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Diamond & Specialty Minerals Summary for Jan. 9, 2019

2019-01-09 18:57 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a disappointing 75-85-144. The TSX Venture Exchange added nine points to 598 while polished diamond prices rose 0.2 per cent. Layton Croft's Pancontinental Resources Corp. (PUC) gained one-half cent to 4.5 cents on 14.18 million shares. The company is drilling its Montcalm cobalt-nickel-copper project in Northern Ontario.

Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) jumped 14 cents to $1.57 on 1.32 million shares, on word that it should recover between 300,000 and 330,000 carats from between 2.5 million and 2.8 million tonnes of kimberlite mined at its Karowe mine in Botswana this year. The company's guidance is an improvement over its prediction for 2017, when it had expected to recover between 270,000 and 290,000 carats from the same amount of kimberlite. The numbers therefore suggest an improving grade, perhaps as high as 12 carats per hundred tonnes. Last year's numbers pointed to a grade of about 10 carats per hundred tonnes.

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