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Gray steps aside as Covid hits Scotgold mine

Richard Gray

Richard Gray: stepping down (pic: Terry Murden)

Scotgold Resources, which is behind the gold mine near Loch Lomond, has named Phillip Day as chief executive as it revealed coronavirus had significantly impacted its plans.

Mr Day replaces Richard Gray, who has led operations at Cononish ndar Tyndrum since 2014.

The company said in a statement to the market yesterday that coronavirus led to a shutdown in 2020 and reduced access to specialist suppliers and consultants from overseas. It has also affected the recruitment and training of staff. This has had a “negative impact” on its cash position, Scotgold said.

Scotgold is now investigating short-term debt financing solutions to ensure it has enough working capital during the production ramp-up, which may involve accessing the Coronavirus Business Interruption Loan Scheme. Directors are “confident these funds will be available if required.”

Mr Day, who joins with more than 25 years’ industry experience, was most recently head of technical and operations at mining-focused Pala Investments.

Mr Gray will remain on the board as a non-executive director. Chris Sangster, Scotgold’s founding chief executive, has resigned as a non-executive director to pursue other business interests.

Chairman Nat Le Roux said: “Richard has overseen a transformation at Scotgold from explorer to developer and ultimately the current ramp up to a production company, following first gold pour at Cononish on 30 November 2020.

“Thanks to his stewardship and service, Cononish will be Scotland’s first commercial gold mine.

“Phil’s experience developing and optimising the wide range of operations he has been involved with around the world will prove invaluable as Scotgold not only executes a phased expansion strategy at Cononish, but also advances our highly prospective Grampian Project with a view to developing further new mines.” 

Mr Day graduated from Murdoch University with a Bachelor of Science in Metallurgy and Chemistry and is a Fellow Member of the Australian Institute of Mining and Metallurgy.

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