Scotgold Resources has announced the appointments of Sean Duffy as chief financial officer and Evan Spencer as chairman of the technical committee.
The new board names are designed to strengthen a leadership team formed to deliver on long-term strategy and near-term objectives as it continues to optimise Scotland’s first commercial gold mine at Cononish.
Duffy has more than 25 years of finance experience in the mining industry, previously as chief financial officer and company secretary for ASX and Adriatic Metals. Previously, he was chief financial officer and secretary for Anglo Asian Mining and has held senior finance roles at BHP Billiton’s global operations, including finance director of BHP Billiton Indonesia.
Spencer has held senior roles with Barrick Gold, Western Mining Corporation, Placer Dome, Kagara Corp, Gold Fields and Aditya Birla Minerals, and led the ramp-up and production of the Ban Phuc nickel mine and Nevada Copper mine as chief executive of the respective companies.
The company also announced that Phillip Jackson and Richard Gray have notified the board that they intend to stand down with immediate effect.
Ian Proctor will take over the position as chair of the audit committee from Jackson.
Gray was chief executive of Scotgold for seven years and was instrumental in bringing the Cononish mine into production, while Jackson has been on the board for more than 10 years.
Scotgold chair Peter Hetherington said: “I want to thank both Richard and Phillip for their long distinguished service to Scotgold.
“We are delighted to welcome Sean and Evan to the board, they bring a wealth of experience in terms of financial, operational and market expertise and are ideally placed to help us deliver on our short and mid-long-term objectives.”
Upon appointment, Duffy will be eligible to participate in the company's Enterprise Management Incentive Scheme and it intends to grant share incentives to him, pursuant to this scheme and commensurate to his new role.
Duffy currently holds 1,394 ordinary shares in the company, while his spouse currently holds 3,868 ordinary shares.
Spencer does not currently hold any ordinary shares in the company.
Scotgold poured first gold in November 2020 at its mine in Tyndrum and is developing it into a 23,500-ounce gold mine per annum by end of the first quarter of 2023.
Cononish is a mining operation with a central processing plant, producing gold concentrate for off-take and gold doré for the Scottish Jewellery industry.
Once in full production, the mine has anticipated forecast operating costs of circa £544/oz AISC, which should place Cononish in the lowest quartile of gold mining operations globally.
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
