Today’s opening ceremony marks the culmination of approximately 20 years of work to bring the Renard Project from a green-field exploration concept to a fully operating new diamond mine. A long list of individuals can claim a share in the success of this enterprise. While we celebrate the official opening ceremony today, our production ramp-up continues and we remain on schedule to achieve commercial production by the year end.
Stornoway Diamond has announced that its first sale of its Renard Mine diamonds will be held in Antwerp, Belgium starting on November 14th, 2016. This is two months earlier than previously anticipated, according to a press release. First ore was introduced to the Renard diamond plant on July 15, 2016. As of the quarter end, 91,010 tons of ore had been processed with attributable carat production of 111,556 carats, representing an average grade of 123 carats per hundred tons.
Diamond industry analyst Paul Zimnisky writes that there few remaining diamond development projects in the pipeline big enough to have an important impact on global production following the development of the Gahcho Kué in Canada and Rio Tinto's withdrawal from the Bunder project in India. Gahcho Kué (51% De Beers/49% Mountain Province Diamonds), the world’s largest new diamond mine, is due to start commercial production in Q1 of next year with annual output of 4.5 million carats and a 12-year lifespan.
Stornoway Diamond Corporation has reported that it failed to recover any diamonds from till samples of 11 distinct kimberlite bodies at its 100% owned Adamantin Project - located approximately 100km south of the Renard Diamond Project, where it commenced ore processing in July. The company reports that, "Till sampling at Adamantin during 2015 confirmed the presence of indicat
Stornoway Diamond Corporation reported net income for the second quarter (three month period ended June 30, 2016) at $5.8 million, compared to a $9.7 million net loss during the three months ended July 31, 2015.
Stornoway Diamond Corporation today announced a momentous occasion for the Canadian miner: processing of ore has commenced at the Renard Diamond Project in north-central Québec. This marks the beginning of a processing ramp-up designed to achieve 100% of plant nameplate capacity (2.16Mtons/yr at 78% plant utilization) within 9 months, according to their press release. As of July 13, 2016, 1,002,888 tons of ore had been stockpiled, sufficient to commence and maintain the planned ramp-up.
Canada's Stornoway Diamond Corp. has announced that 91,912,732 common share purchase warrants were exercised at a price of $0.69 (C$0.90) per share for total proceeds to the Corporation of $63 million (C$82.72) million. This represents 97.47% of the warrants issued on July 8, 2014. President and CEO Matt Manson commented, “We are grateful for this expression of confidence by our warrant holders. The funds received from this exercise will be used to complete the construction of the Renard Project ahead of drawing upon our committed C$100 ($76.75) million senior loan facility.
Stornoway Diamond Corporation reports that overall construction progress at its Renard Diamond Project stands at 96% compared to the recently re-baselined plan of 90% and the initial plan of 82%; the first diamond production is expected to take place later this year. As of the end of May, all major equipment and control systems had been installed in the project’s diamond process plant, primary crusher and processed kimberlite load-out facility. The project’s power plant, water treatment facility and maintenance facilities are fully operational.
Stornoway Diamond Corporation has announced has announced the results for the first quarter ended March 31, showing a net loss of $22.6 million or $0.03 per share basic and $0.03 per share fully diluted, though the financial results at this stage are rather secondary to construction progress of the Renard mine project.
Stornoway Diamond Corp has discovered a kimberlite at its 100% owned Adamantin project located approximately 100km south of its flagship Renard diamond project, making it the 11th distinct kimberlite body identified. Matt Manson, President and CEO, commented, “We are encouraged by the early drilling at Adamantin which has discovered a spatially extensive field of kimberlite emplacement in an area that we knew to have promising indicator mineral chemistry and where we had already found a diamond in till.
Stornoway Diamond Co. (Canada) has announced the results of an updated mine plan and mineral reserve estimate for the Renard Diamond Project, reporting a 25% increase in the probable mineral reserves from 17.9 to 22.3 million carats (representing 33.4 million tons at an average grade of 67 carats per hundred tons).
Stornoway Diamond Corp. has released its FY2015 results, showing that its Renard Diamond Project is five months ahead of schedule, with first ore delivery to the Renard diamond process now expected by the end of September 2016 and commercial production (60% of plant capacity achieved over 30 days) expected by December 31, 2016. The previous schedule assumed commercial production in the second calendar quarter of 2017.
"Junior miners almost never make the leap into successful producers with large-scale operations and happy shareholders", writes the Financial Post. "But Stornoway Diamond Corp., which is on track to bring Quebec’s first diamond mine into production this year, showed it really can be done, even in a rough market. Unfortunately, it would be pretty tough to replicate the Stornoway model. It required being in the best possible jurisdiction, great exploration success, incredible timing and a fair bit of luck.
Canadian diamond miner Stornoway today announced a revised construction schedule for the Renard Diamond Project with an associated reduction in the forecast cost to complete. Re-baselining of the project’s schedule and capital cost forecasts has been made possible following several months of construction progress achieved consistently ahead of plan, and has been undertaken as part of the revised mine planning for Renard which is expected to be completed in the second quarter of this year.
Stornoway Diamond Corp. has announced in its Q2 2016 results that progress of the Renard Diamond Project - Quebec's first diamond mine - continues in line with the planned schedule and budget. It is currently 53% complete. During the quarter, total project Indicated Mineral Resources were increased 11% to 30.2 million carats, including a 16% increase in Indicated Mineral Resources at Renard 2 to 21.6 million carats. New Inferred Mineral Resources at Renard 2 were defined to 850 meters depth.
