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Diamond & Specialty Minerals Summary for April 16, 2019

2019-04-16 19:18 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a dreary 49-97-154 as the TSX Venture Exchange lost eight points to 609 while polished diamond prices edged upward. Mark Smith's Largo Resources Ltd. (LGO), $4.66 in November, slid three cents to $1.86 on 5.66 million shares. The slump is the result of vanadium prices dropping by two-thirds from a late 2018 high of $34 (U.S.) per pound. Largo had been raking in a fortune from its Maracas Menchen mine in Brazil. Now, it is merely profitable.

Ken MacNeill and George Read's Saskatchewan diamond explorer, Star Diamond Corp. (DIAM), down one-half cent to 25 cents on 215,000 shares, says that the eagerly anticipated bulk sampling of its Star and Orion South kimberlites, east of Prince Albert, will start "once the warmer weather arrives." (Weather can be a convenient excuse as the company's co-venturer, Rio Tinto PLC, makes the final modifications to its equipment. Indeed, spring has already sprung in the Fort a la Corne region of central Saskatchewan, with daytime highs reaching the mid-teens this week, much like it was last October when the partners attempted their first big hole into Star.)

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