News

February 14, 2007

Belvedere Resources Moves Into Production With Purchase Of Hitura Nickel Mine

The directors of Canadian listed Belvedere Resources admit that the company did not do a lot to excite its shareholders over exploration in Finland between 1997 when it formed and last May when it acquired a 45 per cent interest in Finn Nickel. Suomen Nikkeli Oy, to give it its formal name ,is a private Finnish company with a number of advanced nickel, copper and cobalt projects in southern and central Finland. Belvedere paid Euros 1 million for its stake and insisted that Euros 800,000 of this be spent in the ground. Apart from the projects the vital aspect which Finn Nickel brought to the party, according to Belvedere’s chief operating officer Toby Strauss, was expertise in upstream mining and processing to blend with the existing focus on exploration.

Finn Nickel’s properties are located in two principal project areas in southern and central Finland  and the company is  staffed mostly by ex-Outokumpu employees. In fact it was brought to Belvedere by  one of its non-executive directors Markku Isohanni who was in charge of Outokumpu’s worldwide exploration from 1988 to 2002 and director of  the board of  the Geological Survey of Finland  from 1996 to 2003. A useful director to have and he was aware that Finn...