Stornoway Signs Quebec Mine Pre-Development Pact

29 July 2010 (Last Updated July 29th, 2010 18:30)

Stornoway Diamond has completed a pre-development agreement with the Grand Council of the Crees for the Renard diamond project in Quebec, Canada. The project has the potential to produce approximately 30 million carats of diamonds over a 25-year mine life with a total estimated capital in

Stornoway Diamond has completed a pre-development agreement with the Grand Council of the Crees for the Renard diamond project in Quebec, Canada.

The project has the potential to produce approximately 30 million carats of diamonds over a 25-year mine life with a total estimated capital investment of C$511m.

The Crees will contribute to the mine's environmental and social impact study while the company will provide business and employment opportunities for the local community.

The project is a 50:50 joint venture between Stornoway Diamond and SOQUEM, a wholly-owned subsidiary of SGF, the Quebec Government's main industrial and financial holding company.