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Diamond & Specialty Minerals Summary for Dec. 17, 2018

2018-12-17 19:18 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a bleak 49-96-145. The TSX Venture Exchange fell nine points to 546 while polished diamond prices edged lower. Lukas Lundin's Lucara Diamond Corp. (LUC) dropped five cents to $1.51 on 602,000 shares. There has been no news in over a month from Lucara, which mines diamonds in Botswana.

Dev Shetty's Fura Gems Inc. (FURA), down two cents to .305 cents on 15,000 shares, has a resource estimate for its Coscuez emerald deposit in Colombia. Fura acquired its 76-per-cent interest in Coscuez early this year for $2.5-million (U.S.) in cash and just over 360,000 shares. The deal gives Fura a majority stake in what Mr. Shetty, president and chief executive officer, calls "the iconic Colombian emerald mine." Fura must also make staged payments of $7.5-million (U.S.) over the next two years, and there are additional payments that it must make to its now minority co-venturer, Emporium HS SAS. To help make its payments -- and continue work on the project -- Fura has sold 13.1 million shares at 40 cents, raising $5.25-million.

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