Scotland's only remaining gold mine is expected to reopen in the next few weeks due to the soaring price of the metal, Sky News reported Monday.

The Cononish mine near Tyndrum, in Stirlingshire in central Scotland, was closed 10 years ago as the low cost of gold made mining too expensive.

But gold prices have more than doubled since investors began buying gold to cushion themselves against the falling global stock markets.

"It's now a very viable project," said Chris Sangster, CEO of Scotgold Resources.

It is estimated that at current values, the mine contains 76 million pounds (one pound equals about 1.99 U.S. dollars) worth of gold and silver embedded in the quartz rock.

The infrastructure needed to begin mining is already in place, including rail lines and ventilation tunnels, the legacy of excavations 20 years ago when the gold seams were first discovered.

"Now that the gold price is hovering around 900 U.S. dollars an ounce, it radically changes the economics of the project," said Sangster.