Tyndrum-focused mining firm Scotgold Resources names finance boss as interim CEO

Scotgold Resources, which is behind the Cononish gold and silver mine in the Loch Lomond & The Trossachs National Park, has appointed its finance boss as interim chief executive with immediate effect, after his predecessor recently decided to quit.

Sean Duffy, who is also a board director at the Aim-quoted firm, will continue to serve chief financial officer alongside his new role until a successor is appointed. He replaces Phil Day, whose intention to resign, to “spend more time with his family members in Australia”, was announced last week. “I am very pleased with what we as a team have accomplished during my time as CEO,” he said at the time.

His replacement Mr Duffy is credited with having deep experience in the mining industry supporting multinational and junior firms in the sector develop and expand operations through construction and into production. In his career of more than 25 years, he has held senior finance positions at the likes of BHP Billiton and Adriatic Metals, and was CFO and company secretary for Aim-quoted Anglo Asian Mining, supporting that organisation with early-stage gold production from its Gedabek mining operation in Azerbaijan, building the operation into a circa 50,000-ounce-per-annum producer during his tenure.

Peter Hetherington, Scotgold Resources chairman, said: “With significant mining expertise, Sean will step into the role of interim CEO until a permanent replacement is appointed. Sean has the knowledge, relationships, and expertise to manage on-going workstreams, ensuring continuity in our operations to drive the long hole stope mine plan and development of our Cononish gold mine towards full production.”

Newly appointed interim CEO Sean Duffy is credited with having deep experience in the mining industry with a career spanning more than 25 years. Picture: contributed.

Mr Hetherington said when Mr Day’s intention to resign was announced, that “significant challenges obviously remain” for the firm that has set out to be Scotland's first commercial gold producer via its mine at Cononish in Tyndrum. The firm last week also gave a positive operational update after having recently raised £2 million, after it in May stressed that its ability to continue as a going concern was “entirely dependent” on the quantity of ore produced going forward.

In April it secured a financial lifeline as it transitioned to new mining methods, after in March it revealed half-year losses of more than £5m just days after warning that it risked going bust after much weaker-than-expected production.