carat value varies from $2 to $6000
Stornoway wants to shine diamonds North
300 potential jobs for 25 years at the Fox project
Quebec could one day be recognized in the same way as South Africa and Botswana in the restricted world of diamond? Thisis what hope Stornoway Diamond Corporation which develops the James Baywith a diamond projects the most promising the world currently.
10 billion $ in diamonds
Located350 kilometres northeast of Chibougamau, mountains Otish, the Foxproject includes 23.8 million carats in indicated resources, 17.5million carats in undiscovered resources and a potential deposit 23.5 to48.5 million carats. The feasibility study was initiated in July 2010 and the decision to enter into production should be made by the end of 2011.
"Two other projects only now reached the stage of the feasibility study." They are located in Botswana and South Africa. "Their magnitude is however much less than our project," said Mr. Poirier.
Sampling to determine that the value of each carat Fox varies from $ 2 to $ 6000 quality diamond. "In our conceptual study modeled average value was $ 117." Affected would be however, taking into account current prices, it around rather the $150 at the moment.Our value per carat is higher than the world average while our production costs are lower. "If we manage to convert resources into reserves, the total value of Fox would be about 10 billion $", stated Ghislain Poirier.
Unique diamond kind
"We'll surely go recruit staff in the Abitibi region to fill 300 jobs we'll besoin.» - Ghislain Poirier.
In addition to the potential of the deposit, Fox also includes two unique features. First, it does not include industrial stones, but only quality jewellery, which are worth much more expensive. "Moreover, the quality and the color of diamonds improve with size." Usually there little variation in this regard. "They take therefore even more value", stated Mr. Poirier.
Fallout in Abitibi
Conceptual mine plan offers three pools open 100 metres deep. The rest of the deposit would be operated underground. "Excluding the deposit potential, estimated lifetime of the project with at least 25 years", advised Ghislain Poirier.
If,for geographical reasons, Chibougamau may well become Fox homeports,Abitibi-Témiscamingue benefit still from the benefits of the project. "We live in an environment where everyone scrambles workforce." "So it's obvious that we will surely go recruit staff in the Abitibi region to fill 300 jobs we need", assured Mr. Poirier.
Two challenges
Butin arriving there, Stornoway must first obtain a permanent road accessand provide electrical power for future installations. Therefor, Hydro-Québec studied the possibility of installing an electric line 165 km from Central Laforge-1. Stornowayalso awaits with impatience the beginning of the work of extension ofHighway 167 268 km which is expected to begin this year.