KOHTLA-JARVE - Monaro Mining NL, an Australian firm, has expressed interest in exploring the region of Ida-Virumaa in northeastern Estonia for uranium, gold and other precious metals, the regional newspaper Pohjarannik reported.
Monaro Mining, a publicly listed company in Australia, created a subsidiary, Balti Kaevandused ja Uuringud (Baltic Mines and Exploration) last year for the purposes of exploration.
On March 13 the Environment Ministry received two applications from Monaro for title of exploration covering an area of around 20,000 hectares in the Vaivara, Toila and Illuka municipalities.
The Australians want to assess workable quantities of mineral resources and perspective concentrations.
The list of metals that Monaro will search for includes iron, molybdenum, copper, lead, zinc, uranium, vanadium, gold, silver and platinum, according to the report. Commodity and metal prices have soared in the last couple years due to a boom in the construction industry, particularly with nuclear power plants. Prices for uranium have increased five-fold over several years and are expected to continue rising.
In the course of the exploration some 100 holes ranging from 60 to 500 meters deep will be drilled. The company is hoping to receive a five-year working permit.
Indrek Link, a lawyer representing Baltic Mines and Exploration, said he was not authorized to divulge the company's plans.
Company executives will this week meet with Ida-Virumaa local government leaders to explain their intentions and possible implications of their activity.
Mart Rampe, a resident of Australia with Estonian roots who sits on the board of Baltic Mines and Exploration is spearheading the operation.
As he explained to Pohjarannik, "Drilling is the most expensive work, and it only begins after determining the best place possible. It's a big risk since it is likely we won't find anything worth excavating. But investors in our firm believe that we're specialists and will do our job well."
Rampe is also an executive of the parent company Monaro Mining that concentrates on exploration for uranium and other metals. The group has also been developing operations in Kyrgyzstan.
