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Winsome’s diamond mine bid may advance pathway to lithium production

The Renard mine is about 60 km from the Adina resource.

The Renard mine is about 60 km from the Adina resource.

4th April 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Australia-listed explorer Winsome Resources on Thursday unveiled an exclusive option agreement to acquire the assets of the idled Renard mine, in Quebec, in a move that may accelerate its path to lithium production at the 59-million-tonne Adina project.

Winsome plans to repurpose the existing infrastructure at Renard, currently owned by Stornoway Diamonds, into a lithium processing operation.

Acquiring Renard would give Winsome access to a fully permitted, recently operating processing facility that used similar steps as a spodumene concentrate dense media separation processing operation, explained MD Chris Evans.

It would also derisk development by materially reducing capital costs, he added.

“It is a regionally strategic asset with potential to provide a cost-efficient transport and logistics solution for Winsome’s 59-million-tonne lithium mineral resource at Adina by opening up year-round road and rail access to the growing critical mineral and EV battery supply chain hub in nearby Becancour, Quebec,” said Evans.

He added that the Renard assets were in incredibly good condition, having operated for less than a decade since processing first material in 2016. Winsome would acquire these assets at a fraction of their replacement value.

The infrastructure includes an operating airport, power station, maintenance workshop and warehouse, water treatment plant, tailings storage, camp and office buildings, all within 60 km from the Adina project.

Stornoway placed Renard in care and maintenance in October last year, pending restructuring proceedings under the Companies Creditors Arrangement Act.

Winsome has agreed to pay C$4-million in cash for the option. Should the company elect to continue with the acquisition, it would pay C$52-million for Renard.

Edited by Creamer Media Reporter

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