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Scotgold Resources downgrades annual output guidance
StockMarketWire.com
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Mining company Scotgold Resources downgraded production guidance after reassessing the performance of its flagship Cononish mine in Scotland.
The company said it had resolved various outstanding technical issues affecting the processing plant at the mine, which it said was ramping up to full design capacity 'expeditiously'.
Scotgold Resources had commenced a review of the mine plan at the beginning of April.
It concluded a ramp-up of underground mining production would be slower than originally planned.
'Mine development is insufficient for the mine to provide optimal ore quantity and quality in the short term, however this is not predicted to have long term impacts,' it said.
'The mine team at Scotgold has undergone a reshuffle in leadership and approach to ensure it can deliver reliable and robust short term mine plans.'
'Accordingly, the company expects production for calendar year 2021 to be materially less than the guidance range previously announced on 31 March 2021'
At 9:59am: (LON:SGZ) Scotgold Resources Ltd share price was 0p at 116.5p
Story provided by StockMarketWire.com
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