Chief executive Chris Sangster has been replaced by Richard Gray, the former head of mining and expansion at West Africa-focused gold miner Avocet, but will remain on the board as a non-executive director.
Sandy Littlejohn, the managing director of Glasgow-based dental laboratory DTS, becomes chairman, replacing John Bentley, who has resigned from the firm to concentrate on “other corporate responsibilities”.
Scotgold – which is planning a rights issue to reduce its debts and fund mine development studies at its Cononish site near Tyndrum – also announced that mining engineer Richard Harris and Nat le Roux, the Scots-born former chief executive of spreadbetting group IG,have been appointed as non-executive directors. Le Roux is already a substantial shareholder in Scotgold and has agreed, along with Littlejohn, to fully underwrite the rights issue.
The Aim-quoted firm said yesterday: “The first priority is the review and optimisation of the development plan for Cononish, such that a financeable plan under the current market conditions can be implemented in the coming year.
“The company will continue to use its experience to review and identify new opportunities, which after the successful implementation of the Cononish plan will provide a platform for long-term growth.”
Scotgold is seeking to scale back its Cononish project, which is believed to contain at least 82,600 ounces of gold, although any changes would depend on talks with the Loch Lomond and the Trossachs National Park planning authority.