Karelian Diamond Resources (LON: KDR) has officially registered its Lahtojoki mining concession in Finland’s land registry, marking a key milestone in the development of what may become the European Union’s first diamond mine.
The registration, managed by Finland’s mining authority TUKES, allows Karelian to move forward with further development plans at the Lahtojoki kimberlite pipe, known for its potential to yield high-quality gem diamonds, including rare pink and coloured stones that can command up to 20 times the price of standard colourless gems.
TUKES had previously approved the mining concession and will also be responsible for issuing the full mining certificate. However, a hearing on compensation matters has been postponed until Fall 2025, potentially delaying the project’s operational timeline.
Karelian, headquartered in Dublin, envisions a low strip ratio open-pit operation that could be both profitable and strategically important as the EU looks to increase its domestic supply of critical and luxury minerals.
The company is also continuing exploration for nickel, copper, and platinum group metals across its Finnish portfolio. Notably, it is advancing work in the Kuhmo region, where it seeks the source of a rare green diamond discovered in 2022 — a potential indicator of deeper mineral wealth.
