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Diamonds Summary
Symbol C : *MKTDIAM
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Diamond & Specialty Minerals Summary for Oct. 5, 2018

2018-10-05 20:24 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a positive 83-70-137 as the TSX Venture Exchange gained two points to 705 and polished diamond prices were flat. Robin Goad's Fortune Minerals Ltd. (FT) lost one-half cent to 10.5 cents on 1.18 million shares. The company's last news, in mid-September, revealed that it could produce an arsenic-free cobalt concentrate using rock from its Nico deposit in the Northwest Territories.

Jean-Raymond Boulle's Diamond Fields Resources Inc. (DFR: $0.09) will resume diamond mining in November on its ML-111 marine licence, off the coast of Namibia. The mining will be handled by its co-venturer, International Mining and Dredging Holdings Ltd. (IMDH), using its Ya Toivo mining ship. IMDH acquired an 80-per-cent interest in the ML-111 project in 2015 by completing preliminary work leading to the mining program.

Last November, IMDH laid out an initial six-month mining program that Diamond Fields Resources described as "non-continuous," although to this point "non-starting" has been more accurate. At that time, Sybrand Van Der Spuy, the company's president and chief executive officer, said he was "extremely excited at the prospect of being back in production in the very near future." His excitement has since given way to mere pleasure that mining is expected to resume as planned in 2018. (On Howe Street, "the very near future" is a vague concept.) Mr. Van Der Spuy now says that his company and IMDH will review the operational performance during the initial six-month run to "find a sustainable balance for the sharing of future exploration and mining costs," particularly in relation to further resource and reserve development.

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