The Stornoway diamond mine announced Friday morning that it would temporarily suspend operations at its Renard mine in northern Quebec on Eeyou Istchee Cree territory.
“The increasing uncertainty about the price of diamonds in the short and medium term, as well as the significant and sudden fall in the price of the resource in the global market, caused in part by the cessation of imports of rough diamonds into India “The impact of the global geopolitical climate has had a significant impact on the long-term financial condition of the company,” the company said in a press release.
Stornoway wants to seek protection under the Companies’ Creditors Arrangement Act to recover. Deloitte Inc. acts as data controller.
Over the years Stornoway has received a lot of public support.
In 2018, Le Journal traveled to the Otish Mountains to visit the mine.
-More details to follow.