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by Will Purcell
The diamond and specialty minerals stocks box score on Wednesday was a mediocre 63-80-157 as the TSX Venture Exchange fell fractionally to 598 and polished diamond prices were flat. Sherritt International Corp. (S), the self-proclaimed "name in nickel" and a big name in cobalt production, closed unchanged at 22.5 cents on 7.46 million shares. The company raised $132-million in early 2018, selling 94.5 million shares at $1.40 that came with warrants linked to the price of cobalt. (As cobalt climbs north of $35 (U.S.) per pound, investors can buy more than just one share with each warrant -- 1.25 shares per warrant if cobalt tops $55 (U.S.) per pound.) That now seems wishful thinking as cobalt is selling at barely $16 (U.S.) per pound.
Jared Lazerson's Margaret Lake Diamonds Inc. (DIA), down one-half cent to five cents on 20,000 shares, has enough drill targets to move ahead at Diagras, just northeast of Diavik, but investors will have to be patient. The company, which has a 60-per-cent interest and is the operator of the project, has wrapped up a spring exploration program on the property, but the resulting drill program will not occur until next spring. (Patrick Power's Arctic Star Exploration Corp. (ADD: $0.065), holds the other 40-per-cent share of what was initially its T-Rex project.)
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