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Diamond & Specialty Minerals Summary for May 15, 2019

2019-05-15 20:08 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a weak 59-68-173 as the TSX Venture Exchange rose six points to 607 and polished diamond prices were unchanged. Stornoway Diamond Corp. (SWY) closed unchanged at six cents on 1.08 million shares. The company, pushed to the brink of bankruptcy by weak rough diamond prices, is pondering its options. Those options would involve lessening the company's debt load, either through renegotiated deals, new backers or an outright sale. None of them augur well for current shareholders.

A twist on the adage: "Those who can, do; others teach," runs: "Those with no money, study." That appears the case for Ken Armstrong and Grenville Thomas's cash-strapped North Arrow Minerals Inc. (NAR), a diamond company with big plans but little cash. Much like a toddler with his nose pressed against a windowpane staring wistfully at an expensive new toy, North Arrow has "initiated an engineering and costing study" of a small-scale mobile diamond recovery plant that would be used in the company's proposed 10,000-tonne bulk sample of the Q1-4 kimberlite just north of Naujaat -- a multimillion-dollar test that North Arrow hopes to complete next year.

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