Karelian clears key hurdle for EU’s first diamond mine
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.
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 of 2025, potentially impacting the timeline for full-scale operations.
The company says Lahtojoki hosts 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.
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3 Comments
Chris Sangster
I am not sure Lahtojoki has actually produced anything other than from bulk sampling – can hardly be ‘renowned’ for fancies – what caratage have they actually produced?
Cecilia Jamasmie
You are correct, Chris. Karelian Diamond Resources says coloured diamonds are present at the Lahtojoki deposit, but the company’s in the very early stages of development. The project’s overall potential is supported by drilling data and other geological assessments. For example, the discovery of kimberlite boulders in an area adjacent to Lahtojoki, with a distinct petrographic and mineral chemistry, suggests a potential for further diamondiferous kimberlite bodies in the region, according to Karelian.
Phil Chubb
why would anyone want to invest n a diamond mine now when the entire diamond industry’s in a crisis?