Karelian Diamonds releases interim results

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Karelian Diamond Resources PLC (LON:KDR) posted a loss after taxation for the half year ended 30 November 2020 of €193,243.

During the half-year the company raised a total of £420,000 through a placing of 10.5mln shares at 4p.

During the period the process of granting a full mining permit to develop the company’s diamond deposit at Lahtojoki in Finland continued.

Work regarding ground rental compensation on behalf of TUKES (The Finnish Mining Authority) is now in its final stages.

The process in relation to compensation for landowners at Lahtojoki is now at an advanced stage. However, a public meeting is required before the process can be completed. This will be held when coronavirus COVID-19 regulations allow.

“We are working hard towards the development of a mine at Lahtojoki and despite the restrictions imposed due to COVID-19 good progress continued to be made both in relation to the Lahtojoki Diamond Deposit and the Company’s exploration programme,” said Professor Richard Conroy, chairman of Karelian.

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