The success of Rupert Resources (TSX: RUP) and its 4.2 million ounce Ikkari gold discovery in Finland has shone a light on the prospectivity of Scandinavia.

In February, Rupert released a prefeasibility study for Ikkari, outlining initial capital costs of US$575 million for a 20-year open pit and underground mine to produce 227,000 ounces of gold per annum at all-in sustaining costs of US$918 an ounce.

The study returned a post-tax net present value of US$2.5 billion, internal rate of return of 49% and payback period of 1.7 years, based on a gold price of US$2650/oz.

Earlier this month, Agnico Eagle Mines (TSX/NYSE: AEM), owner of Europe’s largest gold mine Kittilä, also in Finland, paid C$11.7 million for a further 2.6 million shares in Rupert to take its stake in the company to 14%.

Agnico’s executive vice president, sustainability, people and culture Carol Plummer will join the Rupert board.

Barsele

Agnico’s Finnish division also holds a 55% stake in the Barsele project in Sweden, in joint venture with First Nordic Metals (TSX: FNM), the latter of which is free carried to 70%…

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