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Diamond & Specialty Minerals Summary for June 11, 2019

2019-06-11 19:44 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a mediocre 64-80-156 as the TSX Venture Exchange fell five points to 589 and polished diamond prices were flat. No news is bad news in the diamond sector and some days, good news appears even worse. Star Diamond Corp. (DIAM) dipped to an intraday low of 19 cents, ending the day unchanged at 20 cents on 557,000 shares. Despite a dearth of news, Star's stock had remained above the 20-cent mark for months, but word last week that a big bulk sample at the Star pipe in Saskatchewan is finally under way set off a new wave of selling.

Patrick Godin's -- and increasingly the creditors' -- Stornoway Diamond Corp. (SWY) slumped to a new low of 1.75 cents, ending the day down one cent to two cents on 127.2 million shares. The latest decline comes on word that Stornoway has arranged an $11.7-million, 8.25-per-cent-per-year bridge financing and has renegotiated the terms of some of its crushing debt while the company works to get its Renard diamond mine in Quebec on track. The bridge financing is being provided by Diaquem Inc., a corporate arm of the Quebec government. As well, other creditors have agreed to provide nearly $6-million more. Further, most of the company's major lenders have agreed to postpone interest payments for the second half of the year.

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