Gold production to double in Finland
Agnico-Eagle Mines LtdThe persistent high price of gold has encouraged international companies to search for gold also in Finland. The Kittilä gold mine has become the biggest goldmine in Europe and a new open-pit mine will be opened in the summer at Jokisivu, in the southwestern town of Huittinen. Following Jokisivu mine, the next mining sites are likely to be in Ilomantsi and Raahe.
Senior mine inspector Pekka Suomela from the Ministry of Employment and the Economy estimates Finland's gold production to double in quantity in the near future. "Gold is the ore, which is still profitable to mine. It is the only mining product that has maintained its high price lately", says Mr. Suomela.
Kittilä mine alone has a goal of concentrating up to 5000 kilograms of gold annually. The total gold concentration in Finland was 4700 kilograms last year. Gold containing ore is also being mined in Sodankylä and Orivesi.
The price of gold has for a long time remained in 800 to 900 dollars per ounce, whilst the top price has been over 1000 dollars. When the construction plans for Kittilä mine were made, gold was priced between 300 and 400 dollars per ounce. One ounce is 31 grams.
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