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Diamonds & Specialty Minerals Summary for Oct. 20, 2014

2014-10-20 18:55 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a positive 56-52-157. The TSX Venture Exchange gained one point to 811 while polished diamond prices held steady. Lukas Lundin's Lucara Diamond Corp. (LUC) jumped 14 cents to $2.37 on 993,000 shares. Lucara, $2.88 in August, dipped to $1.89 earlier this month as investors grew accustomed to Lucara's Karowe mine beating its feasibility projections. The good news may be old hat but Lucara's auctions of large and high-quality gems account for a substantial proportion of the company's revenues, and the next and possibly largest of those sales will take place soon. Andre Gauthier's Matamec Explorations Inc. (MAT) lost one-half cent to 4.5 cents on 864,000 shares. Matamec has just sold 16.67 million shares at six cents to an arm of the Quebec government. The cash is for development at the company's Kipawa rare earth project. Matamec lost its co-venturer, Toyotsu Rare Earth Inc., last month when it converted its 49-per-cent interest into a 10-per-cent royalty.

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