Stornoway suspends operations at Renard diamond mine
Canadian diamond miner Stornoway on Friday announced the suspension of operations at its Renard mine, in Quebec, and said it had started a process of restructuring.
The company explained that the uncertainty of diamond prices over the short to medium term, coupled with a sudden drop in the price of the resource on world markets, had a major impact on its financial situation.
This was in part owing to the halt in the import of rough diamonds to India and by the global geopolitical climate, Stornoway said.
The company, which is owned by Osisko Gold Royalties and TF R&S Canada, placed the mine in care and maintenance to preserve the assets.
About 75 employees would be assigned to care-and-maintenance tasks.
Stornoway also began proceedings to place itself under the protection of the Companies’ Creditors Arrangement Act to enable it to restructure its business and turn around its financial situation.
Deloitte Restructuring would be appointed to act as monitor and supervise the restructuring.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation