SCOTGOLD has declared its hope that the funding it needs to develop an underground gold mine in Argyll will be greatly reduced if planners at the Loch Lomond and Trossachs National accept revisions to its planning consent, writes Scott Wright.

The company, which is bidding to develop a gold mine at Cononish, said the funding requirement for the project could be slashed by more than £10m under its revised proposals. Scotgold said the park’s planning authority has received its application to revise its currently permitted operation. Shares fell by more than six per cent to 0.38p despite the promise of lower costs. Scotgold chief executive Richard Gray said: “The revisions made to the project in this application offer significant advantages, both in terms of environmental impacts and economics with the peak funding requirement reduced from £18.5m to £7.4m. In parallel to the permitting process we are continuing to examine the financing options now available.”

The company wants to develop an underground gold mine with process plant building and tailing stacks, a settlement pond, flow gauging point, and a site drainage system including discharge to the River Cononish. The application provides for a new bridge over the Crom Allt at the Dalrigh ford, car parks and access tracks.

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