Karelian Diamond Resources PLC (AIM:KDR) said it has today completed National Land Survey of Finland proceedings in relation to the Lahtojoki diamond deposit.
Land possession for the duration of the mine has been granted and a mining concession area of 71 hectares is now established, the company said.
As announced in a public meeting held in the Municipal Hall of Tuusniemi in Finland, Karelian will pay €162,815 (£140,000) to landowners in relation to the establishment of the mining concession area, to be paid within three months from December 28, 2022, using existing cash reserves.
In a statement, Professor Richard Conroy, chairman of Karelian, commented: “I am delighted that The National Land Survey process has at last been completed. Karelian is now free to progress with the proposed development of the Lahtojoki diamond deposit.
“The development of a diamond mine at Lahtojoki will, I believe, not only bring significant benefits to the company, but also to the entire surrounding Kuopio Kaavi area and, when in production, it will be the first diamond mine in Europe outside Russia.”
AIM-quoted Karelian Diamond shares jumped nearly 12% on the news, giving the company a market capitalisation of £1.9mln.