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Diamonds & Specialty Minerals Summary for April 16

2014-04-16 18:16 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a positive 55-47-155. The TSX Venture Exchange gained five points to 997 while polished diamond prices were flat. James Campbell's Rockwell Diamonds Inc. (RDI) lost one-half cent to 31.5 cents on 96,000 shares. Rockwell, which has been mining alluvial diamond deposits along the Middle Orange River in South Africa since the mid-2000s, may have cut operating costs sufficiently to earn a profit. Closing its marginal mines and opening a new one at Saxendrift have also helped considerably. Glenn Kelly's Orbite Aluminae Inc. (ORT) gained 1.5 cents to 27.5 cents on 1.25 million shares. The company now deems its planned smelter-grade alumina project a "longer term priority." The delay is partly why the company's stock has fallen steadily from $5.69 over the past three years. The other reason is that Orbite's short-term project, its high-purity alumina plant, has expanded into a long-term construction project.

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VMI is sandwiched between ZEN and XME, and XME has been tearing up the market in volume while drilling, historically good hole moves the drilling company then the tag ons move higher.

Posted by smoking at 2014-04-16 18:30

This doesn't sound encouraging for investors looking for a cheap area play: "Vega Mining Inc. (TSX-V: VMI) is a junior exploration company focused on developing the Vega Star 1 and 2 Copper-Gold project in northwestern BC. The company also has Graphite properties in Ontario."

That's the mission statemnt atop Vega's website.

Regards,

Will

Posted by Will Purcell at 2014-04-17 10:57


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