Strategy and business model
Our revised strategy shifts the focus from operations in the United States to gold production and ore exploration in Finland. Our revised strategy has the following four focus areas:
1. Production at Pampalo lays the foundation for business operations
Our production and processing plants are located in Pampalo in Ilomantsi. Its location in the middle of the Karelian gold line is optimal for our business operations, enabling us to centralise our gold production in our area of operation. The Pampalo processing plant has unused production capacity, which enables gold production to be expanded with the inclusion of gold resources found in the current satellite deposits nearby. Our aim is to bring known nearby gold deposits into production.
2. Active ore exploration at the Karelian gold line to determine a deposit with gold resources of more than 1 million ounces
The Karelian gold line is seen as an area with extremely high potential for ore exploration. According to a study carried out by the Geological Survey of Finland (GTK) in 2015, the probability that more than 1 million ounces of gold will be found at the Karelian gold line is more than 50%. Through ore exploration, we seek to ensure the continuity of our mining operations and the company’s long-term growth. Thanks to our production plant at Pampalo at the Karelian gold line and our extensive exploration rights, we have a strong position in the area.
3. Partnership model in the United States to increase local operational knowledge and funding
Our deposits in the United States are promoted through the partnership model. We currently hold rights of possession to seven gold deposits in the United States: five in Idaho and two in Montana. Drilling has been carried out in the deposits and high gold concentrations have been found, but further drilling is required to start production. This calls for significant additional investments in the areas. The areas have high production potential, as the known historical gold resources in Idaho are more than 500,000 ounces, and the nearby areas have significant exploration potential.
4. Sustainable choices (ESG) guide our operations
The mining industry has also recognized the importance of ethical business practices and transparency, particularly in advanced and stable operating environments like Finland. We want to be a pioneer in sustainable mining, approaching things in a new way. We also aim to meet the increasing demand for sustainably produced gold in the industry.