Furthermore,
Hope quick recovery stornoway diamonds:
The Australian company WinSome Resources renounces as planned for the acquisition of the old installations of the Renard mine. Consequently, of Stornoway Diamonds, 350 km north of Chibougamau.
In a statement issued early Tuesday morning. Therefore, the company explains that it had to change its strategy in the light, among other things, of “the evolution of the Lithium market conditions”, currently in net slowdown compared to the last years.
The mine originally extracted from diamonds, but has changed its vocation over the years.
At the height of the caquist enthusiasm for the battery sector. Therefore, The construction of construction in Quebec of a Swedish factory Northvolt. Moreover, Photo d’archives. Meanwhile, Pierre-Paul Poulin
Purchase option of $ 52 million
A little over a year ago, in April 2024, the Superior Court had approved an “exclusive purchase option” agreement, which occurred between Stornoway Diamonds and WinSome, with a view to acquiring the remains of the Renard mine and its associated infrastructure, for $ 52 million.
Since then, Winstome estimates that it has invested $ 16.5 million in maintaining the facilities which it continues to boast both quality and usefulness. His vice-president of sustainable development. Geneviève Morin, even said that the site could possibly be reconsidered by the company, if it is not sold or dismantled by then.
240 km long. Route 167 between Mistissini and the Renard mine was built for Stornoway, mainly at the cost of the Quebec government. Its construction will have required work of $ 400 million. Taken from the Diamonds Stornoway site.
But in the current context. the Australian mining chooses to concentrate its resources in pursuit of the ADINA lithium mine project, located about sixty kilometers north of hope quick recovery stornoway diamonds the Renard mine. Winstome had been granted until the end of August to publicize his decision.
Hundreds of millions at risk
Under the protection of the law on arrangements with the creditors of companies (LACC) since October 2023. Stornoway has always faced debts of $ 275 million, including $ 60 million at La Minière Osisko, $ 25 million at the Quebec Deposit and Placement Fund and no less than $ 120 million at Investissement Québec, the main financial arm of the Quebec government.
Minister Maïté Blanchette Vézina Screenshot
These amounts do not take into hope quick recovery stornoway diamonds account either the sums due to its hundreds of employees – 522 of them were dismissed in March 2024 – or public funding of around $ 400 million which will have been used at the extension of Route 167, over 240 km, between the village of Mistissini and the Renard mine.
At the end for years, this mine of diamonds has long embodied the hope of recovery from the North Plan. Called to react. the Minister of Natural Resources and Forests, Maïté Blanchette Vézina, had not followed our request at the end of the day.
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