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Stornoway Diamond Inc. is filing for bankruptcy protection for the second time in four years as the miner struggles to deal with volatile pricing on global markets.
“The growing uncertainty of the diamond price in the short and medium term, coupled with the significant and sudden drop in the price of the resource on the world market, have had a major impact on the Company’s long-term financial situation,” Stornoway said in a statement. India is the world’s biggest cutter and polisher of diamonds. Stornoway has been hit hard in the past when the market has been flooded by smaller and lower-quality stones because smaller diamonds account for a significant portion of its production by weight.
Stornoway built Renard, its main asset, in Quebec’s Otish Mountains, a range of hills north of Lac Mistassini, in the summer of 2016 with a C$946-million financing package.
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