EDINBURGH, Scotland, Oct. 26 (UPI) — Scottish officials announced the approval of a gold and silver mine that’s expected to produce 20,000 ounces of gold and 80,000 ounces of silver.
Australian mining company Scotgold Resources won permission to mine gold and silver from the authority governing the Loch Lomond national park, the Financial Times reports.
Park authorities rejected an earlier proposal because of environmental concerns. Scottish authorities said Scotgold could develop the area provided it took steps to minimize the long-term environmental impact.
The decision marks the first time in 500 years that gold extraction was formally planned for Scotland.
Scotgold Chief Executive Officer Chris Sangster told the Financial Times the decision brings three years of planning and hard work to a successful conclusion.
“(The project) provides a significant commercial opportunity in the interests of all stakeholders, in particular the local community which has been a keen supporter for a development that promises increased local employment and economic activity,” he was quoted as saying.
Scottish lawmakers said the mine would deliver substantial economic stimulus to the country. The mine is expected to produce around 20,000 ounces of gold and 80,000 ounces of silver each year. That could bring in as much as $128 million in economic activity to Scotland.