In an interview with Mining Weekly Online addressing the current state of affairs and future outlook throughout the diamond industry, analyst and consultant Paul Zimnisky says he believes Canada was the best-positioned country in the industry given the quality of the current projects. “Looking at the NWT’s Ekati and Diavik mines, for instance, they are still quite profitable projects, even in a weaker price environment.
Diamond industry analyst Paul Zimnisky has published a thorough "State of the Diamond Mining Industry" report as we near the end of 2015 - essential reading, in our opinion. "So far in 2015", writes Zimnisky, "the state of the global has been closely aligned with the posture of the global economy, as it so often is, and should be. The developed nations of the world are growing, but at uninspiring rates... Emerging market growth has slowed... The result in the diamond industry has been an overhang of low-to-medium-quality polished diamonds in the market for about a year now. U.S.
Stornoway Diamond Corporation has announced an updated Mineral Resource Estimate for its Renard diamond project in Canada. The estimate as of September stands at 30.2 million carats of Indicated Mineral Resources (representing 42.6 million tonnes at an average 71 carats per hundred tonnes, or cpht) and 13.3 million carats of Inferred Mineral Resources (representing 24.5 million tonnes at an average 54 cpht).
Stornoway Diamond Corporation today announced it has successfully completed the drawdown of the second US$80m tranche of diamond stream funding from Orion Mine Finance, the Caisse de dépôt et placement du Québec and Blackstone Tactical Opportunities, as conditions for the second of three drawdowns, including the independent certification of construction progress at the Renard Diamond Project and its cost to complete, were met.
Canadian diamond explorer Stornoway Diamond Corp, reduced its loss for the first fiscal quarter of 2016 from a year ago by $1.4 million to $7.3 million. The firm, which is developing the Renard Diamond Project in Quebec, reported that construction is in line with planned schedule and budget.
Stornoway Diamond Corporation has issued a press release announcing its fourth quarter and fiscal year 2015 results. Matt Manson, President and CEO, commented "During the fiscal year just ended, Stornoway successfully completed a C$946million project financing transaction for the Renard Diamond Project and commenced its construction...As we ramp up construction, we have prioritized employment and contracting amongst the Crees of the Eeyou Istchee, including the Cree Nation of Mistissini, and the communities of Chibougamau and Chapais, and maintained a commendable environmental, health and s
North Arrow Minerals confirmed that a parcel of 383.55 carats recovered from a bulk sample at the Qilalugaq diamond project in Canada had a value of $36/carat, which is even lower than their modeled "possible low" of $43/carat and "possible high" of $92/carat. Summing up the valuation, Ken Armstrong, North Arrow’s president and CEO said, “[O]bviously the result wasn’t what we were hoping for”, but he also remarked that, "Additional evaluation of the project will require the rec
In a press release the Antwerp World Diamond Centre reports that during its recent mission to Canada, the meetings with mining company Stornoway provided strong indications the company is considering to commercialize its entire production from the Renard mine in Quebec through Antwerp. Stornoway mining company is the first producer to exploit a mining area in the Canadian province of Quebec. The Renard mine is expected to yield 1.6 million carats of diamonds annually, with a value of 304 million USD, with production estimated to hit the market as of the second half of 2017.
Blackstone Tactical Opportunities, an affiliate of Blackstone, invested in Stornoway Diamond Corporation and acquired a minority ownership interest in the Renard diamond stream, by way of a secondary market transaction with Orion Mine Finance. Following this Blackstone-Orion transaction, Orion remains the majority owner of the Renard stream interest and continues to be the second largest shareholder with an approximate 20 percent stake in Stornoway's issued and outstanding common shares.
Kimberlite Indicator Minerals (KIM), including a G9 garnet, have been recovered from the Pikoo East properties located in the heart of the Pikoo Diamond Camp in east-central Saskatchewan. The Properties are under option to North Arrow Minerals Inc. and Stornoway Diamond Corp., who may earn a combined 70% interest by funding exploration to a kimberlite discovery (including drilling) on any of the Properties within a 3 year period.
In a recent Corporate Update report, Stornoway provides detailed insight on the status of the Renard project, how it is positioned in the global diamond producers' landscape and Stornoway's future ambitions.
Stornoway Diamond Corporation has announced that it has commenced the principal concrete pour at the Renard Diamond Project process plant. Construction of the 2.2m tonne/yr diamond plant represents the project's critical path activity. The plant building is scheduled to be completed by the fourth quarter of this year. Commercial production is anticipated for the second quarter of 2017 with full production by the summer of 2017.
Stornoway Diamond Corp, which is developing the Renard diamond project in Quebec, posted net income of $7.7 million for its fiscal third quarter ending on January 31 and also announced that construction was 17.4% complete. The Renard mine is expected to produce an average of 1.6 million carats per year over an initial 11-year mine life once in full production, with commercial production scheduled for the second quarter of 2017.
The Renard Diamond Project is located in the James Bay region of north-central Quebec. In January 2013, Stornoway released the results of a feasibility study confirming the potential of the project to become a significant producer of high value rough diamonds over a long mine life. Probable Mineral Reserves stand at 17.9 million carats.
Stornoway’s President and CEO Matt Manson says that the drilling program “has met (...) expectations on the tonnage potential of the Renard 2 kimberlite.” In depth geological modeling and sample processing work will provide an updated Mineral Resource estimate at the end of Q2 2015.