The gold mine near Kittilä in Finnish Lapland produced its first gold bars last February. But the new mine – said to be Europe’s largest operating gold mine – was facing low recovery rates in the three first months of operation. The amount of gold recovered from the mined ore was only at 64 percent in Q3.
According to the mining company’s fourth quarter report and full year 2009 result the Kittilä mine improved the recovery rates from the ore to 76 percent in the last three months of 2009. The company also expect to hit the 83 percent recovery rate goal during 2010.
As BarentsObserver reported just after the start-up of the mine in February last year, the Profitability of the Kittilä Gold Mine is in the longer run expected to be very good. Also, over the first year of operation, the gold price has increased even more.
Kittila has probable reserves of 3.2 million ounces. The gold will initially be extracted via open pit followed by underground mining via ramp access, supposed to be open later this year.
The mining operation will feed a 3,000 tonne per day surface processing plant, according the mining company’s own web-site.
According to the Toronto based internet newspaper metronews.ca, Agnica-Eagle Mines Ltd. Earnings more than doubled last year while revenue soared by nearly USD 200 million. The mining company operates gold mines world wide.
In Kittilä, 300 people are employed at the mine and processing facility.
