Karelian given court date for Lahtojki mine land appeals

11th Mar 2024 12:13

(Sharecast News) - Karelian Diamond Resources said Monday that it has received notice of the court hearing date from the Finnish Land Court, addressing appeals from two landowners around compensation and the mining boundary of the planned Lahtojki diamond mine.

The AIM-traded firm said the court hearing, set for 21 May in Kaavi, aimed to address the appeals regarding compensation and proposed changes to the mine boundary.

It followed the approval of a mining concession application by TUKES - the Finnish mining authority - and the completion of ground rental compensation processes by the National Land Survey, with compensation already disbursed by the company.

The board said the Lahtojoki diamond deposit was anticipated to become the first operational diamond mine in Europe outside of Russia.

Beyond its significance in the region's mining landscape, the deposit held promise due to its diversity, containing high-quality colourless gem diamonds alongside rare pink and other coloured diamonds.

Such gems are highly coveted, and can fetch prices up to 20 times that of conventional colourless diamonds.

"The setting of an official date for the hearing of the appeal by the two landowners will bring finalisation to the establishment of a diamond mining concession at Lahtojoki and is to be welcomed," said chairman Richard Conroy.

At 0953 GMT, shares in Karelian Diamond Resources were down 14% at 2.02p.

Reporting by Josh White for Sharecast.com.