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LAND COURT HEARING RE LAHTOJOKI DIAMOND DEPOSIT
Karelian Diamond Resources plc (AIM: KDR) is pleased to announce an update to the court hearing by the Finnish Land Court, in relation to 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, details of which were announced on 11 March 2024.
Following the court hearing held on 21 May 2024, the Finnish Land Court has announced that its judgement will be given on 12 August 2024.
Finalisation of land possession for the duration of the mine is a necessary 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 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 is continuing with its diamond exploration programme in Finland, in particular, to locate the source of the green diamond which it has discovered in Finland and also to progress its exploration for nickel, copper and Platinum Group Elements in Northern Ireland.
Professor Richard Conroy, Chairman of Karelian Diamond Resources PLC, commented:
“The holding of the Land Court hearing and the announcement that the judgement will be delivered on 12 August 2024 is a further step towards finalisation of a diamond mining concession at Lahtojoki and is to be welcomed. The Company is continuing to progress both its very promising exploration programme in Finland where, as set out in our release of 9 April 2024, sample results indicate that we are likely to be very close to the source of the green diamond, and the Company’s early stage but highly exciting exploration programme for nickel, copper and Platinum in Northern Ireland.”
This is totally out of the Companies control .. its coming
The Company is continuing with its diamond exploration programme in Finland, in particular, to locate the source of the green diamond which it has discovered in Finland and also to progress its exploration for nickel, copper and Platinum Group Elements in Northern Ireland.
It's just not going to happen is it August will come along with decision a
Don't know what happened there August will come and then there will be an appeal and another 12 month delay I starting to think this will never happen.
Time to get the Y Fronts out to dance round that dreaded old rusty dustbin with tramps !
Wow. Disappointing to say the least.
Why no attempt from the company to manage shareholder expectations? They must have known there could be a 3 month lag between the hearing and result so why not tell us? If this came out the blue then tell us you are disappointed we have to wait.
No doubt we will see a sea of red today and shareholder sentiment will be further dented.
Plenty of time to arrange a fundraising before the hearing result...
Lol.
Nobody can be surprised here. This "company" has been "looking" for diamonds since the last century. Its share price has collapsed an astonishing -99.9% since launch. Decade after decade of obfuscation. Decade after decade of placing and dilution. Yet more delays here is no surprise to anyone.
My only surprise is that the Finnish legal system is as snail paced as Prof & Co.
Good to see the Prof is 'pleased' with a 3 month delay!
All because he cannot negotiate properly with landowners in the first place . No one can get on with this guy, witness 2 failed JV's at CGNR. He is costing shareholders time and money. 7 years since last Lahtojoki real data.
He really does need to go, put in a team with plan and then watch SP rocket. He is well past his sell by date.
From where I'm sat, the compensation rates due to landowners look pretty favorable to any company willing to go down this road. Negotiating outside of this process would mean being held to ransom, and no doubt the compensation would look remarkably different, so it's not necessarily a bad thing for shareholders. It's just the time taken...!
Whilst we await the Land Court judgement I'm sure we're all hoping that KDR are lining up the bulk sampling/processing and whatever funding mechanism is being utilised, so we can hit the ground running.
For a start, It would be good if they could provide updates on the other areas of work in the meantime which they allude to in the latest RNS. For example, it's been 7 months since we had an exploration update from NI...
12th October 2023 - ...The Company is planning a follow up programme focused on the highly anomalous river catchment area, together with some additional microprobe analysis, with a view to identifying one or more drilling targets...
Focus , spot on with the middle 2 paragraphs , however then NEVER tell us the plan apart from some vague statements . Leads me to believe the detailed thought out fully costed and timelined plan does not exist !
I don't think there is a shareholder who would disagree with that statement, but there is obviously a lot they won't/can't disclose for a multitude of reasons. To be fair, the latest podcast with Kevin did actually put a bit more substance into where the company is going and how. But regardless of the permit delay, and in my opinion, there is still a potentially transformational company here so the extra 3 months do not mean a massive amount to me (as frustrating as it is).
Hopefully at the end of it, we have full land possession and a permit to mine a truck-load of diamonds. Then we are a far more interesting company, to other potential shareholders, and companies who may want a foothold in a pretty lucrative business.
My concern is Kevin said we need 3-4m (I think) , to bulk sample pre mine development. In my view we should have bulk sampled years ago assuming we were permitted to do so .
To progress any of these projects, further funding will always be required. That's one certainty of junior exploration isn't it? How they go about doing that, we'll have to wait and see. But i agree, some further clarity on the next steps wouldn't go amiss. Perhaps the outcome of the Court hearing/boundary amendments affects the bulk sampling plans, who knows?
It wouldn’t surprise me if the judgement on 12 August is more than just the normal judgement. Perhaps it has been requested by KDR that the court of appeal consider denying any further appeal by the landowner. To draw line under it. This land owner was demanding £10million a few yrs ago…… so I would imagine the land owner will keep appealing to cause delays…. I suspect the delayed judgement will shut that down once and for all. So probably time well spent !
No appeal to Supreme Court can be justified here so best to be smart and ensure there can’t be any further delay…… would be the logical step for KDR to have taken….. perhaps the company will shed some light on this in the coming days.
LOL what's all the fuss about !! We are getting there under Finish law .............
This will be massive for LTH ,12 weeks lots can come to light in that time .
I T S, B U I L D I N G & C O M I N G KDR
The Company is continuing with its diamond exploration programme in Finland, in particular, to locate the source of the green diamond which it has discovered in Finland and also to progress its exploration for nickel, copper and Platinum Group Elements in Northern Ireland.
Problem is, the compensation judgment will come in Aug 2024. Then, there may be an appeal, which is more months of delay and spending. Then winter arrives, and the soil goes frozen-solid. It's looking like well into 2025 before the next significant move. And, even then, after more than a quarter-century, any proof of commercial diamonds (if they even exist) is years and millions of pounds of placings away. Not to mention the CEO, who is an incredible ~90yo. What's more, lab-made diamonds today are approaching half the entire global diamond market (and rising fast), with demand for "real" natural diamonds peaking and sliding. The outlook is grim. Dyor, etc.
20 Years and nothing to show for it apart from many dilutive placings .Every rns is a disapointment and I'm beginning to doubt anything ever will happen here at Lahtojoki for years I'm pretty sure that Landowner will appeal again throwing this another year down the line .We havnt found the source of the green diamond and it always remains the possibility we never will.The Outlook is gloomy to say the least 20 years and nothing?? BUT is the reason for this quite simple we actually have Nothing!
I lab diamond are down 95% in value every 15 min a cheap replica is made ….
We are after the fancy gems 💎🇫🇮
The real deal !!
Your talking sh t as per usual
Plus I suppose the bottom dropping out of the Nickel Copper and platinum market as well 😳🤣🤣🤣🤣
It’s coming and it’s attracting big interest..as the prof said
We are seeking Rolex not timexe
Rolls v Ford Ka
The market we are after is where most can only dream of purchasing.
Fool it you thinking it’s over
Only just about to begin
After attending the Peterhouse office couple weeks ago for the KDR presentation in London
There was plenty of interest around the board table
I assume they put the tray of biscuits on the board table 🤣