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Nordic Mines AB (publ) was founded in May 2005. The business concept was to focus on exploration and extraction of gold in Sweden and Finland; countries with a solid mining culture and low political risk. The operations were started at a time when the gold price had been under pressure for a long period of time and was considered to have a good potential for rising. The niche was to protect the areas in Sweden and Finland that are of highest interest from a gold mining point of view. The newly formed company acquired, among other things, a license for the gold deposit Laiva, outside Raahe in central Finland.
Since then, Nordic Mines has performed systematic exploration drilling of the deposit, applied – and been granted – the necessary permissions to conduct mining operations in the area as well as finding the financing for the construction of the whole production chain – from open pit mining to the casting of doré bars. Spring 2010, the company started intense construction work, assisted by leading mining entrepreneurs, ahead of starting production at the Laiva mine late summer 2011. Meanwhile, Nordic Mines took the step from being an exploration company to becoming a mining company.
In parallel to exploiting the Laiva deposit, Nordic Mines has acquired licences for other areas in both Finland and Sweden. In these areas, the company performs exploration work using its unique and in-house developed exploration method, based on examining the surface till. This method has also been a key factor behind the success at the Laiva mine.