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Diamond & Specialty Minerals Summary for April 22, 2019

2019-04-22 18:22 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was a slow, poor 40-86-174 as the TSX Venture Exchange rose one point to 610 and polished diamond prices edged lower. Stornoway Diamond Corp. (SWY) retested its all-time low of 6.5 cents today, ending the day unchanged at 7.5 cents on 2.89 million shares. The company had to remind investors last week that it was still mining diamonds underground -- just at lower prices than before and "much lower than initially anticipated."

Rough diamond prices from the Krone-Endora at Venetia project in South Africa also took a turn for the worse this month, but not to worry: That was expected, says Dean Taylor, president and chief executive officer of Diamcor Mining Inc. (DMI). Diamcor, which has been running "continuing processing exercises" at Krone-Endora for nearly six years, dropped another one-half cent to 12.5 cents on 172,000 shares on the news. The stock, $1.50 in late 2016 but off one cent to 11.5 cents on 26,000 shares today, has been sinking slowly into the sunset with the diamond sector, despite the success of its trial mining program.

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