Premier Philippe Couillard held a press conference in Northern Quebec Thursday to announce the start of work on a diamond mine valued at over $1 billion, expected to create 600 jobs around the Otish Mountains north of Chibougamau.
The diamond mine is led by the Stornoway Diamond Corporation and the provincial government, through its Resources Quebec arm, will also be a major partner, by offering a variety of loans that will give taxpayers a 29 percent share in the company.
"This project marks the revival of the Northern Plan,” Couillard said in a press release. “This is a great day for northern development and growth of our mining industry.”
He said that nearby indigenous communities could expect to benefit from the development.
The mine is estimated to have a 20 year lifespan and reserves are expected of approximately 23.8 million tonnes of ore and 17.9 million carats.
