Friday, July 16, 2010

Gold In Scotland

This project was a long time coming. The deposit currently held by ScotGold Resources was first discovered by an Irish mining company in the early 1980s. Although the deposit's indicated and inferred resources total only 154,000 oz of gold and 589,000 oz of silver, it's got high grades. A permit to mine was secured as far back as 1996, but the project was abandoned due to low gold prices. Now, ScotGold wants to get it up and running because prices are high enough to do so. They're already running into a roadblack because of the age of the previous permit.

This story's a good object lesson on why peak gold may be pushed back. We don't know how many small projects have languished due to attention paid to the biggies, not to mention how many projects have been shelved due to they becoming uneconomic at lower prices. As more of them become viable, more supply will enter the market.


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