Karelian Diamond Resources has taken a major step forward in its efforts to develop the Lahtojoki diamond deposit. The Finnish mining authority, TUKES, had initially approved the company’s application for a mining concession. Following this approval, the National Land Survey, under TUKES’ direction, set the mine’s boundaries and assessed a ground rental compensation of €162,815, which Karelian paid in full by March 2023.
However, landowners disputed the compensation amount and requested changes to the mine’s boundaries. They brought their case before the Finnish Land Court. On Monday, the court upheld the original boundary decision and dismissed most of the landowners’ compensation claims. The court did, however, send three specific items back to the National Land Survey for further review.
Karelian Diamond Resources praised the court’s decision, calling it a significant milestone in the development of the Lahtojoki deposit. The company highlighted that finalizing the mine’s boundaries is a crucial step for advancing the project, though it remains contingent on completing any necessary environmental assessments.
The Lahtojoki deposit, known for its kimberlite pipe, has potential as a profitable open-pit mine with a low strip ratio. It is reported to contain high-quality colorless diamonds, as well as pink and other colored diamonds, which could be valued up to 20 times more than regular colorless diamonds.
As Karelian progresses with its project, the European Union may soon see its first diamond mine, marking a notable development in the region’s mining sector.
