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Despite ongoing diamond breakage, Stornoway reports higher prices for its gems

By: Henry Lazenby     16th August 2017 Quebec-based miner Stornoway Diamond Corp has reported higher prices for rough diamonds produced at its flagship Renard mine, the Francophone province’s first diamond mine. For the three months ended June 30, Stornoway earned revenues of C$42.6-million, as rising rough diamond prices at Renard... 

A decade since global financial crisis, diamond industry yet to re-test 2011 summer highs

By: Henry Lazenby     19th July 2017 This year marks ten years since the start of the global financial crisis in 2007, an event that shook global markets to the core and precipitated a changed market landscape for many commodities, including diamonds. With this in mind, independent diamond industry analyst and consultant Paul... 

Stornoway missing out on improved market price for Renard diamonds; completes ramp-up

By: Henry Lazenby     12th July 2017 Canadian diamond producer Stornoway Diamond Corp reveals that ongoing diamond breakage in the Renard process plant are reducing the proportion of larger diamonds available for sale and dimming revenues, while market sentiment for Renard’s precious gems is on the up. The Longueuil, Quebec-based... 

Quebec diamond miner Stornoway produces one-millionth carat

By: Henry Lazenby     17th May 2017 Quebec’s only diamond producer Stornoway Diamond Corp has produced its one-millionth carat from the Renard mine, alluding to a strong start to production in the current quarter. Desjardins Capital Markets analyst Michael Parkin said the market is still focused on the company’s ability to resolve... 

Dominion Diamond Corp mulls strategic transactions in wake of rejecting $1.1bn offer

By: Henry Lazenby     27th March 2017 Canada’s largest diamond producer Dominion Diamond Corp has launched a formal process to evaluate the potential sale of the company or other strategic transactions. This follows after Montana-based Washington Companies, a group of companies founded by industrialist and entrepreneur Dennis... 

Stornoway reports better-than-expected 2016 output, confirms 2017 guidance

By: Henry Lazenby     7th February 2017 Gem miner Stornoway Diamond Corporation has reported significantly better-than-expected production results for 2016 on the back of completing construction of the Renard mine ahead of schedule and below budget. The Longueuil, Quebec-based company on Monday reported that the 448 887 ct of diamonds... 

Stornoway achieves commercial production at Renard

By: Henry Lazenby     23rd December 2016 Stornoway Diamond Corp has reached commercial production at its Renard mine, in Quebec, achieving the milestone well ahead of plan and comfortably within the revised lower C$775-million budget set out in February, the company said Thursday. Under the terms of Stornoway’s financing agreements, the... 

Stornoway bags first sales as Renard ramp-up continues

By: Henry Lazenby     24th November 2016 Quebec-based diamond producer Stornoway Diamond Corp has recorded first sales of precious gems from its Renard mine, raking in $7.6-million from the sale of 38 913 ct. Renard diamonds were sold at auction held between November 14 and 23 in Antwerp, Belgium, fetching on average $195/ct. 

Stornoway on track to beat budget, declares Renard commercial production by year-end

By: Henry Lazenby     14th November 2016 Quebec-focused diamond miner Stornoway Diamond Corp has reported a net loss of $15.5-million, or $0.02 a share for the three months ended September 30. Excluding one-time and non-cash items, it would see adjusted earnings per share of about nil per share. 

Stornoway sets maiden diamond tender for November

By: Henry Lazenby     7th October 2016 Quebec-based diamond miner Stornoway Diamond Corp on Thursday announced its first diamond sale would be held in Antwerp, Belgium, on November 14, two months ahead of plan. However, the company tempered expectations, stating that the first diamond batch to be sold will include a higher proportion... 

Construction continues ahead of schedule, budget as Stornoway ramps up Renard

By: Henry Lazenby     10th August 2016 Quebec-based diamond project developer Stornoway Diamond reported after market close on Tuesday that the Renard project remained ahead of schedule and on budget, according to the revised development plan. The Montreal-based company advised that it had to date spent or committed 88% of the budget,... 

Two Canadian diamond projects to see first production this quarter

By: Henry Lazenby     18th July 2016 Canada has two diamond projects that are expected to start first production during the current quarter, with De Beers Canada’s Gahcho Kué project, in the Northwest Territories, making commissioning progress and Stornoway Diamond Corp starting with ore processing at the Renard project, in Quebec.... 

