Stornoway Commissioning Renard Processing Plant
First ore is scheduled to be delivered to the plant at the end of September, and commercial production is now planned to begin before year-end. Initial plant throughput is planned at 6,000 metric tons per day (mt/d), increasing to 7,000 mt/d starting in 2018. Average annual diamond production is forecast at 1.8 million carats/year over the first 10 years of mining, at an average valuation of $155/carat. The Renard mine will be the first diamond mine in Quebec and will be the only diamond mine in Canada to be accessed by an all-season road.
The Renard projectís probable mineral reserves stand at 22.3 million carats. Indicated mineral resources, inclusive of mineral reserves, total 30.2 million carats. Pre-production capital cost to develop the Renard project is estimated at C$775 million contained within a life-of-mine capital cost estimate of C$1.05 billion. Life-of-mine average operating costs are estimated at C$56.20/mt or $84.37/carat. Life-of-mine net revenue is forecast at C$4.56 billion, yielding a real-terms cash operating margin of C$2.68 billion.