REG-Karelian Diamond Resources Plc: Court hearing set for Lahtojoki

Karelian Diamond ResourcesAnnouncement

11/03/2024 07:15

 

Karelian Diamond Resources plc

(“Karelian Diamonds” or “the Company”)

11 March 2024

 


LAND COURT HEARING SET FOR LAHTOJOKI DIAMOND DEPOSIT

 

Karelian Diamond Resources plc (AIM: KDR) is pleased to announce that it has
now received the official notice of the date of the court hearing by the
Finnish Land Court, of the appeals by two landowners regarding the amount of
compensation to be paid to them and the mine boundary in relation to the
development of a diamond mine by the Company at Lahtojoki in the Kuopio Kaavi
region of Finland. The date set for the court hearing, which will be held in
Kaavi, is Tuesday 21 May 2024.

As previously announced by the Company a mining concession application for the
Lahtojoki diamond deposit has already been approved by TUKES (the Finnish
mining authority) and the National Land Survey has carried out the process in
relation to ground rental compensation for the local landowners. The
compensation that was decided as a result of this process has been paid by the
Company. The court hearing scheduled for 21 May 2024 is to finalise the
appeals by two of the landowners regarding the amount of compensation to be
paid to them and also a change to the mine boundary.

Finalisation of land possession for the duration of the mine is a necessary
and welcome step forward in relation to the Company’s proposed development
of the Lahtojoki diamond deposit.

The Board believes that the development of a diamond mine at Lahtojoki will
not only bring significant benefits to the Company, but also to the entire
surrounding Kuopio-Kaavi area.

The diamond mine at Lahtojoki, when in production, is expected to be the first
diamond mine in Europe outside Russia.

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.

Professor Richard Conroy, Chairman of Karelian Diamond Resources PLC,
commented:

 

“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.”

 

Further information:

 Karelian Diamond Resources plc Professor Richard Conroy, Chairman  +353-1-479-6180   
 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss        +44-20-3328-5656  
 Peterhouse Capital Limited (Broker) Lucy Williams / Duncan Vasey   +44-20-7469-0930  
 Lothbury Financial Services Michael Padley                         +44-20-3290-0707  
 Hall Communications Don Hall                                       +353-1-660-9377   

 

http://www.kareliandiamondresources.com

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