Stornoway gets C$83m windfall as paper get exercised

By: Henry Lazenby     11th July 2016 Quebec-focused project developer Stornoway Diamond Corp on Monday advised that it has received a welcome windfall of C$82.72-million, after 91.91-million common share purchase warrants were exercised. The warrants, with a strike value of $0.90 a share, expired on Friday, representing 97.47% of... 

Stornoway receives LNG in a first for Quebec’s Northern Plan

By: Henry Lazenby     17th June 2016 Stornoway Diamond Corp has received the first delivery of liquefied natural gas (LNG) to its Renard project, in Quebec’s far north, marking a significant milestone in the province’s Northern Plan to provide critical infrastructure for businesses to thrive in the province’s remote regions. The... 

Construction of Quebec’s only diamond mine 96% complete

By: Henry Lazenby     7th June 2016 Construction of Quebec’s only diamond mine was at the end of May 96% complete, builder Stornoway Diamond Corp reported on Monday, stating that all critical path activities continued well within the planned schedule for first ore delivered to the plant by the end of September and commercial... 

Stornoway lifts Renard reserves 25%, brings more carats forward

By: Henry Lazenby     31st March 2016 Six months ahead of starting first production at Quebec’s only diamond mine, builder Stornoway Diamond Corp has increased the compliant probable reserves at it flagship Renard project by 4.4-million carats, while also announcing earlier access to more carats, albeit at lower grades in the mine... 

Construction of Canadian diamond mines progressing apace

By: Henry Lazenby     14th March 2016 Construction of two Canadian diamond mines, De Beers and Mountain Province’s Gahcho Kué, in the Northwest Territory, and Stornoway Diamond Corp’s Renard project, in Quebec, are progressing fast, with both projects being either on target or ahead of schedule. TSX-listed Mountain Province on Monday... 

Canadian diamond producers best positioned to weather price crunch

By: Henry Lazenby     24th November 2015 As the global diamond industry sobers from a hangover of expected market growth that did not happen, Canadian producers are perhaps best positioned to weather the downturn, given the superiority of the country’s diamond projects. Since the global economic downturn of 2009 and up to the middle of... 

Stornoway receives second C$80m tranche of diamond stream funding

By: Henry Lazenby     2nd October 2015 Quebec-based project builder Stornoway Diamond on Thursday completed the drawdown of the second $80-million tranche of diamond stream funding from Orion Mine Finance, the Caisse de dépôt et placement du Québec (CDPQ) and Blackstone Tactical Opportunities. Under Stornoway's C$946-million project... 

Mining leaders to learn about the energy savings potential of renewables

By: Creamer Media Reporter      30th September 2015 The global mining sector is facing a tough business environment with low commodity pricing, rising energy costs and constraints, increasingly remote locations and heightened stakeholder opposition. In this environment, the need to reduce operational power costs and gain stakeholder buy-in was... 

Stornoway lifts Renard resources, sees ample exploration upside

By: Henry Lazenby     25th September 2015 Halfway through the construction of Quebec’s only diamond mine, ongoing exploration at Stornoway Diamond's Renard project had increased the indicated resources, including reserves, by 16% and also revealed a significant resource upside. “As we explore these ore bodies at depth, we are delineating... 

Canadian diamond output could more than double in 4 years

By: Henry Lazenby     15th October 2014 Canada’s diamond output could more than double in the next four years, underpinned by De Beers Canada and Mountain Province Diamonds’ Gahcho Kué project, in Canada’s Northwest Territories, and Stornoway Diamond Corp’s Renard project, in Quebec – with both projects now in the construction phase –... 

Gold-bearing boulders bode well for Quebec explorer Visible Gold

By: Henry Lazenby     24th September 2014 Four rusty and angular gold-bearing boulders found along a new all-weather road being built to Stornoway Diamond Corp’s Renard project, in north-western Quebec, boded well for gold explorer Visible Gold Mines, which is on a mission to find the region’s next major gold mine. The Quebec government... 

