After closing the comprehensive C$946million financing package for its Renard Diamond project, Stornoway Diamond Corporation announced that it has formally decided to go ahead with the mine construction and production at the Renard Diamond Project. The decision was taken by the Corporation’s Board of Directors.

The company had closed the financial package on July 8th.

The announcement was followed by a ground breaking ceremony at the Renard Project site in the presence of dignitaries including M. Philippe Couillard, the Premier of Québec, M. Jacques Daoust, the Québec Minister of the Economy, Innovation and Exports, M. Jean Boucher, the Member of the Québec National Assembly for Ungava, amongst others.

Matt Manson, President and CEO, stated that this move “represents the most significant milestone yet in the long journey to bring Québec’s first diamonds to market. The Renard Diamond Project is now fully permitted, financed, and ready to build. This is a moment to acknowledge the immense effort of all those that have been involved over the last 18 years in the exploration, discovery, assessment, design and financing of Renard, and to look forward to the significant undertakings of mine construction, commissioning and successful operation that lie ahead.”

Project construction has been fully mobilized and the commercial production is slated for the second quarter of 2017 based on first plant commissioning in late 2016.