SCOTGOLD Resources, the company aiming to mine for gold in Argyll, has appointed its biggest shareholder as its chairman.

Scots-born Nat le Roux, who has been a non-executive director since October, holds more than 40 per cent of the company, having supported a rights issue in November. He replaces interim chairman Phillip Jackson.

Mr le Roux, who has spent most of his career in financial markets, was chief executive of IG Group plc between 2002 and 2006. Now semi-retired, he is an independent director of the London Metal Exchange.

Managing director Richard Gray said: "It is a significant benefit to the company that such an ardent supporter should take on the role of chairman, and we welcome his experience and insight in taking Cononish into production at the earliest opportunity. The board would also like to record its thanks to Phillip Jackson who has served as interim chairman since 15 December 2014."