Aim-listed Scotgold on Thursday expressed its hope that the Loch Lomond and the Trossachs National Park Planning Authority (NPA) would soon announce a formal decision on the Cononish gold and silver project.
The company said that it had worked with the NPA to secure all the necessary agreements required for planning approval, including a Section 75 agreement that details matters involving third parties that cannot be enforced through the planning notice. The Section 75 agreement has been executive and submitted for registration, following which the NPA could announce a formal decision.
Scotgold is anticipating a number of conditions, but said that it had made the necessary preparations to deal with them “as promptly as possible”.
The planning permission for the 23 500 oz/y Cononish mine has taken longer than anticipated. The company initially hoped for a positive planning decision in December 2017.
Scotgold on Thursday also announced that it had been awarded a Regional Selective Assistance grant of up to £430 000, conditional on the creation of 36 full-time employment roles and Phase 1 capital of £8.6-million.
Meanwhile, the company announced the liquidation of its French subsidiary after it failed to sell the business. The subsidiary owns the Vendrennes exploration licence and has no assets or liabilities.
Scotgold in March said it would sell SGZ France to Ikigai for €100 000 in cash and further deferred cash payments of up to €900 000 conditional upon completion of certain milestones by the purchaser, related to the development of any of the licences.