23:57:13 EDT Wed 16 Oct 2019
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

Diamond & Specialty Minerals Summary for Aug. 12, 2019

2019-08-12 20:32 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a weak 61-78-161 as the TSX Venture Exchange rose one point to 594, while polished diamond prices edged higher. Stornoway Diamond Corp. (SWY) continues to keep a nostril above water as it treads water, closing unchanged at 2.5 cents on 2.15 million shares. Stornoway's second quarter financials are expected soon, and the results should show another dark hue of red.

Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) dipped to a five-year low late last week, and a lower one today, on word that it eked out a tiny profit during the second quarter from its Karowe diamond mine in Botswana. Lucara, down 10 cents to $1.28 on 809,000 shares, earned just $700,000 (U.S.), but it avoided a greater slump by continuing its 2.5-cent quarterly dividend, which chews up about $10-million of cash each quarter.

Ms. Thomas, president and chief executive officer since she abruptly replaced Dr. William Lamb in early 2018, cheered her company's "safe, reliable, record diamond production" while acknowledging that Lucara's diamond prices "settled" -- a promoter's synonym for "slumped" -- to $417 (U.S.) per carat, well below previous averages that occasionally topped $800 (U.S.) per carat. (Most of those occasions were tied to quarters in which the company sold stockpiles of its biggest and best gems, stones that it now includes in its regular sales.)

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2019 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.


The dividend draw quoted for Lucara is not right . It is 8 cents us per share and about $15 million for the half year , not per quarter.

Regards

Posted by Hugh Thorne at 2019-08-13 20:17

The dividend is accurate as stated at 10 cents per year. (You're right in US dollars, roughly, although 7.5 would be better.)

The dividend works out to $15-million (U.S.) per half year, as you say; the company snuck two payments into its first quarter. So, I changed it to $10-million for the quarter.

Thanks.

Will

Posted by Will Purcell at 2019-08-13 20:58