The view of the Laiva mine from a 3-million-mt gold ore stockpile. (Photo: Laiva Gold)

“We plan to finalize project funding during the winter months,” said Max Beck, Laiva Gold’s new head of investor relations and corporate development. “Despite the longer-than-expected timeline to secure the €10 million required for restarting, the current strong commodity price environment makes this an ideal time to both complete funding and resume operations.”

Laiva’s production forecasts are less than half of the original operator Nordic Mines’ when they expected to produce around 125,000 oz/y. The company has been working with Finnish Authorities on environmental requirements to ensure a smooth restart.

They signed a preliminary agreement with Komatsu for a mining fleet and they are in advanced discussions with Sandvik for blast rigs. They have also purchased long-lead-time parts for the plant.

“More importantly, Laiva has identified key problem areas from previous operations and developed solutions,” Beck said. “The plant and equipment have been well maintained and it’s in a fit state for resumption of operations.”

One big change during the last two years is the cost of electricity. “Our first bill in December 2022, when Europe was in the middle of the power crisis, was €130,000,” Beck said. “Last month it was only €2,800 for the same care and maintenance power consumption.”

Laiva believes it has a large operation with a quick restart time that is valued well below its potential.