Boardroom shake-up at company behind Scotland's first commercial gold mine

Scotgold Resources, the company behind the Cononish gold and silver mine near Tyndrum, has unveiled two board appointments as it bolsters its leadership team, while its former chief executive has departed.

Scotgold Resources is behind the Cononish gold and silver mine near Tyndrum, which lies in the Loch Lomond and the Trossachs National Park.
Scotgold Resources is behind the Cononish gold and silver mine near Tyndrum, which lies in the Loch Lomond and the Trossachs National Park.

Sean Duffy joins the board as chief financial officer while Evan Spencer has been appointed as a non-executive director and chairman of the technical committee.

Scotgold said the appointments would further develop the company’s leadership team, formed to “deliver on long-term strategy and near-term objectives” as it continues to optimise Scotland’s first commercial gold mine.

Meanwhile, Phillip Jackson and Richard Gray have notified the board that they intend to stand down with immediate effect. Ian Proctor will take over the position as chair of the audit committee from Jackson.

Gray was chief executive of Scotgold for seven years and was seen as instrumental in bringing the Cononish mine into production.

Chairman Peter Hetherington said: “I want to thank both Richard and Phillip for their long distinguished service to Scotgold.

“We are delighted to welcome Sean and Evan to the board. They bring a wealth of experience in terms of financial, operational and market expertise and are ideally placed to help us deliver on our short and mid-long-term objectives.”

In January, Scotgold cheered record-breaking production figures. Current chief executive Phil Day said initiatives to increase production efficiencies and ramp-up production were paying off.

In a trading update to investors, the firm said fourth-quarter production totalled 1,508 ounces of gold. It saw the highest gold concentrate production recorded in December since first gold was poured.

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