to secure enough cash to get it going.

But since getting planning permission in 2018 the company said it has been given ‘moral support’ from the Scottish government and was promised a grant of up to £430,000 for job creation. It has also received overwhelming support from residents of the local towns, Tyndrum and Crianlarich.

The mine and the processing plant have been designed to have a minimal impact on the national park, which is home to red deer and has some of the best preserved oak woodlands in Scotland.

The site will use machines operated by people to extract the rock, rather than individuals digging at the walls. It is accessed via a tunnel that has been built into a hill called Beinn Chuirn.

The mine will create more than 60 jobs at the peak of production, which is expected in 2022.

Mr Gray, who has been overseeing the Cononish project since 2014, said: ‘The area is dominated by the tourist trade and as a consequence a lot of the work is seasonal. Mines are where God put the gold – and in this instance it is not the kind of place where people are going to build a car factory.’ He said once the mine starts up the ‘proof will be in the pudding’ and more retail investors will be keen to buy in.

Scotgold is valued at around £65million and is listed on London’s junior market, where it recently raised £3million from shareholders. The mine could generate between £67million and £100million in revenue.

Share or comment on this article:



Source link

Share this:

  • Twitter
  • Facebook
  • More
  • Pinterest
  • Telegram
  • Email
Tags: dailymail
Share30Tweet19
Previous Post

Who, exactly, is Dallas Cowboys backup quarterback Ben DiNucci?

Next Post

Mike McCarthy questions Cowboys players' response to hit on QB Andy Dalton

souhaib

Recommended For You

Jason Kander Opens Up About Struggling With Mental Illness In The Political Spotlight

by souhaib
July 2, 2022
0

In the run-up to the 2020 presidential election, there was significant chatter that Jason Kander would run for the Democratic nomination. Kander, a former intelligence officer in Afghanistan,...

Read more

Dems meddle in Trump-Hogan proxy war in Maryland

by souhaib
July 2, 2022
0

It is the latest iteration of a now increasingly common playbook for Democrats. In a handful of blue states — and especially in governor races — Democratic groups...

Read more

10,000 hippies and one (unlawful) collecting in a remote Colorado forest: Satisfy the Rainbow Family

by souhaib
July 2, 2022
0

HAYDEN, Colo. — Erik Childress squatted down along with the mountaineering path snaking deep into the forest and tucked a cigarette involving his lips.A regular stream of bare feet...

Read more

Dozens of crew are missing following ship sunk in tropical storm off Hong Kong

by souhaib
July 2, 2022
0

Tragedy at sea in Typhoon Chaba: Dozens of crew are missing immediately after huge ship broke in 50 % and sunk off Hong Kong as dramatic movie demonstrates...

Read more

Biden’s ‘beast’ grows inside me | Opinion

by souhaib
July 2, 2022
0

As Joe Biden cruised around in his Cadillac One, nicknamed The beast, along the Ronda de Toledo in Madrid, I would get into a taxi in Atocha and...

Read more
Next Post

Mike McCarthy questions Cowboys players' response to hit on QB Andy Dalton

No Result
View All Result

Recent Posts

  • Jason Kander Opens Up About Struggling With Mental Illness In The Political Spotlight
  • Dems meddle in Trump-Hogan proxy war in Maryland
  • 10,000 hippies and one (unlawful) collecting in a remote Colorado forest: Satisfy the Rainbow Family
  • Ideal Reasons To Attempt A Price tag Comparison Web site
  • Dozens of crew are missing following ship sunk in tropical storm off Hong Kong

Browse by Category

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Categories

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Pages

  • Contact US
  • Newsletter
  • Privacy Policy
  • Terms & Conditions

© 2021 - TrendsWide

No Result
View All Result
  • Home
  • Contact US
  • Privacy Policy
  • Trending
  • U.S.
  • Economie
  • Deals
  • Reviews
  • Cryptocurrency
  • Health
  • Life Style
  • NBA

© 2021 - TrendsWide