Despite gaining less in 2013, EY's Canadian Mining Eye outpaces global indices

By: Henry Lazenby     12th August 2014 Despite professional services firm EY’s quarterly ‘Canadian Mining Eye’ index having gained only 9% in the three months ended June 30, the index outperformed the S&P/TSX composite index, which gained only 6% during the second quarter, and the London Metal Exchange (LME) index, which gained 7%... 

SNC-Lavalin wins EPCM contract for Quebec’s first diamond mine

By: Henry Lazenby     21st July 2014 Global engineering, procurement, and construction management (EPCM) firm SNC-Lavalin has won a C$425-million contract to oversee construction of Quebec’s first diamond mine, Stornoway Diamond Corp’s Renard project, located in the province’s James Bay region. SNC-Lavalin would provide EPCM... 

Stornoway makes definitive Renard development decision

By: Henry Lazenby     10th July 2014 Eighteen years in the making, Stornoway Diamond Corp on Thursday announced that it had made a formal decision to build the Renard diamond project, in Quebec, after closing of the project's comprehensive C$946-million financing package on Tuesday. Stornoway did not wait for the other shoe to drop... 

Stornoway Diamond Corp closes Renard financing package

By: Henry Lazenby     8th July 2014 The developer of Quebec’s only diamond mine, Stornoway Diamond Corp, on Tuesday reported that it had closed a comprehensive C$946-million financing package that would see development of the Renard project through to production. The financing transactions with Orion Mine Finance, Diaquem and... 

Stornoway stock on the rise after closing two financings

By: Henry Lazenby     23rd May 2014 The TSX-listed stock of Quebec-focused precious gem project developer Stornoway Diamond Corp gained as much as C$0.11 apiece on Friday, after the company announced that it had completed two financings as part of a series of transactions totalling C$944-million. The Montreal-based company, which... 

Stornoway clinches financing agreement to build Quebec’s only diamond mine

By: Henry Lazenby     10th April 2014 Construction of the Renard diamond project, Quebec’s only large-scale diamond mine, on Wednesday moved another step closer to materialising after its proponent, Stornoway Diamond Corp, revealed that it had wrapped up negotiations on a series of financing transactions totalling C$944-million. The... 

Stornoway stocks rise on confirming 'advanced' financing discussions

By: Henry Lazenby     27th March 2014 The proponent of Quebec’s only diamond mine, Stornoway Diamond Corp, has conceded that it was in advanced negotiations with a number of parties regarding a comprehensive financing plan for its Renard diamond project, located in north-central Quebec, sending its shares up by as much as C$0.16... 

Stornoway secures C$20m bridge credit facility

By: Henry Lazenby     3rd October 2013 The developer of Quebec’s sole diamond mine, Stornoway Diamond Corp, has secured a nonrevolving bridge credit facility of up to C$20-million with Ressources Quebec, a subsidiary of Investissement Quebec, Stornoway's largest shareholder. Stornoway on Wednesday said the cash would be used to... 

Stornoway completes bulk sampling, lifts Quebec resource by 14%

By: Henry Lazenby     24th July 2013 The developer of Quebec’s first diamond mine Stornoway Diamond Corp has completed analysing the bulk sample it took from its flagship Renard project, in north-central Quebec, resulting in the company lifting its Canadian National Instrument 43-101-compliant resource by 14% to 27.1-million carats.... 

Impact of Quebec construction workers’ strike expected to be negligible - Stornoway

By: Henry Lazenby     26th June 2013 Stornoway Diamond Corp, which is developing Quebec’s first diamond mine, on Tuesday, said strike action by the Alliance of Unionised Construction Workers of Quebec had been settled, with only a “negligible impact” on the construction of the critical road leading to the company’s flagship Renard... 

Renard predevelopment starts with $28.4m budget

By: Henry Lazenby     24th May 2012 TSX-listed diamond junior Stornoway Diamond Corp on Wednesday said it had allocated a predevelopment budget of $28.4-million to develop Quebec’s first diamond mine, the Renard project.  

Stornoway gets another $20m, this time in debt

By: Matthew Hill     4th May 2012 Stornoway Diamond Corp, wanting to build Quebec’s first diamond mine, has secured a $20-million loan from its biggest shareholder, Diaquem, and development capital fund Fonds de solidarité FTQ runs, the TSX-listed junior said on Friday. Stornoway, which in April raised a similar amount in a... 

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