Gold miner may need to raise working capital funds
Scotgold, the firm developing Scotland’s first commercial gold mine, has seen annual losses narrow as it continues to look for funding to develop the project.
The Aim-quoted company, which said it was looking forward to an exciting year ahead, is hopeful of progress on sourcing finance from debt and private equity providers but added it was “mindful of the short and medium term working capital needs of the company”.
Scotgold said it may consid- er addressing these separately depending on the timing of securing project finance for the Cononish mine near Tyndrum where it has been running trials which have already successfully produced small quantities of gold.
The company has previously said it will need around £7.4 million to fund the project at its peak.
Its year-end results show it had A$572,332 (£335,174) in cash at 30 June. Losses reduced to A$1.35m compared to $1.51m the previous year.