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Diamond & Specialty Minerals Summary for June 25, 2019

2019-06-25 19:34 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a bleak 59-96-139 as the TSX Venture Exchange lost 10 points to 578 and polished diamond prices fell 0.25 per cent. Anthony Milewski's Cobalt 27 Capital Corp. (KBLT) gained 4.5 cents to $4.15 on 1.56 million shares. The company agreed last week to a takeover deal with its majority shareholder, Vladimir Iorich's Pala Investments Ltd., which is offering $3.57 in cash and $2.18 in stock of a new company, Nickel 28 Capital Corp.

The end of the road is nigh for the long, sad saga of Glenn Kelly's Orbite Technologies Inc. (ORT: $0.235). Orbite's stock has been suspended for the past two years, after the company entered bankruptcy protection, a move triggered by huge cost overruns and major operating difficulties at its high-purity alumina plant at Cap Chat, on Gaspe peninsula.

The plant was to have reached production in 2013, but many delays and cost overruns forced Orbite into some big debts. Unfortunately, the plant, which began producing product in 2016, was unable to come anywhere close to its three-tonne-per-day target because of problems with the calcination equipment. With its creditors howling and its plant operators unable to boost production, Mr. Kelly, chief executive officer, triggered bankruptcy protection to allow time for the manufacturers of the balky components to fix the problems.

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