24.3 C
Supported byspot_img

Karelian Diamond Resources to acquire the diamond mining permit for its Finland Lahtojoki project

Member of Europium Groupspot_img
Supported byspot_img

Karelian Diamond Resources has agreed to acquire the diamond mining permit over the Lahtojoki project in Finland from A&G Mining Oy for EUR150,000 plus a royalty.

Karelian will pay an initital EUR50,000, plus a further EUR100,000 after 24 months unless Karelian decides not to develop the project. A royalty to AGM of 1% is payable either in diamonds or cash on diamond production up to 2.5 million carats and 2% payable on diamond production above 2.5 million carats.

The Lahtojoki diamondiferous kimberlite pipe is situated in the Kuopio – Kaavi region of Finland in a highly favourable location with excellent infrastructure including good road access and power distribution and local technical and logistics availability.

Supported by

The company believes that the Lahtojoki diamondiferous kimberlite pipe has the potential to become a profitable low strip ratio open pit diamond mine. It will now review the exploration and feasibility work conducted to date at Lahtojoki and carry out any further studies deemed appropriate.

Chairman Professor Richard Conroy said: “The acquisition of a mining permit over the Lahtojoki diamond project is excellent news. It is potentially a low cost way for Karelian to take its initial step toward becoming a diamond producer. This complements our diamond exploration programme in Finland and confirms our view that Finland could become a major diamond province.”

Source: Stock market wire

Supported byElevatePR Digital

Related News

Canada Nickel reveals initial resource estimate for Deloro project, underscoring Timmins District prospects

Canada Nickel has announced the initial mineral resource estimate for its Deloro nickel sulphide project, located in Ontario's Timmins-Cochrane mining camp. This estimate marks...

Resouro Strategic Metals unveils extensive resource estimate for Tiros titanium and rare earths project

Resouro Strategic Metals, a recent entrant into Brazil’s rare earths sector, has unveiled a significant resource estimate for its Tiros project located in Minas...

NMMC targets $1 billion investment in 2024 to expand gold production capacity

Navoi Mining and Metallurgical Combine (NMMC), the world’s fourth-largest gold producer and Central Asia’s largest gold miner, has announced an ambitious investment program for...

U.S. and Kazakhstan strengthen energy partnership at 2024 Strategic Dialogue in Astana

On July 18, 2024, the U.S. Department of State and the Department of Energy, in partnership with Kazakhstan’s Ministry of Foreign Affairs and Ministry...
Supported by
Supported by
Supported by
error: Content is protected !!