Karelian clears key hurdle for EU’s first diamond mine

[Redator]

Karelian Diamond Resources (LON: KDR) has registered its Lahtojoki mining concession in the Finnish land registry, advancing its plan to develop what could become the European Union’s first diamond mine.

This registration, handled by the Finnish mining authority TUKES, allows the company to proceed with further development plans for the Lahtojoki diamond deposit, which is known for its high-quality gem diamonds and potential for significant economic returns. 

TUKES had previously approved the concession and is also responsible for issuing the mining certificate.

Karelian noted that a hearing on compensation matters related to the project has been postponed until the Fall 2025, potentially impacting the timeline for full-scale operations.

Lahtojoki is known for its high-quality gem diamonds, including rare pink and coloured stones that can fetch up to 20 times more than typical colourless gems. The company believes the diamondiferous kimberlite pipe has the potential to support a profitable, low strip ratio open-pit operation.

The Dublin-based company is simultaneously exploring and advancing other assets in Finland, containing nickel, copper and platinum group elements. It is also advancing exploration at a site in the Kuhmo region where it aims to discover the source of a rare green diamond it found in 2022.