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Diamond & Specialty Minerals Summary for June 20, 2019

2019-06-20 18:27 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a positive 78-69-153 as the TSX Venture Exchange rose eight points to 593 and polished diamond prices edged lower. Stornoway Diamond Corp. (SWY) has stabilized, but not recovered much. Today, it added one-half cent to three cents on 3.88 million shares.

Meanwhile, Mazen Alnaimi's Argex Titanium Inc. (RGX), halted two days ago at two cents, is under an expedited TSX delisting review. The exchange did not reveal why it is in a hurry, but the sense of urgency is undoubtedly enhanced by word this week that Argex has filed for bankruptcy. The company's current accounts were $3-million in the red at the end of 2018, a plight that pales in comparison with the financial challenges faced by Stornoway, but Mr. Alnaimi, CEO, says that Argex needs protection from its creditors while it "pursues its restructuring efforts." Argex continues to tout plans to produce high-grade titanium dioxide using "inexpensive and plentiful source material" at some considerably more expensive plant.

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