A key figure in getting gold mining up and running for Scotgold Resources in the hills of Argyll has stepped down from the company’s board.
Richard Gray – who led Scotgold as chief executive for seven years – has left the boardroom team “with immediate effect”, Scotgold said today.
Mr Gray was at the helm at the time of the “first pour” of gold at Coninish, near Tyndrum, at the end of November 2020.
His stint as CEO ended when current boss Phil Day took over the hot seat at the start of April last year.
Another of Scotgold’s senior management team, Phillip Jackson, has also stood down after 10 years on the board, the company said.
The firm announced the appointments of mining industry veteran Sean Duffy, 52, as chief financial officer, and Evan Spencer as non-executive director and chairman of the technical committee, with immediate effect.
Ian Proctor has taken over as chairman of the audit committee from Mr Jackson.
Scotgold said its new 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 its Cononish gold mine”.
The firm hopes to achieve a 23,500-ounce annual run-rate of production at Scotland’s first commercial gold mine by the end of March 2023.
It said Mr Spencer’s “exceptional depth of experience” in managing mining operations both underground and open pit globally, would be invaluable as it advances the underground mine at Cononish and its organic growth pipeline.
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.”
Ukraine crisis hits shipments
Shares in Alternative Investment Market-listed Scotgold dipped earlier this month after it said global tensions over Ukraine were holding up its shipments of precious metal.
The firm added its gold concentrate was stuck in port awaiting transportation overseas.
It also revealed it had agreed on terms for a £250,000 short-term loan from Bridge Barn, a company owned and controlled by non-executive director Nathaniel Le Roux.
Coninish is only the start of Scotgold’s Scottish gold ambitions.
The company holds 13 lease option agreements covering an area of nearly 1,120 square miles of the central Highlands, mostly in rural Perthshire.
Three prospective areas close to Cononish have been identified and the firm intends to explore these during 2022 and 2023.
