en.Wedoany.com Reported - Canadian lithium company Li-FT Power (TSX-V: LIFT) has obtained an exclusive option to acquire the Renard diamond mine and processing complex in Quebec, a move that could reduce development costs and accelerate production at its adjacent Adina lithium project.
The Vancouver-based company signed a binding agreement to secure a two-year option to acquire the Renard mine assets or shares in its owner, Stornoway Diamonds. The transaction requires approval from the Quebec Superior Court under creditor protection proceedings. Li-FT will pay C$12 million (US$8 million) in option fees and cover mine care and maintenance costs during the option period.
The Renard mine has an annual processing capacity of 2.2 million tonnes, with its processing plant located approximately 60 kilometers south of the Adina project. Li-FT stated that the plant could potentially be retrofitted to process spodumene ore from the Adina lithium deposit.
"The Renard site offers a rare opportunity to acquire a fully permitted, large-scale mining and processing complex in one of North America's most promising lithium districts," Li-FT said in a statement. The company added that the existing infrastructure could significantly reduce capital requirements while shortening the timeline from construction to production.
Li-FT can exercise the option by June 2028, with the possibility of a one-year extension. During this period, the company will assess the technical, economic, environmental, and social feasibility of converting Renard into a lithium processing hub. A court hearing to approve the agreement is scheduled for July 2.
The proposed acquisition could reshape the development plan for the Adina project, enabling Li-FT to leverage existing infrastructure valued at over C$900 million (US$630 million) rather than building new processing facilities from scratch. The Renard site includes a fully enclosed processing plant, a 16-megawatt power station, tailings facilities, water treatment infrastructure, an airport, and a camp capable of housing 330 people. The site already holds relevant permits and could transition from diamond mining to lithium processing as demand grows for Canada's electric vehicle battery supply chain.
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