Stornoway Diamond Benefits From Quebec’s Plan Nord

 Investing in roadwork including an extension of highway 167 through the Otish mountains to Stornoway Diamond’s (TSX:SWY) Renard Mine demonstrates Quebec’s Plan Nord, an economic development strategy focused on natural resource extraction north of the 49th parallel. The Financial Post reports further that Quebec will also take a $50-million stake in a new subsidiary of Quebec natural gas distributor Gaz Métro that markets liquefied natural gas.

As quoted in the article:

“This is a new relationship [with business], a much healthier relationship,” Mr. Couillard said Tuesday. “I think Quebecers had a bit of an impression that our natural resources were being exploited and that the benefits of that were being steered largely outside Quebec. With this new role of partner-shareholder instead of grant-giver, we’re ensuring that Quebecers participate in the success of those projects.”

… The government is also helping to finance roadwork, including an extension of highway 167 through the Otish mountains to Stornoway Diamond Corp.’s Renard diamond mine north of Chibougamau. It pledged to prepare a more comprehensive plan for infrastructure development in the weeks ahead.

Click here for the full article.