Scotgold chief executive Phil Day to quit company

Phil Day has announced he will step down as chief executive of Scotgold

The boss of Scotland's only commercial gold producer has announced that he is to step down.

Scotgold chief executive Phil Day informed the company that he was leaving in order to spend more time with his family in Australia.

The board said it had "reluctantly" accepted his resignation.

Mr Day will remain in his post "at this time". The process of recruiting a permanent successor will begin immediately, the company added.

Mr Day's resignation comes after the company, which operates a gold mine at Cononish, near Tyndrum, reported a "very challenging" first quarter of the year.

• Extraction from Scotland's only gold mine ramped up

• Read more stories on Scottish business

It said last month that the second quarter had "started better but the ability for Scotgold to continue as a going concern is entirely dependent on the quantity and grade of ore that is produced from now on."

In May it raised £1.5m through an open offer of shares and a further £500,000 from two existing shareholders.

It added at the time: "The company has good visibility on what is expected for the next three months and work is under way on the mining schedule and plans for the balance of 2023 and beyond."

The mine is located near Tyndrum

Reacting to Mr Day's resignation, Scotgold chairman Peter Hetherington thanked him for his "dedication, unwavering support and very significant contribution to the company".

He added: "Significant challenges obviously remain for Scotgold. We as a board have a duty of care to all team members and respect Phil's request for the time and space, away from CEO PLC duties, with his family in Australia.

"We remain committed to all stakeholders and the ongoing development and production from Cononish, Scotland's first commercial gold mine, and will update the market in due course on the new CEO appointment."

Mr Day said: "I am very pleased with what we as a team have accomplished during my time as CEO. It has been a privilege to lead and develop the business."