Mining Review 2nd April 2023
Antofagasta PLC are to headline the forthcoming Global Mining Finance Conference in London on the 20th April.
A poor week for companies we follow, with Argosy suffering from a falling lithium price and Cyprium Metals announcing the dreaded words “strategic review”.
The main issue of the week is about a company we don’t follow on this website, but I have followed personally since visiting the mine a few years ago, Scotgold.
I would like to see a revival of mining in the UK, and Scotgold, with their mine at Tyndrum in central Scotland was at the forefront.
Scotgold are in production although they have been struggling a bit financially, so decided to raise additional funds via a placing. In mid February they announced a £3 million placing at 40p per share, to directors, institutions, and a retail placing.
Fast forward to this week and a disaterous production update was released, and they announced they needed £500,000 fast after mining into some barren rock! The shareprice is now 15p!
The obvious questions are what has happened to the £3.5 million raised just six weeks ago? And when did the company know they had found a barren area in the mine?
It almost beggars belief they have gone from gold rich rock to barren rock within such a short period.
Surely the exchange should be looking at this?
Companies on our Watchlist making news this week.
Week on week price changes
(US$ unless stated)
|Gold price in UK £||1599||-1.30%|
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