 In 1753 the Bonawe Iron Furnace was constructed by the Newland Company, later known as Harrison Ainslie.It stood just to the north of the village, between the rivers Nant and Awe, making use of timber from the local forests for charcoal fuel to smelt iron ore brought by sea from England.Although small in comparison to the huge 'hot-melt' furnaces of the 19th century, the furnace provided work not only at the site of the smelter but also for up to 600 charcoal burners over a large area of local woodlands.