Cononish gold mine in Scotland has a new 80% owner following a strategic investment for an undisclosed sum by South African company Acrux Sorting Technology.
TECHNOLOGY
SCZ Cononish Ltd’s previous largest investor Nathaniel le Roux retains less than a 25% share.
The original parent Scotgold Resources plc fell into administration in November 2023 following problems with financing, poor gold grades, equipment and staff shortages.
“This is a transformative opportunity for both AST [Acrux], Cononish and surrounding communities,” said Acrux chief executive officer Sean Browne.
“The growing value of gold presents an exciting investment landscape, and we are committed to ensuring long-term success while adhering to the highest environmental and social economic standards.”
Acrux states it uses its sensor-based sorting technology to extend the life of mine operations, extract more value from mineral ore, minimise waste, preserve water resources and reduce the environmental impact.
The gold-silver mine is located within the Loch Lomond and The Trossachs National Park, 38 miles north of Glasgow.