QUEBEC – A major permitting milestone for the Renard diamond development has been achieved on time, says owner Stornoway Diamond Corp. of Montreal. The Quebec Ministere du Developpement Durable, de l’Environmnement, de la Faune et des Parcs issued the certificate after more than two years of environmental assessment and community engagement under the terms of the James Bay and Northern Quebec Agreement.
Sole owner Stornoway is spending $802 million to develop Quebec’s first diamond mine in the Otish Mountains. Production is to begin in July 2015 and will reach 1.7 million ct/y by the beginning of 2016. Mine life will be 11 years based on current resources.
Late last week, Stornoway also said it has reached a financing agreement with the Quebec Ministere de Finances et de l’Economie to cover Stornoway’s costs to build a single-lane, 97-km-long mine access road to the Renard project. The province will provide a credit facility of up to $77 million for road construction plus an overrun facility of $7.7 million. Stornoway has agreed to complete the road by June 30, 2015, subject to certain terms.
Details of the Renard project as well as photographs of the gorgeous diamonds that have been recovered are available at StornowayDiamonds.com.