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Diamond & Specialty Minerals Summary for July 19, 2023

2023-07-19 19:34 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a ho-hum 75-82-153 as the TSX Venture Exchange fell two points to 622. Dean Taylor's Diamcor Mining Inc. (DMI) closed unchanged at 12 cents on 23,000 shares. First it was water, then it was power, but the company has handled its second major challenge bottlenecking rough diamond production at Krone-Endora at Venetia, an alluvial and eluvial diamond deposit in the shadow of the big De Beers Venetia kimberlite mine in South Africa.

Mr. Taylor, president and chief executive officer, acquired Krone-Endora from De Beers for a $2-million pittance at the end of the Great Recession, but turning the trial quarrying and processing operation into a full-fledged mine has not been without its challenges. Insufficient water was the first problem, as the quarried material contained a lot of mud and silt that had to be washed away during preliminary processing, and the company did not have sufficient water access to ramp up production as promised.

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