The view from the base of Ben Chuirn is perfect, even on a November morning. A procession of mountains marches eastwards along Glen Cononish, the snow-capped peaks emerging from a swirl of mist. It is a glittering prospect; what lies beneath is also dazzling — Scotland’s first goldmine.

When production begins in earnest in 2011 some 20,000 ounces of gold will be mined annually, representing revenues of $22 million (£13 million), along with $1.2 million-worth of silver.

Chris Sangster, the chief executive of Scotgold and a mining engineer, slaps the rock wall in a proprietorial way. The white quartz is riven with dark iron pyrites, better known as fool’s gold. The name is misleading, he says. “When the geological conditions are right, pyrites can be good sign.” His explanation is baffling, a tale of minerals, water and vulcanicity, but the result is here in all its richness: the quartz and pyrites, and within, particles of gold.

Each tonne of the best rock is likely to yield up to 10 grams of high-grade gold, worth around £200, enough for a very large wedding ring.

Ever since the British Geological Survey found evidence of gold in the Western Highlands in the 1960s, there has been talk of commercial extraction in the mountains around the village of Tyndrum. Although mining companies have tested the area, successive ventures have foundered on the low price of gold and eventually Cononish was mothballed. Scotgold bought the old mine in 2007, just as prices began to rise. The company had estimated that it needed a price of around $650 per ounce to have a viable business, but with the recession pushing the price to $1,113 it now has the prospect of reaping untold riches.

Mr Sangster dismisses the idea of a gold rush from optimistic Glaswegians heading north. “It is a fairly remote place. Then there’s the simple fact that anything that you could carry away is worthless, more or less,” he said.

Today, in Tyndrum Village Hall, the company will confirm its plans to locals in a marathon 11-hour consultation. Residents will be able to see a computerised model of the mine; engineers and planning consultants will take questions.

There is an air of expectation. More than 50 jobs will be created in the construction of the process plant and in the mine itself. Tyndrum, a straggle of houses along the main road from Perth and Glasgow to Oban, is light on employment opportunities.

“There are a lot of people locally who don’t necessarily want to work in the tourist trade, who would rather do the hard graft,” says Fiona Robertson, 42. “The goldmine can only be good for the area and for Scotland.” Mrs Robertson has other reasons for optimism. She is a partner in the Green Welly Shop, a popular tourist stop. With talk of goldmine day trips, a visitor centre and local jewellery, her business can benefit. That she wears the only known wedding ring made from Tyndrum gold can only help.

With the village apparently on its side, Scotgold expects approval from Loch Lomond and the Trossachs Planning Authority by early summer. From then the future is golden.

“People thought it was a pipe dream 20 years ago; they thought it was a pipe dream 10 years ago,” Mr Sangster says cheerily. “They are absolutely incredulous now.”

NUGGETS

Britons in the late Bronze and Iron Ages opened the first mine at Dolaucothi, Wales, around 600BC

In 1862 a British gold rush was triggered by the Clogau mine, at Dolgellau, which excavated more than 165,031 tons of ore

Most of the mines in Wales today are property of the Crown Estate, which is entitled to 4 per cent of the money from the deposits sold. The most famous is the Clogau mine, now closed, which provided the gold for the wedding rings of the Queen and the Prince of Wales

In 1984 deposits were found on the slopes of Ben Chuirn in the Highlands, prompting Ennex International to invest £250,000 in exploration of the site

The biggest operational goldmine in the UK is carved out of a peat bog at Cavanacaw, Co Tyrone