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Diamond & Specialty Minerals Summary for Aug. 19, 2019

2019-08-19 20:03 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was a mediocre 63-72-165 as the TSX Venture Exchange fell fractionally to 569. Rough diamond prices continue to slump, dropping another 0.4 per cent in the past week according to diamantaire Paul Zimnisky. His index shows prices are off more than 5 per cent since April. This is but a continuation of a long-term decline: Rough prices are down nearly 10 per cent this year and are off 16.5 over the past five years. This will come as a disappointment to those -- most everyone in the business -- who predicted rough prices would outstrip inflation by at least a few percentage points, year after year.

A year after it signed the deal, Terry Tucker and Samer Khalaf's Tango Mining Ltd. (TGV) has abandoned the service arrangement for the mining and marketing of alluvial diamonds with an Angolan company, Cooperativa Mineira Do Moquita SCRL. The arrangement covered the 14,700-hectare portion of a concession within the Lauchimo River basin, in northeastern Angola. Tango was to have been responsible for the capital and operating costs of setting up the operation and was to receive 60 per cent of the diamond sales, after costs.

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