(Alliance News) - Karelian Diamond Resources PLC on Wednesday said that having paid the amount of compensation due to the landowners, it is now entitled to land possession over the entire mining concession area at the Lahtojoki diamond deposit.
Karelian is an exploration company focused on Finland and Northern Ireland.
A mining concession over the Lahtojoki deposit has already been approved by TUKES, the Finnish mining authority. The National Land Survey of Finland, on the order of TUKES, carried out the proceedings to establish the mining concession for the applied area.
The total compensation agreed was EUR162,815, which was paid from existing cash resources within the three-month period from December 28.
Karelian is now entitled to begin initial work on the mining concession area. The Lahtojoki diamond mining project comprises a mining concession covering 71 hectares, which includes a kimberlite pipe with a surface area of 16 hectares.
"I am very pleased that the compensation to landowners, as determined by the National Survey of Finland, has been paid and that there have only been two appeals against the amounts determined, together with one boundary appeal. This is a further step forward in the company's plan to bring in a diamond mine in Finland," said Chair Richard Conroy.
Karelian shares closed 1.0% lower at 1.73 pence each in London on Wednesday.
By Holly Beveridge, Alliance News reporter
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Karelian (KDR)