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Diamonds & Specialty Minerals Summary for July 31, 2015

2015-07-31 21:13 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a positive 47-34-170. The TSX Venture Exchange gained six points to 594 while polished prices gained 0.3 per cent. Dr. Stewart Blusson's Archon Minerals Ltd. gained three cents to $1.98 on 1,000 shares. Archon traded to $2.05 recently, a post-recession high, presumably because investors foresee the company becoming a diamond miner. The company owns just over a one-third interest in the huge Jay pipe that Dominion Diamond Corp. (DDC: $16.28) plans to place into production by 2020. Cristiano Melcher's MBAC Fertilizer Corp. (MBC), down 2.5 cents yesterday, reclaimed 0.75 cent to 3.75 cents on 4.67 million shares today. The company stock has been twisting in the wind since it was forced into restructuring months ago by a huge and mounting debt that it cannot repay until its Itafos mine in Brazil becomes profitable. At last report the company had a working capital deficiency of $265-million (U.S.).

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