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Diamond & Specialty Minerals Summary for July 20, 2022

2022-07-20 21:04 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a positive 97-83-130 as the TSX Venture Exchange rose fractionally to 607. Dean Taylor's Diamcor Mining Inc. (DMI) lost 1.5 cents to 20.5 cents on 108,000 shares.

Alluvial diamond mining is like the weather. Don't like what is happening? Just wait a bit. Diamcor has rebounded from a tough first quarter with a much better diamond sale to start its second quarter of fiscal 2023. The company has just sold 1,939.81 carats of rough from its Krone-Endora at Venetia project in South Africa for nearly $480,000 (U.S.), an average of $246.62 (U.S.) per carat.

Through its entire first quarter, which ended June 30, Diamcor managed barely $557,000 (U.S.) in revenue, achieved by selling 3,061 carats for an average of just $182.11 (U.S.) per carat. This new July sale is more reminiscent of Diamcor's last quarter of fiscal 2022 -- the first calendar quarter of the year -- in which it sold 4,787.89 carats for $1.3-million (U.S.), averaging $271.93 (U.S.) per carat.

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