https://www.engineeringnews.co.za

Cash-strapped Scotgold places staff on unpaid leave

29th September 2023

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

Embattled miner Scotgold, which operates Scotland’s only gold mine, said on Friday that it had initiated discussions with an administration specialist as a precautionary measure should it fail to secure financing to continue operating.

The company also announced that its staff had been placed on short-term unpaid leave to preserve funds, while it continued to advance financing discussions.

Scotgold reported that financing talks were at an advanced stage with confirmatory diligence being undertaken.

The firm also noted that a creditor had taken action, which the board hoped to resolve through negotiation of a repayment proposal.

“Should matters not be successfully resolved this could reduce the timescale to achieve a funding solution and necessitate an administration appointment, which of course it is hoped can be avoided.”

A third-party review of the Cononish mine suggested no fatal flaws in the mineral resource estimate or grade control modelling process.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Alcohol Breathalysers
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 
M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.051 1.274s - 140pq - 2rq
Subscribe Now