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Diamonds & Specialty Minerals Summary for July 23, 2015

2015-07-23 21:01 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a bleak 32-57-162. The TSX Venture Exchange fell 10 points to 598 and another record low, while polished diamond prices edged upward. Robert Gannicott and Brendan Bell's Dominion Diamond Corp. (DDC) fell 67 cents to $15.93 on 540,000 shares. Dominion is just off an encouraging quarter but its stock is off nearly $9 in less than two months. The company has an ample bank account to weather the storm but it will be facing some big capital expenditures in the next few years at Jay and A-21. George Putnam's Scandium International Mining Corp. (SCY) gained one cent to 11.5 cents on 97,000 shares. Scandium International is inching ahead with its Nyngan scandium mine in Australia. The company completed a preliminary economic assessment of the project this spring.

Ray Hrkac's GGL Resources Corp. (GGL), up one-half cent to 2.5 cents on 6,000 shares, hopes to sell 20.5 million shares at two cents. The $410,000 is needed to maintain the company's existing activities. None of it, Mr. Hrkac says, will be used to "fund the purchase or pursuit of new business operations and activities." He also assures investors that none of the cash raised will go to pay management fees. (In other words, Mr. Hrkac and his crew will work for free but shareholders had best get used to them touting the same old mineral plays that ground the company's stock down to 1.5 cents from a 1995 high of $3.75 despite last year's 1:5 rollback.) GGL needs $93,000 for annual property tenure payments and it hopes to spend $100,000 on exploration in the Northwest Territories.

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