Government supports Laivakangas gold mine by 1.3 million euros

The Finnish Ministry of Employment and the Economy has granted Nordic Mines Oy a 1.3 million euro business development assistance for building up the infrastructure of Laivakangas gold mine near the west-coast city of Raahe. The infrastructure of the mine consists for instance of road network serving the mining operations, electricity grid, plumbing and earthworks.

The gold mine project of Laivakangas is intended to be launched during 2010. The production will begin next year. In the building phase the mine will employ about 500 people and in the production phase 100-150 people. In addition to that the project has significant indirect economic and employment effects in the Raahe region.

According to ore research the estimated operating period of the mine would be about 7 years, but continuing research is expected to extend the lifespan of the mine to minimum 12 years.
 
The assistance granted by the Ministry of Employment and the Economy comes partially from European Regional Development Fund’s operational programme fostering entrepreneurship, innovation, regional skills structures and R&D activities for Northern Finland.  

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