Orion, Caisse de dépôt among PE backers of Stornoway diamond project

Canadian diamond exploration and development company Stornoway Diamond Corp (TSX: SWY) has secured financing for the large-scale construction of its Renard Diamond Project in the James Bay region of north-central Québec. The entire transaction, totaling $944 million, will include commitments from global private equity firm Orion Mine Finance Group, Ressources Québec, an affiliate of Investissement Québec, and the Caisse de dépôt et placement du Québec. Orion will invest US$360 million, while Ressources Québec and the Caisse will contribute $220 million and $105 million, respectively. The Montréal-based Stornoway said the deal represents the largest project funding package for a public diamond company.

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