Plans to develop a platinum mine in Finland have been revealed by Gold Fields.

The company has announced a joint venture between itself and North American Palladium (NAP) to develop the Finnish mine, which could see the latter take a stake of up to 60 per cent in the project.

NAP is to be the operator of the Arctic Platinum Project (APP), which has a location and geology similar to the pgm producer's Lac des Iles mine in Northwestern Ontario, meaning that NAP will be able to utilise its operating and design knowledge in the development of the operation.

In return, Gold Fields will receive up to $45 million from the issue of NAP common shares.

Feasibility studies on APP are due to begin during the first quarter of 2006 and the companies revealed that these activities, together with re-scoping studies, are expected to take around 30 months to complete.

In August this year, Gold Fields' director of international operations John Munro stated that the company was considering "doing a deal with a partner to take the [Arctic Platinum] project forward" and the group appears to have been working hard behind the scenes since then to make that possibility a reality.


Ÿ Adfero Ltd