Wednesday, 21st December 2005 (3413 views)

A famous gold mine located near Dolgellau in Wales is set to re-open to exploit the recent spike in gold prices, the BBC reports.

The Clogau St David's gold mine has supplied gold for Princess Diana's wedding ring and a host of other royals.

A lack of economic viability forced the mine to shut in 1998 but its owner, Clogau Gold Limited, has written to the Crown Commissioners with a view to obtaining a new lease.

Clogau is hoping to find more precious metal to help feed its renowned jewellery business.

But the company admits it is trusting to luck.

"We do not know if there is any gold remaining. It could be an inch away, or a mile, that's the risk," said managing director William Roberts.

He also said a number of health and safety issues were yet to be surmounted.

The announcement will provide a boost for the Welsh gold industry.

Although Clogau still uses its stockpile of Welsh gold to craft its jewellery, the company recently switched its gold jewellery production line from Wales to China.

 

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