It's not that good an image but I think it's, maybe, looking downstream so it should be on the south side of the Killhope Burn, the 19thC OS maps show a (corn) mill on the north side in Cowshill, there is nothing on the current OS that I can see and nothing clear on the aerial view. Nothing's mentioned on "Keys to the Past" in relation to any mill at Lanehead but there appear to be two at Cowshill although one is definitely too large and there's not enough detail relating to the other Burtreeford Mill to tell.
There is a close-up view of the wheel which shows a cast iron frame with what look like sheet steel paddles, which is why I think it's late 19th C.
There is one possible site at NY 8449441313 at Heathery Bridge near a place called Cornriggs which may or may not mean anything.
I think a visit on a warm sunny day might be needed and I trust current occupant of the Cowshill Hotel is a bit more cheery than the last time I went in there in 1982:)