Palladium One outlines drill target at LK in Finland

While Falco Resources fully owns the Quebec-based Horne project, Glencore has the right to buy back the 65% stake in the mine it inherited when it bought Xstrata.

The rock was found at its Nyurbinsky open-pit mine, in operations since 2001.

The company's Bayan Khundii project went from greenfield prospect to the company’s flagship asset in roughly nine months.

President Almazbek Atambayev has ordered state prosecutors to review the legality of agreements signed with the company in 2003-2004 and 2009.

Wood Mackenzie expects to see further cuts throughout the year and investment levels continue to shrink as more projects are dropped and companies struggle to breakeven.

The three-billion-year-old diamond the size of a tennis ball was found by Canada's Lucara Diamond last year.

The country is said to be sitting on mineral deposits worth hundreds of billions of dollars which, once developed, could surpass oil as its main source of income.

The company aims to replant forests along old access roads and seismic lines in an area covering 3,900 square kilometres — more than 10 times what it accomplished through its early-stage work.

The mining giant is said to have hired Goldman Sachs as an adviser to look at a two-step wrap-up of the Vancouver-based firm.