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.

Scotgold is developing Scotland's first commercial gold mine. Picture: John Devlin

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.

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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.