Karelian Diamonds reduces losses

Dublin: Irish-based mining company Karelian Diamonds has narrowed its losses in its full year to the end of May last and is now focused on its deal with Rio Tinto with hopes of a major diamond find.

The Finland-focused company recorded a loss for the year of €173,081 compared to a 2009 loss of €194,126, in line with expectations.

The company is looking to a confidential information and physical samples deal it made with mining partner Rio Tinto to help it to locate a diamond prospect on the Finnish side of a huge existing Russian mining project.

Karelian chairman Prof Richard Conroy said: “Our objective remains to make a major diamond discovery in Finland comparable to the world class discoveries made on the Russian side of the structure.”