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