Armed with a positive environmental assessment, Canada's Stornoway Diamonds (TSE:SWY) is one step closer to creating Quebec's first diamond mine.
The miner's 100%-owned Renard project located in northern-central Quebec got the go-ahead from the Canadian Environmental Assessment Agency, the company announced on Tuesday.
Stornoway now holds all major federal and provincial authorizations required to commence construction.
"Today’s announcement represents the culmination of all public consultations and regulatory assessments arising from the project’s ESIA. Operating permits can now be sought for site specific activities under the authority of the overall global authorizations," the company stated in the announcement.
Late last year the miner received an award from the Quebec Mineral Exploration Association for the “high level of environmental and social responsibility” shown during the permitting process for the Renard site.
Environmental reviews took 18 months to complete, an achievement Stornoway's CEO and president is calling "extraordinary."
The company will open the Renard Mine Road later this year, providing permanent access to the area.
The coveted location holds probable reserves of 17.9 million carats and an additional 17.5 million carats of inferred resources, according to feseability and optimization studies.
Pre-production capital costs stand at approximately $752 million.
Creative Commons image by: Jazmin Million