Stornoway Receives Renard Mine Completion Certification

Mining and Exploration
08/02/2018 17:05

Stornoway Diamond Co. has announced the attainment of full Completion Certification at the Renard Mine in Quebec, Canada. Construction on the project commenced on July 10, 2014, and commercial production was declared on January 1, 2017. "Completion" entails the delivery of certificates for the mine’s physical facilities, the attainment of certain sustained production targets and operating cost efficiencies, certification on the performance of the corporation’s diamond marketing activities, and certification of compliance with the terms of the corporation’s material finance agreements. It further entails the satisfaction of certain financial covenants contained within the material project finance agreements, including projected and historical debt service ratios, tangible net worth and Mineral Reserve tail ratios.

Matt Manson, President and CEO, commented: ”Formal completion certification at the Renard Mine has been achieved within the normal-course schedule established in our project finance agreements. This is a testament to the excellent construction and operating performance of the Renard Mine team over the last three years, with cost, schedule and mine production targets all being achieved within plan, and solid cash operating margins achieved at the project level. With this significant achievement behind us, our focus looking forward will be realising the strong cash flow potential of the Renard Mine through continued process improvement in our diamond recoveries and growth in our mine production.”