SCOTGOLD said its Cononish mine near Tyndrum is on course to start producing an average annual gold equivalent of 9,910oz in the first phase of the enterprise.

The second phase of production at Cononish, targeting 100 per cent increase in annual production to 72,000 tonnes of ore and average annual gold equivalent production of 23,500oz, has been brought forward by 11 months to May 2022, it said in its annual results to May 2020.

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Richard Gray, chief executive, said it the position is “testament to the professionalism and hard work of both the team at Scotgold”.

Shares were flat as the firm posted a loss of $2.5m.