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Diamond & Specialty Minerals Summary for Aug. 14, 2019

2019-08-14 18:29 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a bleak 46-98-156 as the TSX Venture Exchange slid nine points to 571, while polished diamond prices were flat. Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) continued to slide, dropping eight cents to $1.15 on 968,000 shares. A share cost $4.39 three years ago, as the company was selling its Constellation diamond for over $60-million (U.S.) and seemed poised to sell its Lesedi la Rona gem for even more. It did not complete a sale and now, with rough diamond prices in a slump, making big profits at the Karowe mine is becoming more challenging.

Andrew Smith's True North Gems Inc. (TGX), up 1.5 cents to 9.5 cents on 24,000 shares, has swapped directors. Zygmunt Riddle replaces Ken Ralfs, who has resigned. Mr. Smith, interim chief executive officer, said little about his new director, other than to identify him as a West Vancouver businessman. Mr. Ralfs, a geologist and veteran stock promoter, has plenty of other ventures to keep him busy -- not that there was much to do at True North Gems since it lost the Aappaluttoq ruby and sapphire mine in western Greenland to its former minority co-venturers.

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