A Step Closer to EU's First Diamond Mine
August 19, 24
(IDEX Online) - Plans for the European Union's first diamond mine - in eastern Finland - are a step closer to reality after a court resolved a land dispute with local farmers.
Exploration company Karelian Diamond Resources, based in Ireland, says the Lahtojoki diamond deposit has a significant percentage of pink diamonds.
The recent court hearing finalized appeals by two of the landowners over the amount of compensation to be paid to them and also a change to the mine boundary. Finnish authorities have already approved Karelian's application for a mining concession for the deposit.
"The Board believes that the development of a diamond mine at Lahtojoki will not only bring significant benefits to the company, but also to the entire surrounding Kuopio-Kaavi area," the company said in a statement.
"The diamond mine at Lahtojoki, when in production, is expected to be the first diamond mine in the European Union."
Karelian has previously said in relation to the Lahtojoki diamond deposit, PEA in 2017, based on a non-JORC resource of 2.25 million carats, estimated the deposit contained a value of $225m, with an NPV8 of $39m, with a nine-year mine life.
Pic courtesy Karelian