The first gold mined commercially in Scotland was sold for an average £4,557.9 per ounce at auction in Edinburgh yesterday.
It marked a major milestone in the history of London and Sydney-listed Scotgold Resources, which revealed plans nearly nine years ago to open a gold mine at Cononish, near Tyndrum in Argyll.
The gold was sold in the form of “rounds” minted by Baird and Co Bullion Merchants, each stamped with the Scottish gold mark of a stag’s head and bearing a unique serial number linked to a chain of custody system certified by the Edinburgh Assay Office.
The average selling price for individual lots netting as much as £21,0000 represented a premium of 378% over the current spot price of £953.
Scotgold chief executive Richard Gray said: “This unique and historic event is the first demonstration of our ability to attract a premium for Scottish gold.
“The next opportunity to show the continued support for this precious metal from the Highlands will be the conclusion of agreements with members of the Scottish jewelry trade, who appreciate the value that can be added to their products by the proven provenance of the stag’s head. We expect to release news of these sales in the new year.”
Cononish went into initial production in May of this year, with the commissioning of a pilot processing trial which aims to demonstrate the marketability and profitability of Scottish gold production.