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Diamond & Specialty Minerals Summary for Feb. 22, 2019

2019-02-22 17:55 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was an upbeat 84-66-151 as the TSX Venture Exchange gained one point to 623 and polished diamond prices rose 0.1 per cent. The shares of eCobalt Solutions Inc. (ECS), 46 cents on Monday, took another hit, dropping 3.5 cents to 29.5 cents on 5.21 million shares. "Market conditions" are forcing the company to cut costs at its Idaho cobalt project.

Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) lost 15 cents to $1.64 on 2.75 million shares. The company said after the close Thursday that it earned $11.7-million (U.S.) during 2018, with its Karowe mine in Botswana "meeting or exceeding guidance in all areas." Ms. Thomas, president and chief executive officer, and her crew are apparently using the Howe Street definition of "meeting," or perhaps "all areas," as the company's revenue for 2018, $176.2-million (U.S.), fell short of the company's revised guidance of between $180-million (U.S.) and $190-million (U.S.). Guidance targets are usually easier to meet when they are revised mid-year, but that was not the case with Lucara. The company's initial forecast had called for between $170-million (U.S.) and $200-million (U.S.).

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