A mine into the Great Barrier Reef or Latitude's Kuusamo mine?

Latitude is selling to DCX the theoretic resource of Kuusamo Juomasuo mine.
The rights were bought from Dragon mining for 400 000 AUD after the failure of social license and EIA.

There are unique and invaluable Natural values like the Kitka-joki river.
The mine plan is also not acceptable for the major skiing resort Ruka.

Suppreme administrative court decided that landplan should not be against one industry so the mining would have been theoretically possible. However, the the old Juomasuo permit is not large enough for a mine. It would not be possible to get City of Kuusamo to make a land plan for a mine in the region decided to be important for travel industry. The land plan is needed after the change of mining law in June 2023.

The idea is scandalously stupid like selling a mine in the Great Barrier Reef or Uluru.

The other properties are mostly half paid greenfield lottery tickets. The company has made exploration permit applications for 1000 km2 or 100 000 hectars. The minimum price per hectar is 20 euros per year. To hold the tenements when accepted would cost 2 million euros per year. Latitude has been giving up permit applications at the same time it has been filing new ones. Merger plan does not include financing of the permits if granted.




Kitka-river
Picture Ninara Wikimedia commons

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English: Päähkänänkallio, Kitkajoki

Date26 July 2009SourceAuthorNinara