Karelian Diamond Resources has received the Finnish Land Court’s ruling in regards to a land dispute under which the Lahtojoki diamond mine boundary will remain unchanged.
The court also rejected the majority of compensation claims by two landowners except for three items which were referred back to the National Land Survey to review. The appellants were also required to contribute to the company’s legal costs on the matter.
According to the company, the finalisation of the mine boundaries is an essential step for the proposed development of the Lahtojoki diamond deposit. The diamond mine at Lahtojoki, when in production, is expected to be the first diamond mine in the European Union.
“We are pleased to receive the decision of the Finnish Land Court which brings finalisation to the establishment of the mine boundaries. We will await the completion of proceedings in relation to the compensation to the two landowners concerned,” said Professor Richard Conroy, chairman of Karelian Diamond Resources.
The Lahtojoki diamond deposit, as well as containing high quality colourless gem diamonds, also contains pink diamonds and other coloured diamonds. Such diamonds are highly sought after and can command prices up to 20 times that of normal colourless gem diamonds, the company said.
Theodor Lisovoy, Managing Editor, Rough&Polished
