A strike by unionized workers in Quebec is not expected to impact construction of a 97-km stretch of the Renard Mine Road.
According to Stornoway Diamond Corp., the strike has resulted in limited interruption.
“At the present time, we do not anticipate a material impact on the overall development schedule or budget for the Renard Mine Road, and we will continue to monitor the situation closely,” the company said in a news release.
The road is part of a 243-km highway that will provide year-round access to the Renard Diamond Project, which is located in the James Bay region of north-central Québec.
The road was originally scheduled to be completed by July 2013.
In an earlier news release, Stornoway president and chief executive officer (CEO), Matt Manson announced project financing is on track.
“Stornoway is pursuing a financing strategy based on a combination of debt, equity, and the forward sale of diamonds,” Manson said.
“Despite challenging market conditions, the project has been well received by potential financing partners based on, among other things, its scale of resource, accessibility, strong social acceptability, and long potential mine life. Our aim is the completion of this financing on a schedule that allows us to utilize the Renard Mine Road for mine construction as soon as it becomes available for all-season traffic later in the year. This schedule offers Stornoway the opportunity to develop the Renard Project over a period when the diamond market is expected to strengthen markedly, and when the global mining sector has entered a period of cost stabilization and contractor availability.”
