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Diamond & Specialty Minerals Summary for Sept. 26, 2016

2016-09-26 20:19 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a weak 53-75-135. The TSX Venture Exchange lost five points to 805 while polished diamond prices held steady. Matt Manson's Stornoway Diamond Corp. (SWY) closed unchanged at $1.15 on 3.25 million shares. The company got its Renard mine in Quebec into production this summer, ahead of schedule and below budget. Now, investors are eager to see if the mine can exceed its projected grade and diamond values.

Beny Steinmetz and Mark Bristow's Rockwell Diamonds Inc. (RDI: $0.085) is shaking up its mining operations along the Middle Orange River in South Africa in the wake of its management shuffle earlier this month. (Tjaart Willemse replaced the company's chief executive officer, James Campbell, after a "strategic review" of the company's operations in late August.) At the time Rockwell said Mr. Campbell had agreed on a "structured handover" before he left the company at the end of November, although it added that Mr. Willemse would have "chief executive authority for day-to-day operations" effective immediately. Rockwell said little about the internal review at the time, other than the company considered the performance of its Remhoogte mine "below plan" since it was acquired last year. It also said that the new plant at Wouterspan was behind schedule and over budget.

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