The registration, overseen by the Finnish mining authority TUKES, clears the way for the company to progress development at the Lahtojoki site, which is located in the Kaavi region of Eastern Finland. TUKES had earlier approved the concession and is also the body responsible for issuing the necessary mining certificate.
The Lahtojoki deposit is known to host high-quality gem diamonds, including rare pink and coloured stones that can command premium prices — up to 20 times higher than standard colourless diamonds. Karelian believes the kimberlite pipe at the site supports a financially viable open-pit mining operation, citing a favourable low strip ratio.
However, the timeline for full-scale development may face delays, as a hearing to determine compensation for landowners and stakeholders has been postponed until Autumn 2025.
Alongside Lahtojoki, the Dublin-based explorer is actively pursuing other projects across Finland, targeting deposits of nickel, copper, and platinum group elements. The company is also continuing exploration in the Kuhmo region, where it is investigating the origin of a rare green diamond discovered in 2022.
