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Diamond & Specialty Minerals Summary for Nov. 7, 2017

2017-11-07 21:19 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a so-so 69-74-120. The TSX Venture Exchange rose fractionally to 796 while polished diamond prices fell 0.1 per cent. Ken MacNeill and George Read's stalled Saskatchewan diamond promotion, Shore Gold Inc. (SGF), gained one-half cent to 17.5 cents on 259,000 shares. Rio Tinto PLC is (slowly) planning a new bulk sample on Shore's Star-Orion South project next year.

Matt Manson's Stornoway Diamond Corp. (SWY), down two cents to 64 cents on 4.17 million shares, will fall short of its predicted rough diamond price for 2017 at its Renard mine in Northern Quebec, but it hopes that a plant upgrade will lead to an improved 2018. The company had been cheering a slow but steady increase in prices paid for its rough this year, but a recent wiped out most of the gains. (Stornoway is reluctant to reveal the prices achieved at its individual sales, choosing instead to chart their rises and falls as an index. Nevertheless, the index can be converted to a per-carat price with a bit of arithmetic and some old data.)

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