Scotgold Resources reveals lower first-half losses
Precious metals miner Scotgold Resources has reported lower losses for the first six months of its financial year.
The Aim-quoted firm, which is developing Scotland’s first commercial gold mine near Tyndrum, posted a net loss of A$788,515 (£491,500) for the period to 31 December, down from A$875,046 a year earlier.
• READ MORE: Scotgold cheers ‘significant’ boost to mine plans
Earlier this week, Scotgold, led by chief executive Richard Gray, hailed a “significant” boost to its Cononish plans on the back of lower running costs and higher prices for the precious metal.
Changes to the design of a storage facility, along with higher assumed gold prices, meant that its peak funding requirement for the project has reduced to £7.4 million, down from previous forecasts of £18.5m.
Scotgold also said today it continues to develop plans for its licence in Portugal.