Renard diamond mine to restart in September

Operations at the Renard diamond mine in Quebec will be restarted this month, after a six-month suspension. The September restart follows a thorough review of operations and the approval of a plan to reduce costs by C$30 million over the next 16 months, says a report in mining.com.
The mine, operated by Stornoway Diamonds, has been on care and maintenance since the Quebec government mandated a temporary suspension of mining operations in March in response to the COVID-19 pandemic.
Even after Quebec mines were allowed to restart, Renard remained on care and maintenance because of a collapse in the global diamond trade and diamond prices related to the pandemic.
The mine is Quebec’s first and only diamond producer and achieved commercial production in January 2017. The restart plan includes an investment of up to C$30 million in Renard via a senior secured working capital facility. Osisko will provide up to C$7.5 million of the total amount, with other shareholders providing the remainder.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished