Shares in Karelian Diamond Resources PLC (AIM:KDR) soared 177% after the Finnish Safety and Chemical Agency (TUKES) formally registered the company’s mining rights for the Lahtojoki diamond deposit.
The concession certificate, issued under registration number K7363, entitles Karelian to extract minerals from the site, marking a significant step forward for its plans in Finland.
With the concession now confirmed, the company said it will move ahead with the next phase of work at the site.
The Lahtojoki project covers 71 hectares, including a 16-hectare kimberlite pipe known to contain high-quality colourless and pink diamonds, the latter of which can sell for up to 20 times more than standard coloured stones.
A preliminary economic assessment in 2017 estimated over 2 million carats recoverable, with an in-situ value of $211 million. The study projected a mine life of over nine years, an internal rate of return of 55%, and payback within two years.
The shares rose 0.99p to 1.55p