On 5 June 2006 it was announced that a Canadian mining corporation Agnico-Eagle Mines will start a new gold mine in Kittilä. Once completed, it will be the biggest gold mine in Europe. Experts say that the deposits hold at least three million ounces of pure gold, worth by current market price 1.8 billion dollars. The mine is expected to produce an average of 150,000 ounces of gold annually for at least 13 years
