Lithium miner Winsome Resources has formally terminated the option agreement with Stornoway Diamonds to acquire the Renard diamond mine and its associated infrastructure.
“The company has been reassessing its strategic priorities in light of evolving lithium market conditions and broader macroeconomic considerations. Following a comprehensive evaluation, Winsome has determined not to proceed with the potential acquisition,” it said in a statement.
In April 2024, Winsome 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.
The lithium miner will, however, continue to actively engage with Stornoway and other parties involved to explore synergies between the Renard mine and its flagship Adina lithium project.
“Winsome believes as long as the Renard site is not sold or rehabilitated, the Renard opportunity remains available to the company and may be revisited in the future,” it said.
Theodor Lisovoy, Managing Editor, Rough&Polished
