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Rough Diamonds

Stornoway Diamond Corp. struck an accord with a First Nations group in Quebec to develop what will become the first producing diamond mine in the eastern Canadian province, according to Forbes Magazine.

The Renard Diamond Project, which is expected to go into production in 2015, is located between 250 and 350 kilometers from the Cree communities of Mistissini and Chibougamau.

The Impact and Benefits Agreement, titled the Mechshoo Agreement, stipulates that the Cree Nation of Mistissini and the Cree Regional Authority will be at the table during all the expected phases of the project's development, Forbes reported.

The agreement further stipulates the provision of specific economic opportunities for individual Cree people and the wider Cree community in the long term.

Stornoway president and CEO Matt Manson praised the agreement and the relationship between the diamond company and the native communities. Grand Council of Crees Grand Chief Dr. Matthew Coon Come also celebrated the agreement and acknowledged that it respected the rights and the environmental and economic sustainability of the Cree people.