TCL Asset Group was awarded a contract to manage the sale of assets of the Renard diamond mine in Canada that belong to the now-bankrupt Stornoway Diamonds company.
TCL will be conducting a liquidation of the diamond recovery facility and sorting system over the course of the next six months through private negotiated sales. Assets include mining equipment and machinery.
“This sale is a highly significant event for the underground mining industry, particularly for those involved in the diamond recovery process, as assets related to this final stage of production rarely become available on the open market,” TCL said in a statement.
In April 2024, Winsome Resources has acquired the Renard open pit and underground mines and its infrastructure from Stornoway for use as lithium tailings storage, since further diamond production was deemed uneconomical. The bankrupt diamond miner retained any remaining diamond inventory and equipment directly associated with diamond mining.
Stornoway was producing diamonds at Renard from 2017. In the fourth quarter of 2023 it shut down due to the weak diamond market which forced the company into insolvency for the second time in four years.
Theodor Lisovoy, Managing Editor, Rough&Polished
