The Welsh mine that produced the gold for three generations of royal wedding rings is to reopen after nearly 20 years.

The wedding bands of the Queen Mother, the Queen, Princess Margaret, the Princess Royal and Diana, Princess of Wales were made from the same nugget drawn from the Clogau St David’s mine at Bontddu in North Wales.

Mining ceased in 1998, as diminishing quantities of gold were being found. But Clogau has now been identified as a mine with “expansion potential”, and the possibility that there are unworked veins to be discovered.

Alba Mineral Resources, which has taken a 49 per cent stake in Clogau’s owners, Gold Mines of Wales Limited, will reopen the mine later this year.

“The opportunity presented by this project is pretty unique - high grade gold in the heart of the United Kingdom, and the fact that Welsh gold attracts a significant premium,” said George Frangeskides, Alba executive chairman.

“The historic connections of Welsh gold with the heritage of the United Kingdom and the potential for finding more gold in the vastly under-explored exploration ground make a strong case for investment.”