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Scotgold closes out financial year in good shape to commence construction at Cononish

Production could be underway in a little over 12 months
Scotgold closes out financial year in good shape to commence construction at Cononish
Scottish gold could sell at a premium

Scotgold Resources Ltd. (LON:SGZ) booked a pre-tax loss of US$1.9mln in the year to June 2018 as it continued to push towards production at its Cononish gold mine in the Grampians.

The company had US$11.2mln in cash at the period end, with the mine itself capitalised at around US$16mln.

READ: Scotgold Resources sees “significant advancement” for Cononish mine permitting

The company is now waiting on a decision from the Parks Authority as regards the design of a new tailings facility, the result of which is expected late this year.

After that, construction can get underway, with production expected in December 2019.

The overall earnings currently modelled for the mine over its currently projected life amount to over £100mln, with net cash flow likely to run at £68mln.

 

 

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