Scotgold Resources Plunges After Report Recommends Rejection of Gold Mine

Scotgold Resources Ltd., an Australian company aiming to start a gold mine in Scotland, fell by the most in more than two years after a national park trust report recommended the development in the Highlands be blocked.

Scotsgold plunged 33 percent, the biggest decline since July 3, 2008, to 5.7 cents, the lowest since April 6 last year, at 10:29 a.m. Sydney time on the Australian stock exchange.

A Loch Lomand and Trossachs National Park report said Scotsgold’s planning application for an underground mine at its Coronish project should be refused, the Perth-based company said yesterday in a statement. Should permission not be granted, Scotsgold may appeal to the Scottish government, it said.

To contact the reporter on this story: Jason Scott in Perth at Jscott14@bloomberg.net

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