DiamondBuzz
Finland grants mining rights to Karelian; first diamond mine in the EU
Authorities in Finland have officially granted mining rights to Karelian Diamond Resources, marking a significant step toward establishing the first diamond mine within the European Union.
The Lahtojoki deposit, located in the Kuopio-Kaavi region, spans 71 hectares and includes a 16-hectare kimberlite pipe containing high-quality colorless and pink diamonds.
On June 12, the Finnish Safety and Chemical Agency registered Karelian’s rights to explore and utilize minerals from the site, enabling the company to move forward with its development plans.
This milestone allows Karelian to begin preparing the next phase of operations at the Lahtojoki site. Once operational, it would be the EU’s first diamond mine outside of Russia.
Karelian acquired the mining concession, along with all associated claim reports and technical data, from A&G Mining Oy. The acquisition was agreed at €150,000—an upfront payment of €50,000 followed by an additional €100,000 due after 24 months, unless the project is discontinued.
As part of the deal, A&G Mining is entitled to a royalty of 1% on diamond production (in cash or diamonds) up to 2.5 million carats, increasing to 2% for any production beyond that threshold.
In addition to the Lahtojoki project, Karelian is actively exploring for nickel, copper, and platinum-group elements at its Colebrook site in Northern Ireland
DiamondBuzz
Rio Tinto’s Diamond Division Posts $79 Million EBITDA Loss in 2025
Higher output from Canada’s Diavik Diamond Mine offsets revenue decline, but end-of-life pressures continue to weigh on performance.
Rio Tinto reported a challenging year for its diamond business in 2025, posting an underlying EBITDA loss of $79 million despite improved revenues. While the loss narrowed compared to the $115 million deficit recorded in 2024, the division remained under pressure amid a global diamond market slowdown and the nearing closure of its last active mine.
Annual revenue rose 19% to $332 million, supported by stronger production at the Diavik mine in Canada, Rio Tinto’s only remaining diamond operation. Output climbed 61% to 4.4 million carats, driven by the ramp-up of mining activities in the underground section of the A21 deposit, which began scaling up in late 2024.
However, the A21 underground ore body is expected to be depleted by the end of the first quarter of 2026, marking the end of Diavik’s operational life. The company plans to spend approximately $1 billion this year on closure activities related to Diavik, as well as rehabilitation work at the former Argyle Diamond Mine, which ceased production in 2020, and other non-diamond projects.
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