Scotgold Resources Ltd said it could appoint administrators over the coming days after a prospective investor withdrew from financing discussions for the Cononish gold-silver mine. The Australian company, which last week put some of its staff on unpaid leave, also faces action from an unnamed creditor. In a statement today, Scotgold said: “The company has […]
Tag: Scotgold Resources Ltd
Scotgold staff on unpaid leave
Scotgold Resources Ltd has placed employees on “short term unpaid leave” and is talks with an “administration specialist” while it faces action from a creditor. FINANCING The Australian company continues “financing discussions” to develop its Cononish gold and silver mine and reached an advanced stage with “confirmatory diligence being undertaken”. “These have not yet reached […]
Scotgold review focuses on top down LHS mining
Scotgold Resources Ltd has outlined priorities identified from its continuing review of the revised mining plan and schedule for the Cononish gold-silver mine near Tyndrum. TOP-DOWN LHS The company, which still needs to pay debt interest, said that the mine plan and schedule until July 2025 focuses on transitioning to top-down long hole open stope […]
Scotgold faces administration without debt repayment plan
Scotgold Resources Ltd, which this morning suspended trading, could within weeks fall into administration if it fails to agree payment plans with all its debtors. FINANCING The Australian company today repeated its warning from March 2023 that its future was uncertain without further funding, although it is “actively seeking additional financing and discussions are in an […]
Scotgold Resources suspends trading on AIM
Scotgold Resources Ltd temporarily stopped trading today at the company’s own request pending clarification of the company’s financial position. The company’s ordinary shares of no par value stop trading from 7.30am on AIM at its own request. In March, Scotgold raised concerns over its future following low gold grades, lack of funding, rising losses and […]
Scotgold reviews mine design, schedule and production
Scotgold Resources Ltd plans a third-party review for the next 12 months at its Cononish mine following dwindling cash and initial low grade gold finds. DEVELOPMENT RATES The review will initially assess the mine design, schedule and production forecasts. Second stage power and ventilation upgrades will also be included to improve mine accessibility, allowing simultaneous operation […]