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Diamond & Specialty Minerals Summary for June 19, 2019

2019-06-19 18:13 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a ho-hum 67-69-164 as the TSX Venture Exchange rose fractionally to 584 and polished diamond prices were flat. Anthony Milewski's Cobalt 27 Capital Corp. (KBLT) lost eight cents to $4 on 3.73 million shares. The company said Tuesday that it has agreed to a takeover deal with its majority shareholder, Vladimir Iorich's Pala Investments Ltd., which will pay $3.57 in cash and $2.18 in stock of a new company, Nickel 28 Capital Corp. (It is unclear if the odd corporate numbering system implies that Mr. Iorich has had over two dozen other resource companies, but he has been a prolific investor in Canadian juniors over the years.)

Samer Khalaf and Terry Tucker's Tango Mining Ltd. (TGV: $0.01) has recovered more diamonds from its Oena alluvial project in the northwestern corner of South Africa. (Tango owns 43 per cent of African Star Minerals Pty Ltd., which owns Oena.) Mr. Khalaf, chief executive officer, says that the company's mining and processing contractor, Bluedust 7 Pty. Ltd., mined 95,060 tonnes of material in the quarter ended May 31, recovering 183 diamonds weighing a total of 318.95 carats. Mr. Khalaf was pleased that the tonnes mined was nearly 20,000 tonnes greater than in the previous quarter.

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