Construction at the Arctic Platinum project in Finland could begin early next year, according to Gold Fields.

The South African miner, which announced details of a takeover bid of Canadian mid-tier producer Iamgold on Wednesday, explained that progress at the site would depend upon the results of a feasibility study due to be completed within the next few months.

Gold Fields' chairman Chris Thompson told Platts that the project could become the company's most valuable asset producing around 450,000oz/year of platinum and palladium a year.

He also estimated annual by-product base metals production to be in the region of 14,000-15,000mt of copper and around 7,500mt of nickel

Addressing the widespread scepticism throughout the platinum sector about the potential of the Arctic Platinum project, Mr Thompson highlighted the case of the Tarkwa gold mine in Africa.

"Only a few years ago people said the mine was a dog and wasn't worth a second look," he stated. "Now it produces three times the initial estimate. I think we could see something similar at Arctic Platinum."