#Canada #Renard Mine #TCL Asset Group #Stornoway Diamonds #James Bay

TCL Asset Group Takes Charge of Renard Diamond Mine Asset Sale

In a significant development for the mining industry, TCL Asset Group Inc. has been awarded the contract to handle the sale of surplus assets from the Stornoway Diamonds' Renard Diamond Mine Site. This contract marks an important milestone, especially considering the mine's status as one of the principal diamond extraction sites in Canada. The Renard Mine is uniquely situated approximately 800 kilometers north of Montreal and is noteworthy as the only diamond mine operational in Quebec.

Background of the Renard Mine

The Renard Diamond Mine has been a pivotal player in Canada's diamond mining landscape. However, due to various challenges, the mine was placed under care and maintenance in March 2025, following the appointment of Deloitte Restructuring Inc. as monitor by the Superior Court of Québec during Stornoway's CCAA proceedings. This context makes the upcoming asset sale even more critical, as it opens opportunities for new buyers and stakeholders in a niche sector that rarely sees high-quality assets becoming available.

The Sale Process

TCL Asset Group will embark on a liquidation process spanning six months, targeting a range of assets from the diamond recovery facility and associated systems, including the Tomra Sorting System. This process aims at facilitating private negotiated sales. Additionally, an online auction is scheduled for August and September 2025, providing a digital platform for interested bidders. This auction will feature an extensive array of assets:

• - Rolling stock
• - Underground substations and switch gear
• - Pumping stations
• - FAR surface infrastructure
• - Mine hoists
• - Supplies of wire and cable, along with various underground machinery and equipment.

Terrance Jacobs, the CEO of TCL Asset Group Inc., emphasized the importance of this sale, stating, “This sale is a highly significant event for the underground mining industry, particularly for those involved in the diamond recovery process, as assets related to this final stage of production rarely become available on the open market. We are excited to be working with the Stornoway and Deloitte teams on this unique sales initiative.”

About TCL Asset Group Inc.

Founded in 1958, TCL Asset Group Inc. has established itself as a leader in asset management and industrial advisory services across multiple regions, including Canada, the U.S., Mexico, and throughout Central and South America. The company specializes in certified appraisals of machinery and equipment, auctions, private sales, and real estate auctions. Its expertise extends to diverse industries, including mining, construction, food and beverage, pharmaceuticals, and chemicals, demonstrating a robust capacity to handle complex asset deals.

Conclusion

The impending sale of assets from the Renard Diamond Mine signifies not only a transition for Stornoway Diamonds but also serves as a notable event in the broader underground mining industry. Potential buyers and industry stakeholders should prepare for this unique opportunity, as such high-value assets rarely enter the open market. Both the liquidation process and the online auction will serve as key platforms for auctioning the mining assets, marking a new chapter for those involved in Quebec's diamond mining operations. The next months will be vital for monitoring developments in the sale and what it could imply for the future of diamond mining in Canada.