Karelian Diamond Resources PLC (AIM:KDR) said the final public meeting of the National Land Survey in Finland, which will decide on compensation for landowners around the Lahtojoki diamond deposit, is set to take place in Spring.
The National Land Survey had conducted a series of public meetings regarding compensation and the process reached an advanced stage by early 2020 before the COVID-19 pandemic delayed progress.
The process will be completed by June and a full mining permit for development granted thereafter, said the company.
A mining concession over the diamond deposit has already been approved by the Finnish mining authority.
"I am very pleased that progress towards completion of the National Land Survey's procedures is underway and that we now have a definitive timeline to work to,” said chairman professor Richard Conroy.
“We look forward to obtaining a full mining permit, in due course, and moving ahead with the development of the Lahtojoki diamond deposit."
Lahtojoki is one of the few diamond deposits in the world at a relatively advanced stage of development and the mine, when opened, will be the first diamond mine in Europe outside of Russia.
Karelian said the coloured stones that are expected to occur within the deposit, particularly the highly prized pink diamonds, add significantly to the financial attractiveness of the deposit.
READ: Karelian gets boost from presence of pink diamonds in Finland
Mining at Rio Tinto PLC (LSE:RIO)'s Argyle diamond mine in Australia, the world’s largest supplier of natural coloured diamonds, ceased in November 2020 with the company's last tender of pink diamonds achieving record prices in October 2021.